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Revenue
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenue
 
11. Revenue
Revenue by Segment, Market or Product Line
The table below presents revenues by segment, market or product line for the three and nine months ended December 31, 2024 and 2023. The Motion Picture and Television Production segments include the revenues of eOne from the acquisition date of December 27, 2023 (see Note 3).
 
Three Months Ended
December 31,
Nine Months Ended
December 31,
2024
2023
2024
2023
(Amounts in millions)
Revenue by Type:
            
Motion Picture
            
Theatrical
    $ 35.0      $ 100.1      $ 91.1      $ 194.2  
Home Entertainment
            
Digital Media
      145.7        155.5        400.3        495.3  
Packaged Media
      16.0        21.0        37.8        63.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Home Entertainment
      161.7        176.5        438.1        558.3  
Television
      38.3        65.3        235.0        214.5  
International
      68.3        94.7        284.3        255.3  
Other
      5.9        6.6        14.8        23.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Motion Picture revenues
(1)
      309.2        443.2        1,063.3        1,245.6  
Television Production
            
Television
      259.9        182.3        733.1        554.2  
International
      59.3        32.1        144.8        137.7  
Home Entertainment
            
Digital Media
      55.5        17.4        108.7        113.4  
Packaged Media
      1.7        0.3        3.0        1.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Home Entertainment
      57.2        17.7        111.7        114.4  
Other
      28.2        16.3        72.9        54.4  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Television Production revenues
(2)
      404.6        248.4        1,062.5        860.7  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenues
    $ 713.8      $ 691.6      $ 2,125.8      $ 2,106.3  
  
 
 
     
 
 
     
 
 
     
 
 
  

(1)
Total Motion Picture revenues for the three months ended
December 31
, 2024 and 2023 includes $9.9 million and $36.6 million, respectively, of revenues from licensing Motion Picture segment product to the Starz Business. Total Motion Picture revenues for the
nine
months ended
December 31
, 2024 and 2023 includes $146.2 million and $113.7 million, respectively, of revenues from licensing Motion Picture segment product to the Starz Business.
(2)
Total Television Production revenues for the three months ended
December 31
, 2024 and 2023 includes $77.9 million and $97.1 million, respectively, of revenues from licensing Television Production segment product to the Starz Business. Total Television Production revenues for the
nine
 
months ended
December 31
, 2024 and 2023 includes $267.3 million and $308.4 million, respectively, of revenues from licensing Television Production segment product to the Starz Business.
 
 
Remaining Performance Obligations
Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at
December 31
, 2024 are as follows:
 
Rest of Year Ending

March 31,

2025
Year Ending March 31,
 
2026
 
 
2027
 
Thereafter
Total
(Amounts in millions)
Remaining Performance Obligations
    $ 618.4      $ 783.7      $ 184.9      $ 139.0      $ 1,726.0  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration.
Revenues of $46.3 million and $204.2
 
million, respectively, including variable and fixed fee arrangements, were recognized during the three and nine months ended December 31, 2024, from performance obligations satisfied prior to March 31, 2024. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and
video-on-demand
formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods.
Accounts Receivable, Contract Assets and Deferred Revenue
The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue. See the unaudited condensed consolidated balance sheets or Note 19 for accounts receivable, contract assets and deferred revenue balances at December 31, 2024 and March 31, 2024.
Accounts Receivable.
Accounts receivable are presented net of a provision for doubtful accounts. 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 performs ongoing credit evaluations and 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.
Changes in the provision for doubtful accounts consisted of the following:
 
March 31,
2024
(Benefit)
provision for
doubtful
accounts
Other
(1)
Uncollectible
accounts
written-off
December 31,
2024
(Amounts in millions)
Provision for doubtful accounts
    $ 6.4      $ (0.9 )
 
   $ 2.5      $ (1.0 )    $ 7.0  
 
 
 
(1)
Represents a measurement period adjustment to the provision for doubtful accounts acquired in the acquisition of eOne (see Note 3).
Contract Assets.
Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases in which the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company’s customers’ audit rights to expire. See Note 19 for contract assets at December 31, 2024 and March 31, 2024.
Deferred Revenue.
Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Deferred revenue as of December 31, 2024 increased as compared to March 31, 2024 due to the receipt of customers’ payments for certain television programs and motion pictures prior to the Company satisfying the corresponding performance obligation (i.e., completion and delivery of the television programs and motion pictures, and the start of the customers’ exploitation rights). The change in deferred revenue was also impacted by the industry strikes which has affected the timing of content deliveries. Revenues of
$12.0 million and $120.6 
million, respectively, were recognized during the three and nine months ended December 31, 2024, related to the balance of deferred revenue at March 31, 2024.
12. Revenue
Revenue by Segment, Market or Product Line
The table below presents revenues by segment, market or product line for the fiscal years ended March 31, 2024, 2023 and 2022. The Motion Picture and Television Production segments include the revenues of eOne from the acquisition date of December 27, 2023 (see Note 2).
 
    
Year Ended

March 31,
  
    
2024
     
2023
     
2022
  
    
(Amounts in millions)
  
Revenue by Type:
         
Motion Picture
         
Theatrical
    $ 226.5      $ 120.7      $ 65.3  
Home Entertainment
         
Digital Media
      652.3        527.5        497.1  
Packaged Media
      84.0        70.5        115.0  
  
 
 
     
 
 
     
 
 
  
Total Home Entertainment
      736.3        598.0        612.1  
Television
      274.4        217.8        257.9  
International
      391.0        365.0        234.4  
Other
      28.1        22.2        15.6  
  
 
 
     
 
 
     
 
 
  
Total Motion Picture revenues
(1)
      1,656.3        1,323.7        1,185.3  
 
Year Ended

March 31,
2024
2023
2022
(Amounts in millions)
Television Production
         
Television
      788.5        1,144.3        1,094.5  
International
      228.8        277.7        256.5  
Home Entertainment
         
Digital Media
      240.6        241.7        85.1  
Packaged Media
      2.0        3.3        6.9  
  
 
 
     
 
 
     
 
 
  
Total Home Entertainment
      242.6        245.0        92.0  
Other
      70.2        93.1        88.0  
  
 
 
     
 
 
     
 
 
  
Total Television Production revenues
(2)
      1,330.1        1,760.1        1,531.0  
  
 
 
     
 
 
     
 
 
  
Total revenues
    $ 2,986.4      $ 3,083.8      $ 2,716.3  
  
 
 
     
 
 
     
 
 
  
 
(1)
Total Motion Picture revenues for the years ended March 31, 2024, 2023 and 2022, includes $128.2 million, $44.2 million, and $38.0 million, respectively, of revenues from licensing Motion Picture segment product to the Starz Business.
(2)
Total Television Production revenues for the years ended March 31, 2024, 2023 and 2022, includes $417.7 million, $731.3 million, and $610.2 million, respectively, of revenues from licensing Television Production segment product to the Starz Business.
Remaining Performance Obligations
Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2024 are as follows:
 
    
Year Ending March 31,
                
    
2025
     
2026
     
2027
     
Thereafter
     
Total
  
    
(Amounts in millions)
  
Remaining Performance Obligations
    $ 1,180.1      $ 486.3      $ 48.5      $ 51.0      $ 1,765.9  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
The above table does not include estimates of variable
consideration
for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration.
Revenues of $290.6 million, including variable and fixed fee arrangements, were recognized during the year ended March 31, 2024 from performance obligations satisfied prior to March 31, 2023. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and
video-on-demand
formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods.
Accounts Receivable, Contract Assets and Deferred Revenue
The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue (see Note 1). See the combined balance sheets or Note 19 for accounts receivable, contract assets and deferred revenue balances at March 31, 2024 and 2023.
Accounts Receivable.
Accounts receivable are presented net of a provision for doubtful accounts. 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 performs ongoing credit evaluations and 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.
Changes in the provision for doubtful accounts consisted of the following:
 
    
March 31,
2023
     
(Benefit)
provision
for
doubtful
accounts
    
Other
(1)
     
Uncollectible
accounts
written-off
(2)
    
March 31,
2024
  
    
(Amounts in millions)
  
Trade accounts receivable
    $ 8.7      $ (0.3 )    $ 1.3      $ (3.3 )    $ 6.4  
 
(1)
Represents the provision for doubtful accounts acquired in the acquisition of eOne (see Note 2).
(2)
Represents primarily accounts receivable previously reserved for bad debt from customers in Russia, related to Russia’s invasion of Ukraine.
Contract Assets.
Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases in which the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company’s customers’ audit rights to expire. See Note 19 for further details of contract assets at March 31, 2024 and 2023.
Deferred Revenue.
Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. At March 31, 2024, the current portion of deferred revenue includes $65.6 million from the acquisition of eOne (see Note 2). Revenues of $113.1 million were recognized during the year ended March 31, 2024, related to the balance of deferred revenue at March 31, 2023.
Starz Business of Lions Gate Entertainment Corp    
Disaggregation of Revenue [Line Items]    
Revenue
8
. Revenue
The table below presents programming revenues by segment:
 
    
Nine Months Ended
December 31,
  
    
2024
     
2023
  
    
(Amounts in millions)
  
Programming Revenues
      
Starz Networks
    $ 1,030.1      $ 1,032.6  
International
(1)
      8.9        7.4  
  
 
 
     
 
 
  
Total revenues
    $ 1,039.0      $ 1,040.0  
  
 
 
     
 
 
  
 
(1)
Includes the continuing operations in India.
Remaining Performance Obligations
Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog) if any. Revenues
expected to be recognized in the future related to performance obligations that are unsatisfied at December 31, 2024 are as follows: 
Rest of Year
Ending March 31,

2025
Year Ending March 31,
2026
2027
Thereafter
Total
(Amounts in millions)
Remaining Performance Obligations
    $ 26.4
 		    $ 8.1      $ — 
 
 
 

    $ —       $ 34.5  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts, if any, regardless of duration.
 
 
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 condensed combined balance sheets or Note 14 for accounts receivable and deferred revenue balances at December 31, 2024 and March 31, 2024.
Accounts Receivable.
Accounts receivable are presented net of a provision for doubtful accounts. The Starz Business 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 Starz Business 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 Starz Business 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 Starz Business generally does not require collateral for its trade accounts receivable.
Deferred Revenue.
Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Starz Business satisfies the corresponding performance obligation. Revenues of $28.2
 
million were recognized during the nine months ended December 31, 2024 related to the balance of deferred revenue at March 31, 2024.
10. Revenue
The table below presents programming revenues by segment:
 
    
Year Ended

March 31,
  
    
2024
     
2023
     
2022
  
    
(Amounts in millions)
  
Programming Revenues
         
Starz Networks
    $ 1,382.7      $ 1,413.1      $ 1,446.1  
International
(1)
      9.7        9.4        4.6  
  
 
 
     
 
 
     
 
 
  
Total revenues
    $ 1,392.4      $ 1,422.5      $ 1,450.7  
  
 
 
     
 
 
     
 
 
  
 
(1)
Includes the continuing operations in India.
 
Remaining Performance Obligations
Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog), if any. Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2024 are as follows:
 
    
Year Ending March 31,
                
    
2025
     
2026
     
2027
     
Thereafter
     
Total
  
    
(Amounts in millions)
  
Remaining Performance Obligations
    $ 28.5      $ —      $ —      $ —      $ 28.5  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts, if any, regardless of duration.
Accounts Receivable and Deferred Revenue
The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable and deferred revenue, see Note 1 for further information. See the combined balance sheets or Note 16 for accounts receivable and deferred revenue balances at March 31, 2024 and 2023.
Accounts Receivable.
Accounts receivable are presented net of a provision for credit losses. The Starz Business 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 Starz Business 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 Starz Business 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 Starz Business generally does not require collateral for its trade accounts receivable.
Credit Risk.
Concentration of credit risk with the Starz Business’s customers is limited due to the Starz Business’s customer base and the diversity of its sales throughout the world. The Starz Business performs ongoing credit evaluations and maintains a provision for potential credit losses. The Starz Business generally does not require collateral for its trade accounts receivable.
Deferred Revenue.
Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Starz Business satisfies the corresponding performance obligation. Revenues of $22.6 million were recognized during the year ended March 31, 2024, related to the balance of deferred revenue at March 31, 2023.