Debt (Tables)

12 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of September 30, 2025, our long-term debt consists of the following:

	September 30, 2025		September 30, 2024
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2031	1,295		1,295
2.750% Senior Secured Notes due 2028 (€325 face amount)	381		363
3.750% Senior Secured Notes due 2029	540		540
3.875% Senior Secured Notes due 2030	535		535
2.250% Senior Secured Notes due 2031 (€445 face amount)	522		497
3.000% Senior Secured Notes due 2031	800		800
Mortgage Term Loan due 2033	$	17	$	18
Total debt, including the current portion	$	4,090	$	4,048
Premium less unamortized discount and unamortized DFCs	$	(27)	$	(34)
Total Acquisition Corp. long-term debt, including the current portion, net	4,063		4,014
Beethoven JV Credit Agreement (b)	—		—
Tempo Asset-Based Notes due 2050	311		—
Unamortized discount	$	(9)	$	—
Total asset-based long-term debt, including the current portion, net (c)	302		—
Total long-term debt, including the current portion, net	$	4,365	$	4,014

______________________________________

(a)Reflects $350 million of commitments under the Revolving Credit Facility with no letters of credit outstanding at September 30, 2025 and September 30, 2024. There were no loans outstanding under the Revolving Credit Facility at September 30, 2025 or September 30, 2024.

(b)Reflects $500 million of commitments under the Beethoven JV Credit Agreement. There were no loans outstanding under the Beethoven JV Credit Agreement at September 30, 2025.

(c)The Tempo Asset-Based Notes due 2050 are secured only by certain music rights owned by Tempo Music and are nonrecourse to the Company and its subsidiaries, other than Tempo Music.