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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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