0001628280-26-054565 | 10-Q | XBRL Viewer | Starz Entertainment Corp CN

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Revenue - Schedule of Revenues by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 307.9	$ 319.7	$ 614.8	$ 650.3
International
Disaggregation of Revenue [Line Items]
Total revenue	0.0	0.0	0.0	4.4
Operating Segments \| Starz Networks
Disaggregation of Revenue [Line Items]
Total revenue	$ 307.9	$ 319.7	$ 614.8	$ 645.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Description of Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Description of Business, Basis of Presentation and Significant Accounting Policies	Description of Business, Basis of Presentation and Significant Accounting Policies Description of Business Starz Entertainment Corp. (the "Company", "Starz", "we", "us", or "our") operates primarily in the U.S. and distributes the STARZ branded premium subscription video services on a direct-to-consumer over-the-top (“OTT”) basis through the Starz App and through wholesale OTT and multichannel video programming distributors (“MVPDs”), including cable operators, satellite television providers and telecommunications companies (in the aggregate the “Starz Platform”, and if referring to the Company prior to October 2025, inclusive of Starz's Canadian operations at that time). In October 2025, Starz changed its operations in Canada resulting in its partner assuming all operational oversight of the service and Starz moving to a content licensing arrangement. Separation On May 6, 2025, Lions Gate Entertainment Corp. (“Old Lionsgate” or “Parent”) completed the separation of its studio operations (the “LG Studios Business”) from its media networks operations (the “Starz Business”) pursuant to an arrangement agreement, resulting in two independent publicly traded companies: Lionsgate Studios Corp. (“New Lionsgate”), which now holds the LG Studios Business, and Starz Entertainment Corp., which now holds the Starz Business (the "Separation"). As part of the distribution, Old Lionsgate shareholders received shares in both companies, and Starz Entertainment Corp. subsequently executed a 15‑for‑1 reverse stock split, such that every fifteen (15) Starz common shares were consolidated into one (1) Starz common share. For accounting purposes under U.S. GAAP, New Lionsgate is considered the accounting spinnor or divesting entity and Starz is considered the accounting spinnee or divested entity, and the historical results of the Starz Business prior to the transaction have been prepared on a carve‑out basis. Refer to our Transition Report on Form 10‑KT for the nine months ended December 31, 2025 for a full description of the Separation. International Restructuring During 2023, Old Lionsgate began a plan to restructure and shut down its international LIONSGATE+ business, which was finalized with the shutdown of the United Kingdom territory in May 2024. Refer to our Transition Report on Form 10‑KT for the nine months ended December 31, 2025, Note 19, Discontinued Operations, for a full description of the International Restructuring. The international restructuring is included in discontinued operations in the accompanying financial statements. Starz Networks Strategic Content Review During the three and six months ended June 30, 2026, Starz undertook actions to rationalize its content portfolio as part of its ongoing efforts to right-size its content cost structure in response to the evolving macroeconomic and industry environment, including continued declines in traditional linear services and operating as a standalone company following the Separation. These actions included evaluating programming on the Starz Platform, cancelling certain previously ordered programming, and removing and abandoning content determined to have limited strategic value. In April 2026, Starz entered into an agreement to terminate certain live-action films under a post pay-one output licensing agreement. As a result, Starz recognized programming contract termination fees, which were recorded within Restructuring and other costs during the three and six months ended June 30, 2026. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim reporting and the instructions to the quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X on the same basis as the Company’s annual financial statements. Prior to the Separation, the Starz Business operated as a segment of Old Lionsgate, and the historical financial information for those periods was prepared on a carve‑out basis derived from Old Lionsgate’s consolidated records. Following the Separation, the Company’s financial statements are presented on a consolidated basis and include Starz Entertainment Corp. and its majority‑owned subsidiaries. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Management believes the assumptions underlying our financial statements, including the assumptions regarding the allocation of general and administrative expenses from Old Lionsgate, are reasonable. However, such allocations from Old Lionsgate may not include all the actual expenses that would have been incurred by Starz had we been a standalone company during the periods presented. It is not practicable to estimate actual costs that would have been incurred had we been a standalone company and operated as an unaffiliated entity during the pre-separation periods presented. Actual costs that might have been incurred had we been a standalone company during those pre-separation periods would depend on a number of factors, including the organizational structure, what corporate functions we might have performed directly or outsourced and strategic decisions we might have made in areas such as executive management, legal and other professional services, and certain corporate overhead functions. These unaudited condensed consolidated financial statements do not include all disclosures required for annual financial statements and should be read together with the Company’s audited financial statements included in our Form 10‑KT for the nine months ended December 31, 2025, which contains a full description of the Separation, historical allocations, intercompany arrangements, and related accounting policies. Certain amounts presented in prior periods have been reclassified to conform to the current period presentation. Change in Fiscal Year End On May 8, 2025, the Company's Board of Directors approved a change in Starz’s fiscal year end from March 31 to December 31. As a result of the change, the Company filed a Transition Report on Form 10-KT for the nine-month transition period from April 1, 2025 to December 31, 2025. Generally Accepted Accounting Principles These financial statements have been prepared in accordance with U.S. GAAP. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the accompanying financial statements relate to the intangible asset associated with the customer relationships with U.S. MVPDs ("Starz Traditional Affiliates"), which is amortized in the proportion that current period revenue bears to management’s estimate of future revenue over the remaining estimated useful life of the asset; estimates of future viewership used for the amortization of programming content; income taxes including the assessment of valuation allowances for deferred tax assets; and impairment assessments for licensed program rights and intangible assets. Actual results could differ from such estimates. Segments Following the Separation, Starz manages and reports its operating results through one reportable segment, Starz Networks, which includes our consolidated operations. During the six months ended June 30, 2026, International included our operations in India and Southeast Asia. Effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate. Given that Starz and New Lionsgate were under common control at the time of the transfer, no gain or loss was recorded related to the transfer. Significant Accounting Policies There have been no material changes to our significant accounting policies as described in our Transition Report on Form 10-KT for the nine months ended December 31, 2025. Recent Accounting Pronouncements Internal-Use Software: In September 2025, the FASB issued Accounting Standards Update (ASU) 2025-06, which modernizes the accounting guidance for internal-use software under ASC 350-40. The update eliminates the previous “project stage” model and introduces a principles-based framework that better aligns with contemporary software development practices. Under the new guidance, entities may begin capitalizing internal-use software costs when two conditions are met: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used for its intended purpose (the “probable-to-complete” threshold). The ASU also consolidates website development cost guidance into ASC 350-40 and clarifies disclosure requirements for capitalized software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures. Income Statement: In November 2024, the FASB issued guidance requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending December 31, 2027 and interim reporting periods beginning in fiscal 2029, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Statement of Cash Flows [Abstract]
Increase in programming content	$ 157.1

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 53.4	$ 53.4	$ 52.8
Revenues recognized	$ 11.8	$ 43.4

Capital Stock

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Capital Stock

Common Shares

The Company has an unlimited number of authorized common shares as of June 30, 2026.

Share-based compensation expense from continuing operations, by expense category, consisted of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Share-based compensation expense:
Other operating expense	$	3.4	$	0.9	$	3.9	$	1.7
General and administrative	13.5		4.3		16.2		7.6
Restructuring and other	0.1		2.2		0.1		2.4
	$	17.0	$	7.4	$	20.2	$	11.7

Rights Agreement

On March 10, 2026, the Board adopted a Shareholder Protection Rights Agreement and declared a dividend of one right per common share, issued to shareholders of record on March 20, 2026. The rights become exercisable upon the acquisition of 17.5% or more of the Company’s common shares, and generally entitle holders to purchase one common share at an exercise price of $93.00, subject to adjustment. Refer to the Company’s March 10, 2026 Form 8‑K for additional information.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Capital Stock (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

Share-based compensation expense from continuing operations, by expense category, consisted of the following:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Share-based compensation expense:
Other operating expense	$	3.4	$	0.9	$	3.9	$	1.7
General and administrative	13.5		4.3		16.2		7.6
Restructuring and other	0.1		2.2		0.1		2.4
	$	17.0	$	7.4	$	20.2	$	11.7

Label

Element

Value

Parent Investment, Net [Member]

Net Income (Loss) Attributable to Parent

us-gaap_NetIncomeLoss

$ (7,300,000)

^[1]

Retained Earnings [Member]

Net Income (Loss) Attributable to Parent

us-gaap_NetIncomeLoss

$ (35,200,000)

[1]	Unless otherwise indicated or as the context requires, references to the “Parent” refer to Lions Gate Entertainment Corp., prior to the Separation.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Programming Related Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument
Programming related obligations	$ 110.8	$ 87.7
Programming related obligations	$ 6.8	41.4
Programming Notes
Debt Instrument
Debt instrument, basis spread on variable rate	8.10%
Programming related obligations		87.7
Programming Notes \| Carrying Value
Debt Instrument
Debt instrument, fair value disclosure	$ 62.1	87.7
Production Loans
Debt Instrument
Debt instrument, basis spread on variable rate	6.00%
Programming related obligations	$ 48.7
Programming related obligations	6.8
Production Loans \| Carrying Value
Debt Instrument
Debt instrument, fair value disclosure	$ 55.5	$ 41.4

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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- Definition

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+ Details

Additional Financial Information (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Transfer of Financial Assets Accounted for as Sales

The following table sets forth a summary of the receivables transferred:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Carrying value of receivables transferred and derecognized	$	199.7	$	211.4	$	397.8	$	415.8
Net cash proceeds received from third party purchasers	198.3		209.4		395.0		412.2
Loss recorded related to transfers of receivables	1.4		1.8		2.8		3.4

Schedule of Other Assets

Other Assets

The composition of the Company’s other assets is as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)




Other non-current assets
Operating lease right-of-use assets	$	38.8	$	41.7
Debt issuance costs	2.5		3.0
Accounts receivable	—		2.5
	$	41.3	$	47.2

Schedule of Accrued Liabilities

The composition of the Company’s other accrued liabilities (current) and other liabilities (non-current) is as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Other accrued liabilities (current)
Contract termination liability(1)	$	48.0	$	—
Employee related liabilities	42.7		23.5
Operating lease liabilities	11.4		11.1
Other accrued expenses and short-term liabilities	18.8		14.5

	$	120.9	$	49.1
Other liabilities (non-current)
Contract termination liability(1)	$	99.2	$	—
Operating lease liabilities	43.1		48.3
Programming related payables	23.1		19.7
Other long-term liabilities	4.6		4.7
	$	170.0	$	72.7

_____________________

(1)Represents contract termination fees accrued in connection with the April 2026 termination of certain live-action films under a post-pay-one output licensing arrangement.

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Aug. 27, 2024
Debt Instrument
Long-term debt	$ 615.1	$ 613.3
Less current portion of debt	(15.0)	(7.5)
Non-current portion of debt	600.1	605.8
Senior Notes
Debt Instrument
Debt instrument, interest rate, stated percentage			5.50%
Unamortized debt issuance costs	(10.0)	(11.8)
Term Loan A \| Term Loan A
Debt Instrument
5.5% Senior Notes	300.0	300.0
5.5% Senior Notes \| Senior Notes
Debt Instrument
5.5% Senior Notes	$ 325.1	$ 325.1
Debt instrument, interest rate, stated percentage	5.50%	5.50%

Description of Business, Basis of Presentation and Significant Accounting Policies (Details)		6 Months Ended
	May 06, 2025	Jun. 30, 2026 segment
Accounting Policies [Abstract]
Stock split, conversion ratio	0.0667
Number of reportable segments		1
Number of Operating Segments		1

Activity with the LG Studios Business (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Related Party Transactions


	Six Months Ended
	June 30,
	2025
	(Amounts in millions)
Cash pooling and general financing activities	$	(2.0)



Net transfers from Parent included on unaudited condensed consolidated statements of cash flows	(2.0)
Share-based compensation (including allocation of share-based compensation)	2.9
Other non-cash transfer	7.3
Net transfers from Parent included on unaudited condensed consolidated statements of equity	$	8.2

Programming Content

6 Months Ended

Jun. 30, 2026

Other Industries [Abstract]

Programming Content

The predominant monetization strategy for the Company's programming content (which includes licensed program rights and owned and produced films and television programs) is as a group. Total programming content is as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Licensed program rights, net of accumulated amortization	$	794.7	$	941.2

Owned and produced films and television programs:
Released, net of accumulated amortization	4.6		5.1
Complete and not released	45.0		—
In progress	6.9		36.6
In development	14.8		10.9
	71.3		52.6
Programming content, net	$	866.0	$	993.8

Amortization of programming content is as follows and is included in programming amortization in the accompanying unaudited condensed consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Programming amortization expense:
Licensed program rights	$	112.3	$	161.5	$	249.4	$	280.2
Owned and produced films and television programs	1.8		1.0		3.0		0.7
	$	114.1	$	162.5	$	252.4	$	280.9

Restructuring and Other (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other

The following table sets forth restructuring and other and these other unusual charges:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Contract termination fees(1)	$	147.2	$	—	$	147.2	$	—
Content impairments (recoveries)(2)	1.7		(0.3)		129.8		167.4
Transaction and other costs(3)	1.7		4.5		6.8		18.5
Severance(4)	0.5		—		6.4		1.5
Share-based compensation	0.1		2.2		0.1		2.4
	$	151.2	$	6.4	$	290.3	$	189.8

_____________________

(1) In April 2026, Starz entered into an agreement to terminate certain live-action films under a post pay-one output licensing agreement. As a result, Starz recognized programming contract termination fees, which were recorded within Restructuring and other costs during the three and six months ended June 30, 2026. The termination cost is based on an agreed fee schedule which includes a measure of theatrical box office performance. Some of the underlying films have not yet been released theatrically, therefore the liability is an estimate, and the final termination cost may differ.

The reconciliation of the beginning and ending contract termination liability balance showing activity during the year is as follows:


Contract termination liability balance as of January 1, 2026	$	—
Accrued contract termination liability(a)	143.9
Contract termination liability accretion	3.3
Contract termination liability balance as of June 30, 2026	$	147.2

(a) The Company measures the present value of its contract liability termination fee using discounted cash flow techniques. This fair value measurement is classified within Level 2 of the fair value hierarchy as it utilizes observable market inputs, including market-based corporate yield curves, estimated timing of expected cash flows, and credit risk assumptions derived from comparable rated debt instruments.

(2) During the three and six months ended June 30, 2026 and June 30, 2025, Starz undertook actions to rationalize its content portfolio as part of its ongoing efforts to right-size its content cost structure in response to the evolving macroeconomic and industry environment, including continued declines in traditional linear services and operating as a standalone company following the Separation. These actions included evaluating programming on the Starz Platform, cancelling certain previously ordered programming, and removing and abandoning content determined to have limited strategic value.

(3) Transaction and other costs during the three and six months ended June 30, 2026 and June 30, 2025 reflect costs associated with certain potential strategic transactions, costs associated with certain legal matters, and transaction, integration, and legal costs associated with the Separation.

(4) Severance costs for the three and six months ended June 30, 2026 and June 30, 2025, represent a reduction in our work force due to cost-saving initiatives and the continued decline in traditional linear services.

Debt - Starz Credit Agreement (Term Loan A) (Details) - Starz Credit Agreement - Revolving Credit Facility - USD ($)	May 06, 2025	Jun. 30, 2026
Debt Instrument
Debt instrument, face amount	$ 300,000,000.0
Revolving credit facility, maximum borrowing capacity	$ 150,000,000.0
Maturity, option one	135 days
Maturity, option two	5 years
Debt instrument, interest rate, stated percentage	5.50%	5.50%
Debt instrument, first lien leverage ratio, maximum		3.00
Debt instrument, interest coverage ratio, minimum		2.50
Minimum
Debt Instrument
Commitment fee (as a percent)	0.25%
Maximum
Debt Instrument
Commitment fee (as a percent)	0.375%
Debt Instrument, Covenant, Period One
Debt Instrument
Debt instrument, total leverage ratio, minimum		4.50
Debt Instrument, Covenant, Period Two
Debt Instrument
Debt instrument, total leverage ratio, minimum		4.25
Debt Instrument, Covenant, Period Three
Debt Instrument
Debt instrument, total leverage ratio, minimum		4.00
Debt Instrument, Covenant, Period Four
Debt Instrument
Debt instrument, total leverage ratio, minimum		3.50
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument, basis spread on variable rate	3.00%
Base Rate
Debt Instrument
Debt instrument, basis spread on variable rate	2.00%

Capital Stock - Narrative (Details)	Mar. 10, 2026 right $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of rights declared per common share (in shares) \| right	1
Required percentage of outstanding shares acquired for rights to be exercisable	17.50%
Number of common shares called by each right (in shares) \| shares	1
Exercise price of warrants or rights (in USD per share) \| $ / shares	$ 93.00

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Required to be Carried at Fair Value on a Recurring Basis

The following table sets forth the carrying values and fair values of the Company’s outstanding debt, programming notes, production loans and derivatives:


	June 30, 2026				December 31, 2025
	(Amounts in millions)
	Carrying Value		Fair Value(1)		Carrying Value		Fair Value(1)
			(Level 2)				(Level 2)
Liabilities:


Term Loan A	$	294.9	$	300.0	$	293.9	$	300.0
5.5% Senior Notes	320.2		294.2		319.4		264.1
Programming Notes	62.1		62.1		87.7		87.7
Production Loans	55.5		55.5		41.4		41.4
Interest rate exchange swaps(2)	1.0		1.0		(0.9)		(0.9)
Foreign currency forward exchange contracts(2)	0.2		0.2		nil		nil

________________

(1)The Company measures the fair value of its outstanding debt using discounted cash flow techniques that use observable market inputs, such as SOFR-based yield curves, swap rates, and credit ratings (Level 2 measurements).

(2)Represents the fair value measurements of the Company’s derivative instruments, specifically forward exchange contracts and interest rate swaps, as of June 30, 2026. These instruments are classified within the fair value hierarchy in accordance with ASC 820. Refer to Note 12, Derivative Instruments and Hedging Activities, for further detail.

Contingencies - Narrative (Details) - Senior Notes	Aug. 27, 2024
Other Commitments [Line Items]
Debt instrument, interest rate, stated percentage	5.50%
5.5% Senior Notes
Other Commitments [Line Items]
Debt instrument, interest rate, stated percentage	5.50%

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events There were no subsequent events that occurred after June 30, 2026, through the date of this filing that would require disclosure in the unaudited condensed consolidated financial statements.

Programming Content - Amortization of Investment in Films and Television Programs and Licensed Program Rights (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Programming amortization expense
Licensed program rights	$ 112.3	$ 161.5	$ 249.4	$ 280.2
Owned and produced films and television programs				0.7
Owned and produced films and television programs	1.8	1.0	3.0
Total amortization expense	$ 114.1	$ 162.5	$ 252.4	$ 280.9

Restructuring and Other - Schedule of Reconciliation of the Beginning and Ending Contract Termination Liability Balance (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Contract termination liability balance as of January 1, 2026	$ 0.0
Accrued contract termination liability	143.9
Contract termination liability accretion	3.3
Contract termination liability balance as of June 30, 2026	$ 147.2

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision for the six months ended June 30, 2026 was calculated by estimating the Company’s annual effective tax rate (estimated annual tax provision divided by estimated annual income before income taxes), and then applying the effective tax rate to income (loss) before income taxes for the period, plus or minus the tax effects of items that relate discretely to the period, if any. The Starz Business’s U.S. operations and certain of its non-U.S. operations were historically included in the income tax returns of Old Lionsgate or its subsidiaries. For the three months ended June 30, 2025, income taxes were calculated as if the Starz Business filed income tax returns on a standalone basis, including assumptions regarding the allocation of consolidated tax attributes. The Company’s income tax provision differs from the federal statutory income tax rate applied to income (loss) before taxes due to the level and geographic mix of earnings, changes in tax laws and regulations, changes in uncertain tax positions, as well as changes in valuation allowances on deferred tax assets. The Company’s income tax provision for the six months ended June 30, 2026 and June 30, 2025 were impacted by changes in the valuation allowances against certain U.S. and foreign deferred tax assets, net of applicable deferred tax liabilities. There were no material discrete income tax items or significant changes in uncertain tax positions during the six months ended June 30, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Details) - USD ($) $ in Millions	6 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Aug. 27, 2024
Liabilities:
Fair value adjustment	$ 129.8	$ 167.4
Senior Notes
Liabilities:
Debt instrument, interest rate, stated percentage				5.50%
Interest Rate Swap \| Carrying Value
Liabilities:
Interest exchange swaps	1.0		$ (0.9)
Forward Contracts \| Carrying Value
Liabilities:
Interest exchange swaps	0.2
Fair Value, Inputs, Level 2 \| Interest Rate Swap \| Fair Value
Liabilities:
Interest exchange swaps	1.0		(0.9)
Fair Value, Inputs, Level 2 \| Forward Contracts \| Carrying Value
Liabilities:
Interest exchange swaps	0.2
Term Loan A \| Carrying Value
Liabilities:
Debt instrument, fair value disclosure	294.9		293.9
Term Loan A \| Fair Value, Inputs, Level 2 \| Fair Value
Liabilities:
Debt instrument, fair value disclosure	$ 300.0		$ 300.0
5.5% Senior Notes \| Senior Notes
Liabilities:
Debt instrument, interest rate, stated percentage	5.50%		5.50%
5.5% Senior Notes \| Senior Notes
Liabilities:
Debt instrument, interest rate, stated percentage				5.50%
5.5% Senior Notes \| Carrying Value
Liabilities:
Debt instrument, fair value disclosure	$ 320.2		$ 319.4
5.5% Senior Notes \| Fair Value, Inputs, Level 2 \| Fair Value
Liabilities:
Debt instrument, fair value disclosure	294.2		264.1
Programming Notes \| Carrying Value
Liabilities:
Debt instrument, fair value disclosure	62.1		87.7
Programming Notes \| Fair Value, Inputs, Level 2 \| Fair Value
Liabilities:
Debt instrument, fair value disclosure	62.1		87.7
Production Loans \| Carrying Value
Liabilities:
Debt instrument, fair value disclosure	55.5		41.4
Production Loans \| Fair Value, Inputs, Level 2 \| Fair Value
Liabilities:
Debt instrument, fair value disclosure	$ 55.5		$ 41.4

Additional Financial Information - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Other accrued liabilities (current)
Contract termination liability	$ 48.0	$ 0.0
Employee related liabilities	42.7	23.5
Operating lease liabilities	11.4	11.1
Other accrued expenses and short-term liabilities	18.8	14.5
Other accrued liabilities, current	120.9	49.1
Other liabilities (non-current)
Contract termination liability	99.2	0.0
Operating lease liabilities	43.1	48.3
Programming related payables	23.1	19.7
Other long-term liabilities	4.6	4.7
Other liabilities, noncurrent	$ 170.0	$ 72.7

Segment Information - Schedule of Reconciliation of Total Segment Assets to Total Consolidated Assets (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Assets	$ 1,671.8	$ 1,913.2
Operating Segments \| Starz Networks
Segment Reporting [Line Items]
Assets	1,560.3	1,818.2
Other unallocated assets
Segment Reporting [Line Items]
Assets	$ 111.5	$ 95.0

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Additional Financial Information - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Trade Accounts Receivable
Accumulated Other Comprehensive Income (Loss) [Line Items]
Continuing involvement with derecognized transferred financial assets, amount outstanding	$ 133.4	$ 132.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Restructuring and Other

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring and Other

Restructuring and other includes restructuring costs, and certain transaction-related and other expenses. During the three and six months ended June 30, 2026 and June 30, 2025, the Company also incurred certain other unusual charges and benefits. The following table sets forth restructuring and other and these other unusual charges:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Contract termination fees(1)	$	147.2	$	—	$	147.2	$	—
Content impairments (recoveries)(2)	1.7		(0.3)		129.8		167.4
Transaction and other costs(3)	1.7		4.5		6.8		18.5
Severance(4)	0.5		—		6.4		1.5
Share-based compensation	0.1		2.2		0.1		2.4
	$	151.2	$	6.4	$	290.3	$	189.8

_____________________

The reconciliation of the beginning and ending contract termination liability balance showing activity during the year is as follows:


Contract termination liability balance as of January 1, 2026	$	—
Accrued contract termination liability(a)	143.9
Contract termination liability accretion	3.3
Contract termination liability balance as of June 30, 2026	$	147.2

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 15, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	1-14880
Registrant Name	Starz Entertainment Corp.
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	250 Howe Street, 20th Floor
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6C 3R8
City Area Code	(604)
Local Phone Number	648-6559
Title of each class	Common Shares, no par value per share
Trading Symbol(s)	STRZ
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,124,171
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000929351
Other Address
Document Information [Line Items]
Entity Address, Address Line One	1647 Stewart St.
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90404

Restructuring and Other - Schedule of Restructuring and Other and Other Unusual Charges or Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 151.2	$ 6.4	$ 290.3	$ 189.8
Contract termination fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges	147.2	0.0	147.2	0.0
Content impairments (recoveries)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.7	(0.3)	129.8	167.4
Transaction and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.7	4.5	6.8	18.5
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.5	0.0	6.4	1.5
Share-based compensation
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.1	$ 2.2	$ 0.1	$ 2.4

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

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, Description of Business, Basis of Presentation and Significant Accounting Policies, as of June 30, 2026, the Company has one reportable segment: Starz Networks, which includes our operations in the U.S. and Canada. During the six months ended June 30, 2025, International included operations in India and Southeast Asia. As described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, 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
	June 30,
	2026		2025
	Starz Networks		Starz Networks
	(Amounts in millions)
Revenue
OTT revenue	$	221.3	$	221.1
Linear and other revenue	86.6		98.6
Total revenue	307.9		319.7
Operating expenses:
Programming amortization	114.1		162.5
Payroll(1)	35.6		29.7
Advertising and marketing	70.3		63.4
Other(2)	44.9		35.9
Depreciation and amortization	67.3		48.7
Restructuring and other	151.2		6.4
Total expenses	483.4		346.6
Operating loss	(175.5)		(26.9)
Interest expense	(13.6)		(13.2)
Interest and other income	0.5		—
Other expense	(2.0)		(2.5)

Loss from continuing operations before income taxes	(190.6)		(42.6)
Income tax benefit	1.2		0.1
Net loss from continuing operations	$	(189.4)	$	(42.5)


	Six Months Ended
	June 30,
	2026		2025
	Starz Networks		Starz Networks		International		Total
	(Amounts in millions)
Revenue
OTT revenue	$	432.4	$	444.6	$	2.0	$	446.6
Linear and other revenue	182.4		201.3		2.4		203.7
Total revenue	614.8		645.9		4.4		650.3
Operating expenses:
Programming amortization	252.4		278.6		2.3		280.9
Payroll(1)	69.9		60.2		0.6		60.8
Advertising and marketing	120.7		122.1		0.2		122.3
Other(2)	74.0		68.9		—		68.9
Depreciation and amortization	135.8		96.8		—		96.8
Restructuring and other	290.3		183.1		6.7		189.8
Total expenses	943.1		809.7		9.8		819.5
Operating loss	(328.3)		(163.8)		(5.4)		(169.2)
Interest expense	(27.5)		(24.1)		—		(24.1)
Interest and other income	0.9		1.7		—		1.7
Other expense	(3.8)		(4.3)		—		(4.3)
Loss on extinguishment of debt	—		(0.7)		—		(0.7)
Loss from continuing operations before income taxes	(358.7)		(191.2)		(5.4)		(196.6)
Income tax benefit	4.4		0.1		—		0.1
Net loss from continuing operations	$	(354.3)	$	(191.1)	$	(5.4)	$	(196.5)

______________________________________

(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 from 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:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Assets
Starz Networks	$	1,560.3	$	1,818.2

Other unallocated assets(1)	111.5		95.0
	$	1,671.8	$	1,913.2

_____________________

(1)Other unallocated assets primarily consist of cash and other assets.

Long-lived assets by geographic location are as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Long-lived assets(1)
United States	$	952.6	$	1,084.6

_____________

(1)Long-lived assets primarily represent programming content, net, property and equipment, net, and right-of-use assets.

- Definition

The entire disclosure for segment reporting.

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+ Details

Net Loss Per Share - Schedule of Anti-Dilutive Shares (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted average anti-dilutive shares issuable excluded from diluted net loss per common share (in shares)	3.5	3.3	3.5	3.3
Options and SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted average anti-dilutive shares issuable excluded from diluted net loss per common share (in shares)	1.1	0.8	1.1	0.8
Restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted average anti-dilutive shares issuable excluded from diluted net loss per common share (in shares)	2.4	2.5	2.4	2.5

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company is involved in certain claims and legal proceedings arising in the normal course of business. The Company establishes an accrued liability for claims and legal proceedings when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. The Company expenses legal fees as incurred. Claims and legal proceedings may be brought against the Company without merit, are inherently uncertain, are difficult to predict, and the Company’s view on these matters may change as events unfold. Reasonably possible losses, if any, are not estimable, however, based on our current understanding and evaluation of the relevant facts and circumstances, as of June 30, 2026, the Company is not a party to any pending claims or legal proceedings for which management believes the resolution would have a material adverse effect on the Company’s financial position, results of operations or cash flows, and is not aware of any other claims that it believes could, individually or in the aggregate, have a material adverse effect on the Company's financial position, results of operations or cash flows. For additional detail regarding certain legal proceedings in which Starz is involved, Starz provides the following information: On August 27, 2024, purported holders of 5.5% Senior Notes (prior to the Separation) filed a complaint in New York State court asserting claims for breach of certain contractual provisions and breach of the implied covenant of good faith and fair dealing in connection with the Exchange Transaction and Supplemental Indenture No. 10 to the indenture governing the 5.5% Senior Notes (the “Indenture”). On September 13, 2024, another purported holder sought to intervene as a plaintiff in the same suit asserting nearly identical claims, which intervention was granted on October 11, 2024. The second holder subsequently added additional theories and brought claims against other parties. Starz filed a motion to dismiss the claims. On March 17, 2026, the Court issued a decision on the motion to dismiss, dismissing the majority of the asserted claims and narrowing the case to a single declaratory judgment claim. On June 24, 2026, the parties entered into a global stipulation of discontinuance with prejudice, dismissing all claims asserted in the litigation. The Company recorded an accrual for related obligations in connection with the resolution of this matter. Insurance has reimbursed the Company for substantially all such amounts, and the Company's remaining net exposure is not material to the Company's consolidated financial statements. The Company is party to certain consolidated arbitration claims arising from alleged violation of the federal Video Privacy Protection Act (the “VPPA”) and analogous state laws relating to the Company’s alleged use of a third-party pixel on the website for its subscription video service. Although the outcome of this consolidated matter cannot be predicted with certainty, management does not presently believe that the resolution of this matter will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Legal proceedings can be expensive and disruptive to normal business operations. Even if Starz is successful in defending against such claims, it may expend significant management time and attention and funds to defend against such claims. The Company is involved in other legal proceedings not described herein; however, it does not presently consider that any such matters to be material either individually or in the aggregate at this time. The Company’s view of the matters not listed may change in the future as the proceedings unfold.

Debt - Senior Notes (Details) - Senior Notes	6 Months Ended
Debt - Senior Notes (Details) - Senior Notes	Jun. 30, 2026	Aug. 27, 2024
Debt Instrument
Debt instrument, interest rate, stated percentage		5.50%
Exchange Notes
Debt Instrument
Debt instrument, interest rate, stated percentage	5.50%
Exchange Notes \| On or After April 15, 2024
Debt Instrument
Debt instrument, redemption price, percentage of principal amount redeemed	102.75%
Exchange Notes \| On or After April 15, 2025
Debt Instrument
Debt instrument, redemption price, percentage of principal amount redeemed	101.375%
Exchange Notes \| On or After April 15, 2026
Debt Instrument
Debt instrument, redemption price, percentage of principal amount redeemed	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capital Stock - Schedule of Share-based Compensation Expense, by Expense Category (Details) - Continuing Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 17.0	$ 7.4	$ 20.2	$ 11.7
Location, Statement of Income, Balance [Axis]: us-gaap:DirectOperatingCosts
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	3.4	0.9	3.9	1.7
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	13.5	4.3	16.2	7.6
Location, Statement of Income, Balance [Axis]: us-gaap:RestructuringCharges
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 0.1	$ 2.2	$ 0.1	$ 2.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As of June 30, 2026, the Company had outstanding pay-fixed interest rate exchange swaps with a total notional amount of $150.0 million, converting SOFR-based floating-rate debt to fixed-rate obligations. These effective swaps carry fixed interest rates ranging from 3.58% to 3.62%. The Company also had forward foreign exchange contracts outstanding with maturities of less than 24 months, totaling British £6.6 million (equivalent to US$8.9 million), used to hedge foreign currency exposure related to production tax credit receivables. These contracts are designated as cash flow hedges.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Segment

Revenue by segment is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Revenue
Starz Networks	$	307.9	$	319.7	$	614.8	$	645.9
International(1)	—		—		—		4.4
	$	307.9	$	319.7	$	614.8	$	650.3

_____________________

(1) Includes the operations in India and Southeast Asia for the three and six months ended June 30, 2025.

Programming Related Obligations	6 Months Ended
Programming Related Obligations	Jun. 30, 2026
Programming Related Obligations [Abstract]
Programming Related Obligations	Programming Related Obligations Programming related obligations include programming notes, which represent individual unsecured loans for the licensing of film and television programs. As of June 30, 2026, outstanding programming notes had a balance of $62.1 million and had contractual repayment dates ranging from July 2026 through August 2026, and incurred SOFR-based interest at a weighted average rate of 8.1%. There were $87.7 million of programming notes outstanding as of December 31, 2025. In addition to programming notes, current and non-current Programming related obligations include secured production loans with outstanding balances of $48.7 million due in January 2027 and $6.8 million due in May 2028, in each case as of June 30, 2026. As of December 31, 2025, the production loans had an outstanding balance of $41.4 million and were included in non-current Programming related obligations as they were not current liabilities at that time. The production loans each incurred SOFR-based interest of 6.0%. Production loans represent financing arrangements for individual original series produced by the Company. These loans are secured by collateral consisting of the underlying intellectual property rights (e.g., the related film or television program).

Segment Information - Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total revenue	$ 307,900,000	$ 319,700,000	$ 614,800,000	$ 650,300,000
Operating expenses:
Programming amortization	114,100,000	162,500,000	252,400,000	280,900,000
Payroll				60,800,000
Advertising and marketing	70,300,000	63,400,000	120,700,000	122,300,000
Other				68,900,000
Depreciation and amortization	67,300,000	48,700,000	135,800,000	96,800,000
Restructuring and other	151,200,000	6,400,000	290,300,000	189,800,000
Total expenses	483,400,000	346,600,000	943,100,000	819,500,000
Operating loss	(175,500,000)	(26,900,000)	(328,300,000)	(169,200,000)
Interest expense	(13,600,000)	(13,200,000)	(27,500,000)	(24,100,000)
Interest and other income	500,000	0	900,000	1,700,000
Other expense	(2,000,000.0)	(2,500,000)	(3,800,000)	(4,300,000)
Loss on extinguishment of debt	0	0	0	(700,000)
Loss from continuing operations	(190,600,000)	(42,600,000)	(358,700,000)	(196,600,000)
Income tax benefit	1,200,000	100,000	4,400,000	100,000
Net loss from continuing operations	(189,400,000)	(42,500,000)	(354,300,000)	(196,500,000)
OTT revenue
Segment Reporting [Line Items]
Total revenue	221,300,000	221,100,000	432,400,000	446,600,000
Linear and other revenue
Segment Reporting [Line Items]
Total revenue	86,600,000	98,600,000	182,400,000	203,700,000
International
Segment Reporting [Line Items]
Total revenue	0	0	0	4,400,000
Operating expenses:
Programming amortization				2,300,000
Payroll				600,000
Advertising and marketing				200,000
Other				0
Depreciation and amortization				0
Restructuring and other				6,700,000
Total expenses				9,800,000
Operating loss				(5,400,000)
Interest expense				0
Interest and other income				0
Other expense				0
Loss on extinguishment of debt				0
Loss from continuing operations				(5,400,000)
Income tax benefit				0
Net loss from continuing operations				(5,400,000)
International \| OTT revenue
Segment Reporting [Line Items]
Total revenue				2,000,000.0
International \| Linear and other revenue
Segment Reporting [Line Items]
Total revenue				2,400,000
Starz Networks \| Operating Segments
Segment Reporting [Line Items]
Total revenue	307,900,000	319,700,000	614,800,000	645,900,000
Operating expenses:
Programming amortization	114,100,000	162,500,000	252,400,000	278,600,000
Payroll	35,600,000	29,700,000	69,900,000	60,200,000
Advertising and marketing	70,300,000	63,400,000	120,700,000	122,100,000
Other	44,900,000	35,900,000	74,000,000.0	68,900,000
Depreciation and amortization	67,300,000	48,700,000	135,800,000	96,800,000
Restructuring and other	151,200,000	6,400,000	290,300,000	183,100,000
Total expenses	483,400,000	346,600,000	943,100,000	809,700,000
Operating loss	(175,500,000)	(26,900,000)	(328,300,000)	(163,800,000)
Interest expense	(13,600,000)	(13,200,000)	(27,500,000)	(24,100,000)
Interest and other income	500,000	0	900,000	1,700,000
Other expense	(2,000,000.0)	(2,500,000)	(3,800,000)	(4,300,000)
Loss on extinguishment of debt			0	(700,000)
Loss from continuing operations	(190,600,000)	(42,600,000)	(358,700,000)	(191,200,000)
Income tax benefit	1,200,000	100,000	4,400,000	100,000
Net loss from continuing operations	(189,400,000)	(42,500,000)	(354,300,000)	(191,100,000)
Starz Networks \| Operating Segments \| OTT revenue
Segment Reporting [Line Items]
Total revenue	221,300,000	221,100,000	432,400,000	444,600,000
Starz Networks \| Operating Segments \| Linear and other revenue
Segment Reporting [Line Items]
Total revenue	$ 86,600,000	$ 98,600,000	$ 182,400,000	$ 201,300,000

Segment Information - Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
United States
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Long-lived assets	$ 952.6	$ 1,084.6

Derivative Instruments and Hedging Activities (Details) - Not Designated as Hedging Instrument £ in Millions, $ in Millions	Jun. 30, 2026 USD ($)	Jun. 30, 2026 GBP (£)
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount outstanding	$ 150.0
Interest Rate Swap, Fixed Rate Paid 3.58%, Maturity Date June 6, 2028
Derivative [Line Items]
Derivative, fixed interest rate	3.58%	3.58%
Interest Rate Swap, Fixed Rate Paid 3.62%, Effective Date June 6, 2025
Derivative [Line Items]
Derivative, fixed interest rate	3.62%	3.62%
Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount outstanding	$ 8.9	£ 6.6

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 59.6	$ 35.7
Accounts receivable, net, including other receivables of $17.5 million and $9.9 million as of June 30, 2026 and December 31, 2025, respectively.	80.4	84.4
Prepaid expenses and other	10.6	12.1
Total current assets	150.6	132.2
Programming content, net	866.0	993.8
Property and equipment, net	47.8	49.1
Intangible assets, net	566.1	690.9
Other assets	41.3	47.2
Total assets	1,671.8	1,913.2
LIABILITIES
Current portion of debt	15.0	7.5
Accounts payable	60.8	60.0
Programming related payables	212.9	255.2
Other accrued liabilities	120.9	49.1
Residuals	22.2	27.1
Programming related obligations	110.8	87.7
Deferred revenue	53.4	52.8
Total current liabilities	596.0	539.4
Debt	600.1	605.8
Programming related obligations	6.8	41.4
Other liabilities	170.0	72.7
Deferred tax liabilities	3.0	7.9
Total liabilities	1,375.9	1,267.2
Contingencies (Note 15)
EQUITY
Common shares, no par value, unlimited authorized, 16.8 million and 16.7 million shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	737.3	735.1
Accumulated other comprehensive income	21.4	19.4
Accumulated deficit	(462.8)	(108.5)
Total equity	295.9	646.0
Total liabilities and equity	$ 1,671.8	$ 1,913.2

Additional Financial Information - Schedule of Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use assets	$ 38.8	$ 41.7
Debt issuance costs	2.5	3.0
Accounts receivable	0.0	2.5
Other assets	$ 41.3	$ 47.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement [Line Items]
Total revenue	$ 307.9	$ 319.7	$ 614.8	$ 650.3
Operating expenses:
Programming amortization	114.1	162.5	252.4	280.9
Other operating	40.5	36.5	74.8	75.2
Advertising and marketing	70.3	63.4	120.7	122.3
General and administrative	40.0	29.1	69.1	54.5
Depreciation and amortization	67.3	48.7	135.8	96.8
Restructuring and other	151.2	6.4	290.3	189.8
Total expenses	483.4	346.6	943.1	819.5
Operating loss	(175.5)	(26.9)	(328.3)	(169.2)
Interest expense	(13.6)	(13.2)	(27.5)	(24.1)
Interest and other income	0.5	0.0	0.9	1.7
Other expense	(2.0)	(2.5)	(3.8)	(4.3)
Loss on extinguishment of debt	0.0	0.0	0.0	(0.7)
Loss from continuing operations	(190.6)	(42.6)	(358.7)	(196.6)
Income tax benefit	1.2	0.1	4.4	0.1
Net loss from continuing operations	(189.4)	(42.5)	(354.3)	(196.5)
Net income from discontinued operations, net of income taxes	0.0	0.0	0.0	1.0
Net loss	$ (189.4)	$ (42.5)	$ (354.3)	$ (195.5)
Per share information attributable to Starz Entertainment Corp. shareholders:
Basic net loss per common share - continuing operations (in USD per share)	$ (11.27)	$ (2.54)	$ (21.12)	$ (11.75)
Basic net income per common share - discontinued operations (in USD per share)	0	0	0	0.06
Basic net loss per common share (in USD per share)	(11.27)	(2.54)	(21.12)	(11.69)
Diluted net loss per common share - continuing operations (in USD per share)	(11.27)	(2.54)	(21.12)	(11.75)
Diluted net income per common share - discontinued operations (in USD per share)	0	0	0	0.06
Diluted net loss per common share (in USD per share)	$ (11.27)	$ (2.54)	$ (21.12)	$ (11.69)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding, basic (in shares)	16.8	16.7	16.8	16.7
Weighted average number of common shares outstanding, diluted (in shares)	16.8	16.7	16.8	16.7
OTT revenue
Statement [Line Items]
Total revenue	$ 221.3	$ 221.1	$ 432.4	$ 446.6
Linear and other revenue
Statement [Line Items]
Total revenue	$ 86.6	$ 98.6	$ 182.4	$ 203.7

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue by segment is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Revenue
Starz Networks	$	307.9	$	319.7	$	614.8	$	645.9
International(1)	—		—		—		4.4
	$	307.9	$	319.7	$	614.8	$	650.3

_____________________

(1) Includes the operations in India and Southeast Asia for the three and six months ended June 30, 2025.

Remaining Revenue Performance Obligations

Remaining revenue performance obligations represent deferred revenue included on the balance sheet. Revenue totaling $53.4 million is expected to be recognized in the next twelve months, in relation to performance obligations that are unsatisfied as of June 30, 2026.

Accounts Receivable and Deferred Revenue

The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable and deferred revenue. See the accompanying unaudited condensed consolidated balance sheets for accounts receivable and deferred revenue balances at June 30, 2026 and December 31, 2025.

Accounts Receivable. Accounts receivable is presented net of a provision for credit losses. The Company estimates provisions for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records a provision for estimated credit losses expected over the lifetime of the receivables in direct operating expense.

The Company monitors its credit exposure through active review of customers' financial condition, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectability. The Company generally does not require collateral for its trade accounts receivable.

Credit Risk. Concentration of credit risk with the Company’s customers is limited due to the Company’s customer base and the diversity of its sales throughout the U.S. and Canada. The Company performs ongoing credit evaluations and maintains a provision for potential credit losses.

Deferred Revenue. Deferred revenue relates primarily to subscribers to the Starz App, who are billed in advance of the start of their monthly or multi-month membership. Revenue is recognized ratably over each applicable membership period when the Company satisfies the corresponding performance obligation. Deferred revenue consists primarily of customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Revenue of $11.8 million and $43.4 million was recognized during the three and six months ended June 30, 2026, respectively, related to the balance of deferred revenue at December 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

The following table sets forth the carrying values and fair values of the Company’s outstanding debt, programming notes, production loans and derivatives:


	June 30, 2026				December 31, 2025
	(Amounts in millions)
	Carrying Value		Fair Value(1)		Carrying Value		Fair Value(1)
			(Level 2)				(Level 2)
Liabilities:


Term Loan A	$	294.9	$	300.0	$	293.9	$	300.0
5.5% Senior Notes	320.2		294.2		319.4		264.1
Programming Notes	62.1		62.1		87.7		87.7
Production Loans	55.5		55.5		41.4		41.4
Interest rate exchange swaps(2)	1.0		1.0		(0.9)		(0.9)
Foreign currency forward exchange contracts(2)	0.2		0.2		nil		nil

________________

The Company’s financial instruments also include cash and cash equivalents, accounts receivable, accounts payable, programming related payables, other accrued liabilities and other liabilities. The carrying values of these financial instruments approximated the fair values of these financial instruments as of June 30, 2026 and December 31, 2025. The Company recorded material, non-recurring fair value adjustments of $129.8 million and $167.4 million during the six months ended June 30, 2026 and June 30, 2025, respectively, related to content impairments. Refer to Note 8, Restructuring and other, for further detail.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Activity with the LG Studios Business

6 Months Ended

Jun. 30, 2026

Activity with the LG Studios Business

Certain Transactions with Old Lionsgate

Net parent investment is presented in the accompanying unaudited condensed consolidated statements of equity. Settlements of amounts receivable and accounts payable when due through the net parent investment account are reflected as cash payments or receipts for the applicable operating transaction within operating activities in the accompanying unaudited condensed consolidated statements of cash flows, with the net change in parent net investment included within financing activities in the accompanying unaudited condensed consolidated statements of cash flows.

Intercompany Revolver: On May 13, 2024, LGAC International LLC, a Delaware limited liability company and wholly owned subsidiary of Lionsgate Studios (“LGAC International”) and Lions Gate Capital Holdings 1, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“LGCH1”) (which was renamed Starz Capital Holdings 1, Inc. at Separation), entered into a revolving credit agreement (the “Intercompany Revolver”), pursuant to which LGAC International and LGCH1 agreed to make revolving loans to each other from time to time, provided that the net amount owing by one party to the other at any particular time may not exceed $150.0 million. Amounts advanced by one party were used to repay existing indebtedness owed to the other party thereunder, if any, such that at no time will amounts be owed in both directions. The net amount outstanding under the Intercompany Revolver, at any time, bore interest on the outstanding principal amount at a rate equal to adjusted term SOFR plus 1.75%. In connection with the Separation, all outstanding obligations under the Intercompany Revolver were repaid in full and all commitments thereunder were terminated. The cash flows related to the intercompany revolver are presented as increases and decreases in the New Lionsgate revolving credit facility on the accompanying unaudited condensed consolidated statements of cash flows.

Prior to the Separation, in the normal course of business, the Starz Business entered into transactions with Old Lionsgate and the LG Studios Business which included the following:

Operating expense reimbursement: For the periods prior to the Separation, the LG Studios Business paid certain expenses on behalf of the Company such as certain rent expense, employee benefits, insurance and other administrative operating costs. The Company also paid certain expenses on behalf of the LG Studios Business such as legal expenses, software development costs and severance. Those expenditures were reflected in the unaudited condensed consolidated financial statements of the Company and the LG Studios Business as applicable.

Share-based compensation: For the periods prior to the Separation, Old Lionsgate allocated to the Company share-based compensation related to the Company's employees. In addition, prior to Separation, Old Lionsgate allocated a proportionate amount of its share-based compensation related to the corporate functions provided by Old Lionsgate to the Company.

Parent Net Investment


	Six Months Ended
	June 30,
	2025
	(Amounts in millions)
Cash pooling and general financing activities	$	(2.0)



Net transfers from Parent included on unaudited condensed consolidated statements of cash flows	(2.0)
Share-based compensation (including allocation of share-based compensation)	2.9
Other non-cash transfer	7.3
Net transfers from Parent included on unaudited condensed consolidated statements of equity	$	8.2

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Activity with the LG Studios Business - Schedule of Net Transfers (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Net transfers from Parent included on consolidated statements of cash flows	$ 0.0	$ 2.0
Related Party
Related Party Transaction [Line Items]
Net transfers from Parent included on consolidated statements of cash flows		(2.0)
Share-based compensation (including allocation of share-based compensation)		2.9
Other non-cash transfer		7.3
Net transfers from Parent included on unaudited condensed consolidated statements of equity		8.2
Related Party \| Cash pooling and general financing activities
Related Party Transaction [Line Items]
Net transfers from Parent included on consolidated statements of cash flows		$ (2.0)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Programming Content - Schedule of Capitalized Costs for Film (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Other Industries [Abstract]
Licensed program rights, net of accumulated amortization	$ 794.7	$ 941.2
Owned and produced films and television programs:
Released, net of accumulated amortization	4.6	5.1
Complete and not released	45.0	0.0
In progress	6.9	36.6
In development	14.8	10.9
Total	71.3	52.6
Programming content, net	$ 866.0	$ 993.8

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment information is presented in the table below:


	Three Months Ended
	June 30,
	2026		2025
	Starz Networks		Starz Networks
	(Amounts in millions)
Revenue
OTT revenue	$	221.3	$	221.1
Linear and other revenue	86.6		98.6
Total revenue	307.9		319.7
Operating expenses:
Programming amortization	114.1		162.5
Payroll(1)	35.6		29.7
Advertising and marketing	70.3		63.4
Other(2)	44.9		35.9
Depreciation and amortization	67.3		48.7
Restructuring and other	151.2		6.4
Total expenses	483.4		346.6
Operating loss	(175.5)		(26.9)
Interest expense	(13.6)		(13.2)
Interest and other income	0.5		—
Other expense	(2.0)		(2.5)

Loss from continuing operations before income taxes	(190.6)		(42.6)
Income tax benefit	1.2		0.1
Net loss from continuing operations	$	(189.4)	$	(42.5)


	Six Months Ended
	June 30,
	2026		2025
	Starz Networks		Starz Networks		International		Total
	(Amounts in millions)
Revenue
OTT revenue	$	432.4	$	444.6	$	2.0	$	446.6
Linear and other revenue	182.4		201.3		2.4		203.7
Total revenue	614.8		645.9		4.4		650.3
Operating expenses:
Programming amortization	252.4		278.6		2.3		280.9
Payroll(1)	69.9		60.2		0.6		60.8
Advertising and marketing	120.7		122.1		0.2		122.3
Other(2)	74.0		68.9		—		68.9
Depreciation and amortization	135.8		96.8		—		96.8
Restructuring and other	290.3		183.1		6.7		189.8
Total expenses	943.1		809.7		9.8		819.5
Operating loss	(328.3)		(163.8)		(5.4)		(169.2)
Interest expense	(27.5)		(24.1)		—		(24.1)
Interest and other income	0.9		1.7		—		1.7
Other expense	(3.8)		(4.3)		—		(4.3)
Loss on extinguishment of debt	—		(0.7)		—		(0.7)
Loss from continuing operations before income taxes	(358.7)		(191.2)		(5.4)		(196.6)
Income tax benefit	4.4		0.1		—		0.1
Net loss from continuing operations	$	(354.3)	$	(191.1)	$	(5.4)	$	(196.5)

______________________________________

(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 from the accompanying unaudited condensed consolidated statements of operations, less payroll expense per note (1).

Reconciliation of Assets from Segment to Consolidated

The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Assets
Starz Networks	$	1,560.3	$	1,818.2

Other unallocated assets(1)	111.5		95.0
	$	1,671.8	$	1,913.2

_____________________

(1)Other unallocated assets primarily consist of cash and other assets.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Long-lived assets by geographic location are as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Long-lived assets(1)
United States	$	952.6	$	1,084.6

_____________

(1)Long-lived assets primarily represent programming content, net, property and equipment, net, and right-of-use assets.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Activity with the LG Studios Business - Narrative (Details) - Intercompany Revolver - Revolving Credit Facility $ in Millions	May 13, 2024 USD ($)
Related Party Transaction [Line Items]
Debt maximum covenant amount	$ 150.0
Debt instrument, basis spread on variable rate	1.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Debt is summarized as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Corporate debt:
Term Loan A	$	300.0	$	300.0
5.5% Senior Notes	325.1		325.1
Unamortized debt issuance costs	(10.0)		(11.8)
Total debt, net	615.1		613.3
Less current portion of debt(1)	(15.0)		(7.5)
Non-current portion of debt	$	600.1	$	605.8

_______________

(1)Amount includes the current portion of the $300.0 million senior secured term loan credit facility ("Term Loan A") as of June 30, 2026 and December 31, 2025, respectively.

Starz Credit Agreement

On May 6, 2025, in connection with the consummation of the Separation, Starz entered into a new credit agreement with Starz Capital Holdings LLC, as borrower (the “Borrower”), the guarantors referred to therein, the lenders referred to therein and JPMorgan Chase Bank, N.A., as administrative agent.

The Starz Credit Agreement provides for (i) a $300.0 million senior secured term loan credit facility ("Term Loan A") and (ii) a $150.0 million senior secured revolving credit facility. The Starz Credit Agreement and commitments thereunder will mature on the date that is the earlier of five years after the closing date of the facility and 135 days prior to the 5.5% Senior Notes maturity date. Borrowings bear interest at a rate per annum equal to, at the Borrower’s option, either Term SOFR or a base rate, in each case plus an applicable margin initially of 3% for Term SOFR loans and 2% for base rate loans. From and after September 30, 2025, the applicable margin varies based on the Borrower’s Net Total Leverage Ratio (as defined in the Credit Agreement).

Repayments under the Term Loan A assume a maturity date of December 1, 2028 (135 days prior to the 5.5% Senior Notes maturity date).

Starz pays a commitment fee ranging from 0.25% to 0.375% per annum based on the Borrower’s Net Total Leverage Ratio (as defined in the Credit Agreement), in respect of unutilized commitments thereunder.

Borrowings may be used for working capital needs and other general corporate purposes, including the financing of permitted acquisitions and investments.

Starz’s obligations under the Starz Credit Agreement are guaranteed by Starz and substantially all of its wholly owned restricted subsidiaries and secured by substantially all assets of the Borrower and the guarantors, in each case subject to certain customary exceptions.

The Starz Credit Agreement contains certain customary affirmative and negative covenants that limit the ability of the Borrower and its restricted subsidiaries, among other things and subject to certain significant exceptions, to incur debt or liens, make investments, enter into certain mergers, consolidations, asset sales and acquisitions, pay dividends and make other restricted payments and enter into transactions with affiliates. The Starz Credit Agreement also contains events of default customary for financings of this type, including relating to a change of control.

In addition, the Starz Credit Agreement contains financial covenants requiring the Borrower to maintain (A) a Net Total Leverage Ratio, as of the last day of each fiscal quarter ending on and after (i) June 30, 2025, no greater than 4.50 to 1.00; (ii) March 31, 2026, no greater than 4.25 to 1.00; (iii) March 31, 2027, no greater than 4.00 to 1.00; and (iv) March 31, 2028, no greater than 3.50 to 1.00; (B) a Net First Lien Leverage Ratio (as defined in the Starz Credit Agreement) no greater than 3.00 to 1.00; and (C) an Interest Coverage Ratio (as defined in the Starz Credit Agreement) no less than 2.50 to 1.00. As of June 30, 2026, the Company was in compliance with all applicable covenants.

5.5% Senior Notes

Interest: The 5.5% Senior Notes bear interest at 5.5% annually (payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2021).

Maturity Date: April 15, 2029.

Optional Redemption: On or after April 15, 2024, the issuer 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%.

Security. The 5.5% Senior Notes are unsecured obligations of the Company.

Issuer. Starz Capital Holdings LLC, a wholly owned subsidiary of the Company.

Guarantors. The Company and its other subsidiaries are guarantors under the 5.5% Senior Notes.

Covenants. As of June 30, 2026, the issuer was in compliance with all applicable covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
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+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating Activities:

Net loss

$ (354.3)

$ (195.5)

Less: net income from discontinued operations, net of tax

0.0

1.0

Net loss from continuing operations, net of tax

(354.3)

(196.5)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

135.8

96.8

Programming amortization

252.4

280.9

Net content impairment

129.2

167.3

Amortization of debt financing costs and other non-cash interest

2.3

2.0

Share-based compensation

20.2

11.7

Other amortization

4.2

3.5

Loss on extinguishment of debt

0.0

0.7

Deferred income taxes

0.0

0.2

Changes in operating assets and liabilities:

Accounts receivable, net

2.6

60.1

Cash paid for programming content

^[1]

(294.9)

(394.3)

Other assets

2.8

(5.5)

Accounts payable and accrued liabilities

145.4

4.2

Residuals

(1.3)

(0.1)

Deferred revenue

0.6

6.4

Due to LG Studios Business

0.0

(35.5)

Net cash flows provided by operating activities

45.0

1.9

Investing activities:

Capital expenditures

(9.7)

(10.8)

Deferred purchase price of receivables sold

1.2

0.5

New Lionsgate revolving credit facility – increases

0.0

455.5

New Lionsgate revolving credit facility – decreases

0.0

(321.5)

Net cash flows (used in) provided by investing activities

(8.5)

123.7

Financing activities:

238.2

290.6

(251.0)

(278.7)

Exercise of stock options

0.2

0.0

Distribution of Exchange Notes to New Lionsgate upon Separation

0.0

(389.9)

Debt – borrowings, net of debt issuance and redemption costs

0.0

388.3

Debt repayments

0.0

(96.5)

Parent net investment

0.0

(2.0)

Net cash flows used in financing activities

(12.6)

(88.2)

Net change in cash and cash equivalents

23.9

37.4

Cash and cash equivalents – beginning of period

35.7

14.2

Cash and cash equivalents – end of period

$ 59.6

$ 51.6

[1]	Cash paid for programming content for the six months ended June 30, 2026 includes $157.1 million for the licensing of program rights from the LG Studios Business (as defined below).

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions

Total

Starz Common Shares

Accumulated Deficit

Parent Net Investment

^[1]

Accumulated Other Comprehensive Income

Beginning balance (in shares) at Dec. 31, 2024

0.0

Beginning balance at Dec. 31, 2024

$ 911.3

$ 0.0

$ 892.1

$ 19.2

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(153.0)

Net transfers from Parent

8.1

Ending balance (in shares) at Mar. 31, 2025

0.0

Ending balance at Mar. 31, 2025

766.4

$ 0.0

0.0

747.2

19.2

Beginning balance (in shares) at Dec. 31, 2024

0.0

Beginning balance at Dec. 31, 2024

911.3

$ 0.0

0.0

892.1

19.2

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(195.5)

Ending balance (in shares) at Jun. 30, 2025

16.7

Ending balance at Jun. 30, 2025

712.3

$ 728.3

(35.2)

0.0

19.2

Beginning balance (in shares) at Mar. 31, 2025

0.0

Beginning balance at Mar. 31, 2025

766.4

$ 0.0

0.0

747.2

19.2

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(42.5)

Net transfers from Parent

0.1

Issuance of Starz common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and Separation From Old Lionsgate (in shares)

16.7

Issuance of Starz common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and Separation from Old Lionsgate

0.0

$ 740.0

(740.0)

Share-based compensation after Separation

5.9

Share-based liability for modified July Vesting awards

(17.6)

$ (17.6)

Ending balance (in shares) at Jun. 30, 2025

16.7

Ending balance at Jun. 30, 2025

$ 712.3

$ 728.3

(35.2)

0.0

19.2

Beginning balance (in shares) at Dec. 31, 2025

16.7

Beginning balance at Dec. 31, 2025

$ 646.0

$ 735.1

(108.5)

0.0

19.4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(164.9)

Stock-based compensation (in shares)

0.1

Share-based compensation

3.2

$ 3.2

Reclassification of unvested pre-spin award expense from equity to liability

(6.7)

$ (6.7)

Other comprehensive gain

1.1

Ending balance (in shares) at Mar. 31, 2026

16.8

Ending balance at Mar. 31, 2026

$ 478.7

$ 731.6

(273.4)

0.0

20.5

Beginning balance (in shares) at Dec. 31, 2025

16.7

Beginning balance at Dec. 31, 2025

$ 646.0

$ 735.1

(108.5)

0.0

19.4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (354.3)

Ending balance (in shares) at Jun. 30, 2026

16.8

Ending balance at Jun. 30, 2026

$ 295.9

$ 737.3

(462.8)

0.0

21.4

Beginning balance (in shares) at Mar. 31, 2026

16.8

Beginning balance at Mar. 31, 2026

478.7

$ 731.6

(273.4)

0.0

20.5

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(189.4)

Share-based compensation

5.3

Exercise of stock options

0.4

$ 0.4

Other comprehensive gain

$ 0.9

0.9

Ending balance (in shares) at Jun. 30, 2026

16.8

Ending balance at Jun. 30, 2026

$ 295.9

$ 737.3

$ (462.8)

$ 0.0

$ 21.4

[1]	Unless otherwise indicated or as the context requires, references to the “Parent” refer to Lions Gate Entertainment Corp., prior to the Separation.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Other receivables	$ 17.5	$ 9.9
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common shares, issued (in shares)	16.8	16.7
Common shares, outstanding (in shares)	16.8	16.7

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt is summarized as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Corporate debt:
Term Loan A	$	300.0	$	300.0
5.5% Senior Notes	325.1		325.1
Unamortized debt issuance costs	(10.0)		(11.8)
Total debt, net	615.1		613.3
Less current portion of debt(1)	(15.0)		(7.5)
Non-current portion of debt	$	600.1	$	605.8

_______________

(1)Amount includes the current portion of the $300.0 million senior secured term loan credit facility ("Term Loan A") as of June 30, 2026 and December 31, 2025, respectively.

Description of Business, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Reclassification	Certain amounts presented in prior periods have been reclassified to conform to the current period presentation.
Generally Accepted Accounting Principles	Generally Accepted Accounting Principles These financial statements have been prepared in accordance with U.S. GAAP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the accompanying financial statements relate to the intangible asset associated with the customer relationships with U.S. MVPDs ("Starz Traditional Affiliates"), which is amortized in the proportion that current period revenue bears to management’s estimate of future revenue over the remaining estimated useful life of the asset; estimates of future viewership used for the amortization of programming content; income taxes including the assessment of valuation allowances for deferred tax assets; and impairment assessments for licensed program rights and intangible assets. Actual results could differ from such estimates.
Segments	Segments Following the Separation, Starz manages and reports its operating results through one reportable segment, Starz Networks, which includes our consolidated operations. During the six months ended June 30, 2026, International included our operations in India and Southeast Asia. Effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate. Given that Starz and New Lionsgate were under common control at the time of the transfer, no gain or loss was recorded related to the transfer.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Internal-Use Software: In September 2025, the FASB issued Accounting Standards Update (ASU) 2025-06, which modernizes the accounting guidance for internal-use software under ASC 350-40. The update eliminates the previous “project stage” model and introduces a principles-based framework that better aligns with contemporary software development practices. Under the new guidance, entities may begin capitalizing internal-use software costs when two conditions are met: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used for its intended purpose (the “probable-to-complete” threshold). The ASU also consolidates website development cost guidance into ASC 350-40 and clarifies disclosure requirements for capitalized software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures. Income Statement: In November 2024, the FASB issued guidance requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending December 31, 2027 and interim reporting periods beginning in fiscal 2029, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
Fair Value Hierarchy	Fair Value Hierarchy Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value: •Level 1 — Quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Basic and diluted net loss per share is calculated based on the weighted average common shares outstanding for the period. For the three and six months ended June 30, 2026 and June 30, 2025, the Company reported a net loss, and therefore all potentially dilutive common shares were excluded from the calculation of diluted net loss per common share because their inclusion would have been anti‑dilutive. As a result, diluted net loss per common share is the same as basic net loss per common share.

For the three and six months ended June 30, 2026 and June 30, 2025, the following common shares issuable were excluded from net loss per common share because their inclusion would have had an anti-dilutive effect:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
	(Amounts in millions)
Stock options and share appreciation rights (SARs)	1.1	0.8	1.1	0.8
Restricted share units	2.4	2.5	2.4	2.5
Total anti-dilutive shares issuable excluded from diluted net loss per common share	3.5	3.3	3.5	3.3

Programming Content (Tables)

6 Months Ended

Jun. 30, 2026

Other Industries [Abstract]

Schedule of Capitalized Cost for Film, Monetized on Its Own and Film, Monetized in Film Group

Total programming content is as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Licensed program rights, net of accumulated amortization	$	794.7	$	941.2

Owned and produced films and television programs:
Released, net of accumulated amortization	4.6		5.1
Complete and not released	45.0		—
In progress	6.9		36.6
In development	14.8		10.9
	71.3		52.6
Programming content, net	$	866.0	$	993.8

Schedule of Amortization Expense for Film, Monetized on Its Own and Film, Monetized in Film Group and License Agreement for Program Rights

Amortization of programming content is as follows and is included in programming amortization in the accompanying unaudited condensed consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Programming amortization expense:
Licensed program rights	$	112.3	$	161.5	$	249.4	$	280.2
Owned and produced films and television programs	1.8		1.0		3.0		0.7
	$	114.1	$	162.5	$	252.4	$	280.9

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net loss from continuing operations	$ (189.4)	$ (42.5)	$ (354.3)	$ (196.5)
Net unrealized gain on cash flow hedges, net of tax	0.9	0.0	2.0	0.0
Comprehensive loss from continuing operations, net of tax	(188.5)	(42.5)	(352.3)	(196.5)
Net income from discontinued operations	0.0	0.0	0.0	1.0
Comprehensive loss	$ (188.5)	$ (42.5)	$ (352.3)	$ (195.5)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
	(Amounts in millions)
Stock options and share appreciation rights (SARs)	1.1	0.8	1.1	0.8
Restricted share units	2.4	2.5	2.4	2.5
Total anti-dilutive shares issuable excluded from diluted net loss per common share	3.5	3.3	3.5	3.3

Additional Financial Information - Schedule of Receivables Transferred Under Individual Agreements or Purchases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net cash proceeds received from third party purchasers	$ 198.3	$ 209.4	$ 395.0	$ 412.2
Loss recorded related to transfers of receivables	1.4	1.8	2.8	3.4
Individual Monetization Agreements \| Trade Accounts Receivable
Accumulated Other Comprehensive Income (Loss) [Line Items]
Carrying value of receivables transferred and derecognized	$ 199.7	$ 211.4	$ 397.8	$ 415.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Additional Financial Information

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

The following tables present supplemental information related to the accompanying financial statements.

Accounts Receivable Monetization

Under the Company's accounts receivable monetization programs, the Company has entered into an agreement to monetize certain of its trade accounts receivable directly with a third-party purchaser (historically, the Company entered into individual agreements), as further described below.

Under the accounts receivable monetization programs, the Company transfers receivables to purchasers in exchange for cash proceeds, and the Company continues to service the receivables for the purchasers. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers. The Company accounts for the transfers of these receivables as a sale, removes (derecognizes) the carrying amount of the receivables from its balance sheets and classifies the proceeds received as cash provided by operating activities in the unaudited condensed consolidated statements of cash flows.

The Company records a loss on the sale of these receivables reflecting the net proceeds received (net of any costs incurred), less the carrying amount of the receivables transferred. The loss is reflected in other expense on the accompanying unaudited condensed consolidated statements of operations.

The following table sets forth a summary of the receivables transferred:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Carrying value of receivables transferred and derecognized	$	199.7	$	211.4	$	397.8	$	415.8
Net cash proceeds received from third party purchasers	198.3		209.4		395.0		412.2
Loss recorded related to transfers of receivables	1.4		1.8		2.8		3.4

At June 30, 2026, receivables totaling $133.4 million had been derecognized from the Company’s accompanying unaudited condensed consolidated balance sheets but continued to be serviced by the Company. The comparable amount at December 31, 2025 was $132.9 million.

Other Assets

The composition of the Company’s other assets is as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)




Other non-current assets
Operating lease right-of-use assets	$	38.8	$	41.7
Debt issuance costs	2.5		3.0
Accounts receivable	—		2.5
	$	41.3	$	47.2

Other Accrued Liabilities and Other Liabilities

The composition of the Company’s other accrued liabilities (current) and other liabilities (non-current) is as follows:


	June 30, 2026		December 31, 2025
	(Amounts in millions)
Other accrued liabilities (current)
Contract termination liability(1)	$	48.0	$	—
Employee related liabilities	42.7		23.5
Operating lease liabilities	11.4		11.1
Other accrued expenses and short-term liabilities	18.8		14.5

	$	120.9	$	49.1
Other liabilities (non-current)
Contract termination liability(1)	$	99.2	$	—
Operating lease liabilities	43.1		48.3
Programming related payables	23.1		19.7
Other long-term liabilities	4.6		4.7
	$	170.0	$	72.7

_____________________

(1)Represents contract termination fees accrued in connection with the April 2026 termination of certain live-action films under a post-pay-one output licensing arrangement.

Supplemental Cash Flow Information

Refer to Note 14, Activity with the LG Studios Business, for further details regarding non-cash activity with Parent.