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Debt
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
As discussed in Note 1, the Company is the primary borrower of 5.5% Senior Notes. Total debt of the Company, excluding programming related obligations, was as follows:
 March 31,
2025		March 31,
2024
 (Amounts in millions)
Corporate debt:
5.5% Senior Notes(1)
$715.0 $715.0 
Unamortized debt issuance costs(15.1)(18.4)
Total debt, net (non-current)$699.9 $696.6 
_______________
(1)Amounts as of March 31, 2025 include the $389.9 million Exchange Notes and $325.1 million of the 5.5% Senior Notes not exchanged as discussed below. In connection with the Separation, a wholly owned subsidiary of New Lionsgate assumed the Exchange Notes and the initial issuer was released and discharged from all obligations thereunder. See Changes Upon Completion of the Separation below and Note 18 for further information.
The following table sets forth future annual contractual principal payment commitments of debt as of March 31, 2025:
 Maturity Date
Year Ending March 31,
Debt Type20262027202820292030ThereafterTotal
  (Amounts in millions)
5.5% Senior Notes (1)
April 2029$— $— $— $— $715.0 $— $715.0 
Less aggregate unamortized debt issuance costs(15.1)
$699.9 
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). See Changes Upon Completion of the Separation below for further information.
Maturity Date: April 15, 2029. See Changes Upon Completion of the Separation below for further information.
Optional Redemption: On or after April 15, 2024, the Starz Business 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%. See Changes Upon Completion of the Separation below for further information.
Security. The 5.5% Senior Notes are subordinated, unsecured obligations of the Starz Business.
The Company and other subsidiaries of Old Lionsgate, which are not included in these combined financial statements, are guarantors under the 5.5% Senior Notes. As described below, upon completion of the Separation, the Exchange Notes became obligations solely of LGTV, a subsidiary of New Lionsgate and are no longer reflected in the Company’s financial statements as of that time.
Covenants. The 5.5% Senior Notes were amended in connection with the Exchange Transaction to remove certain covenants. As of March 31, 2025, Old Lionsgate was in compliance with all applicable covenants.
Changes Upon Completion of the Separation Effective upon completion of the Separation, among other changes, the Exchange Notes were transferred to New Lionsgate and will no longer be obligations of the Company and will no longer be guaranteed by certain entities within Starz.
Old Lionsgate Revolving Credit Facility
Following the Studio Separation, $150.0 million of Old Lionsgate’s revolving credit facility, which provides for borrowings and letters of credit up to an aggregate of $1.25 billion, became to the Company. At March 31, 2025 there were no amounts outstanding and, accordingly, there was $150.0 million available under Old Lionsgate's revolving credit facility available to the Company. There were no letters of credit outstanding at March 31, 2025. Aggregate borrowing levels are subject to ce
rtain financial covenants as discussed below. The Company is required to pay a quarterly commitment fee on the revolving credit facility of 0.250% to 0.375% per annum, depending on the achievement of certain leverage ratios, as defined in the credit and guarantee agreement dated December 8, 2016, as amended (the “Old Lionsgate Credit Agreement”), on the total revolving credit facility of $1.25 billion less the amount drawn. In connection with the Separation, all outstanding obligations in respect of principal, interest and fees under the Old Lionsgate Revolving Credit Facility were repaid in full and all commitments thereunder were terminated.
Maturity Date: April 6, 2026. See Separation below.
Interest: The Old Lionsgate Revolving Credit Facility bears interest at a rate per annum equal to SOFR plus 0.10% plus 1.75% margin (or an alternative base rate plus 0.75%) margin, with a SOFR floor of zero. The margin is subject to potential increases of up to 50 basis points (two (2) increases of 25 basis points each) upon certain increases to net first lien leverage ratios, as defined in the Old Lionsgate Credit Agreement.
Optional Prepayment: The Company may voluntarily prepay the Old Lionsgate Revolving Credit Facility at any time without premium or penalty.
Security. The Old Lionsgate Revolving Credit Facility is guaranteed by the guarantors named in the Old Lionsgate Credit Agreement (including entities of Old Lionsgate that are not part of the Company) and is secured by a security interest in substantially all of the assets of Old Lionsgate, including the Company and the Guarantors (as defined in the Old Lionsgate Credit Agreement), subject to certain exceptions.
Covenants. The Old Lionsgate Credit Agreement contains representations and warranties, events of default and affirmative and negative covenants that are customary for similar financings and which include, among other things and subject to certain significant exceptions, restrictions on the ability to declare or pay dividends, create liens, incur additional indebtedness, make investments, dispose of assets and merge or consolidate with any other person. In addition, a net first lien leverage maintenance covenant and an interest coverage ratio maintenance covenant apply to the Old Lionsgate Revolving Credit Facility and is tested quarterly. These covenants and ratios are applicable to and computed for the applicable entities pursuant to the agreement which includes Old Lionsgate subsidiaries which are not part of the Starz Business. As of March 31, 2025, Old Lionsgate was in compliance with all applicable covenants.
Change in Control. The Company may also be subject to an event of default upon a change of control (as defined in the Old Lionsgate Credit Agreement) which, among other things, includes a person or group acquiring ownership or control in excess of 50% of existing Old Lionsgate common stock.
Separation. In connection with the Separation, all outstanding obligations in respect of principal, interest and fees under the Old Lionsgate Credit Agreement, were repaid in full and all commitments thereunder were terminated. See Note 18.
Debt Transactions
Fiscal 2025:
5.5% Senior Notes Exchange. As discussed above, on May 8, 2024, the Starz Business issued $389.9 million aggregate principal amount of Exchange Notes in exchange for an equivalent amount of the existing 5.5% Senior Notes.
Fiscal 2024:
Senior Notes Repurchases. In the fiscal year ended March 31, 2024, the Starz Business repurchased $85.0 million principal amount of the 5.5% Senior Notes for $61.4 million, together with accrued and unpaid interest.
Fiscal 2023:
Senior Notes Repurchases. In the fiscal year ended March 31, 2023, the Starz Business repurchased $200.0 million principal amount of the 5.5% Senior Notes for $135.0 million, together with accrued and unpaid interest.
Gain (Loss) on Extinguishment of Debt
During the fiscal years ended March 31, 2025, 2024 and 2023, the Company recorded a gain (loss) on extinguishment of debt related to the transactions described above of $(5.6) million, $21.2 million, and $58.7 million, respectively. The 5.5% Senior Notes Exchange during fiscal year ended March 31, 2025 was considered a modification of terms since the present value of the cash flows after the amendment differed by less than a 10% change from the present value of the cash flows on a creditor-by-creditor basis prior to the amendment. Accordingly, the unamortized debt issuance costs are being amortized over the applicable term of the debt and the third-party costs of $5.6 million were expensed as a loss on extinguishment of debt.