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Discontinued Operations (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2024 | Mar. 31, 2024
Summary of Assets and Liabilities of the Discontinued Operations | The assets and liabilities related to the disposed components of LIONSGATE+ have been reflected as discontinued operations in the unaudited condensed combined balance sheet as of March 31 , 2024 , and consist of the following:
|  | March 31, 2024 |
|  | (Amounts in millions) |
ASSETS |  |  |  |
Cash |  | $ | 14.0 |
Accounts receivable, net |  |  | 8.7 |
Due from LG Studios Business (Note 1 5 ) |  |  | 10.0 |
Other current assets |  |  | 0.1 |
Total current assets - discontinued operations |  |  | 32.8 |
Programming content, net |  |  | 4.2 |
Total assets - discontinued operations |  | $ | 37.0 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 0.1 |
Content related payables |  |  | 57.0 |
Other accrued liabilities |  |  | 3.1 |
Residuals |  |  | 6.0 |
Total current liabilities - discontinued operations |  |  | 66.2 |
Other liabilities |  |  | 24.0 |
Total liabilities - discontinued operations |  | $ | 90.2 |
Starz Business of Lions Gate Entertainment Corp |  |
Summary of Net Loss from Starz's Discontinued Operations | Net income (loss) from Starz’s discontinued operations consists of the following:
|  | Nine Months Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (Amounts in millions) |
Revenues |  | $ | 2.5 |  |  | $ | 174.9 |
Expenses: |  |  |  |  |  |  |  |
Direct operating |  |  | 1.9 |  |  |  | 99.6 |
Distribution and marketing |  |  | — |  |  |  | 26.0 |
General and administration |  |  | 0.8 |  |  |  | 8.8 |
Depreciation and amortization |  |  | — |  |  |  | 9.1 |
Restructuring and other (1) |  |  | (4.5 | ) |  |  | 138.3 |
Total expenses |  |  | (1.8 | ) |  |  | 281.8 |
Operating (loss) income |  |  | 4.3 |  |  |  | (106.9 | )
Interest expense |  |  | (0.2 | ) |  |  | — |
Interest and other income |  |  | 0.1 |  |  |  | 0.3 |
Income (loss) from discontinued operations before income taxes |  |  | 4.2 |  |  |  | (106.6 | )
Income tax (provision) benefit |  |  | (1.1 | ) |  |  | 18.2 |
Net income (loss) from discontinued operations, net of income taxes |  | $ | 3.1 |  |  | $ | (88.4 | )
(1) | During the nine months ended December 31, 2024, the Starz Business recorded content impairment charges of $2.5 million (2023 — $137.8 million) related to its restructuring plan initiatives, including content impairment of programming in certain international territories associated with the restructuring of LIONSGATE+, and individual content charges pursuant to a strategic review of content performance across Starz’s international platforms resulting in certain programming being removed from those platforms and written down to fair value or removed and abandoned. These charges are included in “restructuring and other” in the table above. In the nine months ended December 31, 2024, restructuring and other also includes a benefit of $7.1 million (2023 — $3.8 million) associated with an arrangement to migrate subscribers in some of the exited territories to a third-party in connection with the international restructuring.
| Net loss from Starz’s discontinued operations consists of the following:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Amounts in millions) |
Revenues |  | $ | 184.0 |  |  | $ | 124.0 |  |  | $ | 85.5 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Direct operating (1) |  |  | 105.6 |  |  |  | 129.6 |  |  |  | 131.7 |
Distribution and marketing |  |  | 28.3 |  |  |  | 73.7 |  |  |  | 94.9 |
General and administration |  |  | 10.4 |  |  |  | 20.1 |  |  |  | 16.8 |
Depreciation and amortization |  |  | 14.8 |  |  |  | 6.7 |  |  |  | 7.4 |
Restructuring and other (1) |  |  | 160.0 |  |  |  | 316.1 |  |  |  | — |
Goodwill impairment (2) |  |  | — |  |  |  | 213.3 |  |  |  | — |
Total expenses |  |  | 319.1 |  |  |  | 759.5 |  |  |  | 250.8 |
Operating loss |  |  | (135.1 | ) |  |  | (635.5 | ) |  |  | (165.3 | )
Interest and other income |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 2.7 |
Loss from discontinued operations before income taxes |  |  | (134.8 | ) |  |  | (635.4 | ) |  |  | (162.6 | )
Income tax benefit |  |  | 24.2 |  |  |  | 100.3 |  |  |  | 37.3 |
Net loss from discontinued operations, net of income taxes |  | $ | (110.6 | ) |  | $ | (535.1 | ) |  | $ | (125.3 | )
(1) | During the fiscal years ended March 31, 2024 and 2023, the Starz Business recorded content impairment charges of $160.8 million and $313.1 million, respectively, related to its restructuring plan initiatives, including content impairment of programming in certain international territories associated with the restructuring of LIONSGATE+, and individual content charges pursuant to a strategic review of content performance across Starz’s international platforms resulting in certain programming being removed from those platforms and written down to fair value or removed and abandoned. These charges are included in “restructuring and other” in the table above. During the fiscal year ended March 31, 2022, the Starz Business recorded content impairment changes of $3.9 million as a result of a strategic review of original programming on the platforms, which identified certain titles with limited viewership or strategic purpose which were removed from the LIONSGATE+ service and abandoned, and are included in “direct operating expense” in the table above. Restructuring and other costs in fiscal 2024 also include a benefit of $5.4 million associated with an arrangement to migrate subscribers in some of the exited territories to a third-party in connection with the international restructuring.
(2) | As described in Note 1, Goodwill Impairment Assessment, during the fiscal year ended March 31, 2023, the Starz Business performed a quantitative impairment assessment which resulted in $213.3 million impairment of goodwill related to the LIONSGATE+ reporting unit.
In accordance with the provisions of ASC 205-20, the Starz Business has separately reported the assets and liabilities of the discontinued operations in the combined balance sheet. The assets and liabilities related to the disposed components of LIONSGATE+ have been reflected as discontinued operations in the combined balance sheets as of March 31, 2024 and 2023, and consist of the following:
|  | March 31, 2024 |  |  | March 31, 2023 |
|  | (Amounts in millions) |
ASSETS |  |  |  |  |  |  |  |
Cash |  | $ | 14.0 |  |  | $ | 9.6 |
Accounts receivable, net |  |  | 8.7 |  |  |  | 30.4 |
Due from LG Studios Business (Note 17) |  |  | 10.0 |  |  |  | — |
Other current assets |  |  | 0.1 |  |  |  | 0.3 |
Total current assets - discontinued operations |  |  | 32.8 |  |  |  | 40.3 |
Programming content, net |  |  | 4.2 |  |  |  | 181.2 |
Property and equipment, net |  |  | — |  |  |  | 10.4 |
Total assets - discontinued operations |  | $ | 37.0 |  |  | $ | 231.9 |
LIABILITIES |  |  |  |  |  |  |  |
Accounts payable |  | $ | 0.1 |  |  | $ | 29.3 |
Content related payables |  |  | 57.0 |  |  |  | 101.9 |
Other accrued liabilities |  |  | 3.1 |  |  |  | 5.7 |
Residuals |  |  | 6.0 |  |  |  | 3.9 |
Deferred revenue |  |  | — |  |  |  | 0.4 |
Due to LG Studios Business (Note 17) |  |  | — |  |  |  | 124.5 |
Total current liabilities - discontinued operations |  |  | 66.2 |  |  |  | 265.7 |
Other liabilities |  |  | 24.0 |  |  |  | 34.6 |
Total liabilities - discontinued operations |  | $ | 90.2 |  |  | $ | 300.3 |

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