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Segment Information | 6 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 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 September 30, 2025, the Company has one reportable segment: Starz Networks, which includes our operations in the U.S. and Canada. The continuing operations outside the U.S. and Canada, which through March 31, 2025 included operations in India and Southeast Asia, is reported as International and is disclosed to provide a reconciliation of segment amounts to amounts appearing in the accompanying financial statements. As described in Note 1, and effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate. Segment information is presented in the table below:
| Three Months Ended
| September 30,
| 2025 |  | 2024
| Starz Networks |  | Starz Networks |  | International |  | Total
| (Amounts in millions)
Revenue |  |  |  |  |  |  |
OTT revenue | $ | 222.8 |  |  | $ | 229.9 |  |  | $ | 2.3 |  |  | $ | 232.2 |
Linear and other revenue | 98.1 |  |  | 113.0 |  |  | 1.7 |  |  | 114.7 |
Total revenue | 320.9 |  |  | 342.9 |  |  | 4.0 |  |  | 346.9 |
Operating expenses: |  |  |  |  |  |  |
Programming amortization | 156.8 |  |  | 179.5 |  |  | 2.6 |  |  | 182.1 |
Payroll expense(1) | 32.0 |  |  | 28.6 |  |  | 0.5 |  |  | 29.1 |
Advertising and marketing | 78.4 |  |  | 75.2 |  |  | 0.3 |  |  | 75.5 |
Other(2) | 35.6 |  |  | 36.8 |  |  | 0.3 |  |  | 37.1 |
Depreciation and amortization | 47.9 |  |  | 41.2 |  |  | — |  |  | 41.2 |
Restructuring and other | 5.0 |  |  | 1.8 |  |  | (2.9) |  |  | (1.1) |
Total expenses | 355.7 |  |  | 363.1 |  |  | 0.8 |  |  | 363.9 |
Operating (loss) income | (34.8) |  |  | (20.2) |  |  | 3.2 |  |  | (17.0) |
Interest expense | (15.8) |  |  | (12.3) |  |  | — |  |  | (12.3) |
Interest and other income | 0.2 |  |  | 1.0 |  |  | 0.1 |  |  | 1.1 |
Other expense | (1.8) |  |  | (2.0) |  |  | — |  |  | (2.0) |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | — |
(Loss) income from continuing operations | (52.2) |  |  | (33.5) |  |  | 3.3 |  |  | (30.2) |
Income tax expense | (0.4) |  |  | (0.3) |  |  | (0.1) |  |  | (0.4) |
Net (loss) income from continuing operations | $ | (52.6) |  |  | $ | (33.8) |  |  | $ | 3.2 |  |  | $ | (30.6) |
| Six Months Ended
| September 30,
| 2025 |  | 2024
| Starz Networks |  | Starz Networks |  | International |  | Total
| (Amounts in millions)
Revenue |  |  |  |  |  |  |
OTT revenue | $ | 443.9 |  |  | $ | 462.0 |  |  | $ | 4.6 |  |  | $ | 466.6 |
Linear and other revenue | 196.7 |  |  | 226.2 |  |  | 1.7 |  |  | 227.9 |
Total revenue | 640.6 |  |  | 688.2 |  |  | 6.3 |  |  | 694.5 |
Operating expenses: |  |  |  |  |  |  |
Programming amortization | 319.3 |  |  | 325.6 |  |  | 4.4 |  |  | 330.0 |
Payroll expense(1) | 61.7 |  |  | 56.8 |  |  | 1.0 |  |  | 57.8 |
Advertising and marketing | 141.8 |  |  | 157.6 |  |  | 0.6 |  |  | 158.2 |
Other(2) | 71.5 |  |  | 73.4 |  |  | 0.9 |  |  | 74.3 |
Depreciation and amortization | 96.6 |  |  | 82.8 |  |  | — |  |  | 82.8 |
Restructuring and other | 11.4 |  |  | 1.2 |  |  | (2.9) |  |  | (1.7) |
Total expenses | 702.3 |  |  | 697.4 |  |  | 4.0 |  |  | 701.4 |
Operating (loss) income | (61.7) |  |  | (9.2) |  |  | 2.3 |  |  | (6.9) |
Interest expense | (29.0) |  |  | (23.1) |  |  | — |  |  | (23.1) |
Interest and other income | 0.2 |  |  | 1.8 |  |  | 0.1 |  |  | 1.9 |
Other expense | (4.3) |  |  | (3.7) |  |  | — |  |  | (3.7) |
Loss on extinguishment of debt | — |  |  | (4.9) |  |  | — |  |  | (4.9) |
(Loss) income from continuing operations before income taxes | (94.8) |  |  | (39.1) |  |  | 2.4 |  |  | (36.7) |
Income tax (expense) benefit | (0.3) |  |  | 7.4 |  |  | (0.2) |  |  | 7.2 |
Net (loss) income from continuing operations | $ | (95.1) |  |  | $ | (31.7) |  |  | $ | 2.2 |  |  | $ | (29.5) |
______________________________________ (1) Payroll expense by segment, which includes salaries and employee benefits, is reviewed by the CODM on a quarterly basis. (2) Includes total other operating and general and administrative expenses per the accompanying unaudited condensed consolidated statements of operations, less payroll expense per note (1). The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:
| September 30, 2025 |  | March 31, 2025
| (Amounts in millions)
Assets |  |  |
Starz Networks | $ | 1,874.3 |  |  | $ | 2,017.8 |
International | — |  |  | 6.5 |
Other unallocated assets(1) | 98.1 |  |  | 148.9 |
| $ | 1,972.4 |  |  | $ | 2,173.2 |
_____________________ (1)Other unallocated assets primarily consist of cash and other assets. Long-lived assets by geographic location are as follows:
| September 30, 2025 |  | March 31, 2025
| (Amounts in millions)
Long-lived assets(1) |  |  |
United States | $ | 1,122.8 |  |  | $ | 1,180.5 |
_____________ (1)Long-lived assets represents programming content, net, property and equipment, net, and right-of-use assets.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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