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Capital Stock (Tables)
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Dec. 25, 2022
Share-Based Compensation Expense   The Company recognized the following share-based compensation expense during the years ended March 31, 2024, 2023 and 2022:
 
 
  
Year Ended March 31,
 
 
  
2024
 
  
2023
 
  
2022
 
 
  
(Amounts in millions)
 
Compensation Expense:
  
  
  
Stock options
    $ 1.7      $ 2.3      $ 9.6  
Restricted share units and other share-based compensation
      37.7        39.3        38.6  
Share appreciation rights
      0.4        0.9        2.4  
  
 
 
     
 
 
     
 
 
  
Total Studio employee share-based compensation expense
      39.8        42.5        50.6  
Corporate allocation of share-based compensation
      15.0        26.7        19.6  
  
 
 
     
 
 
     
 
 
  
     54.8        69.2        70.2  
Impact of accelerated vesting on equity awards
(1)
      7.7        4.2        —   
  
 
 
     
 
 
     
 
 
  
Total share-based compensation expense
      62.5        73.4        70.2  
Tax impact
(2)
      (15.1 )       (17.8 )       (16.7 ) 
  
 
 
     
 
 
     
 
 
  
Reduction in net income
    $ 47.4      $ 55.6      $ 53.5  
  
 
 
     
 
 
     
 
 
  
 
(1)
Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.
(2)
Represents the income tax benefit recognized in the statements of operations for share-based compensation arrangements prior to the effects of changes in the valuation allowance.
(In thousands)   
2022
     
2021
  
Share-based compensation expense
    $ 4,506      $ 3,735  
Income tax benefits
      (128 )       (106 ) 
  
 
 
     
 
 
  
Total share-based compensation expense after income taxes
    $ 4,378      $ 3,629  
  
 
 
     
 
 
  
Stock Options Granted Valuation Assumptions  
 
 
  
Year Ended March 31,
 
 
  
2024
 
 
2023
 
 
2022
 
Weighted average fair value of grants
   
 
 $4.63
 
   
 
 $4.56
 
   
 
 $6.16
 
Weighted average assumptions:
   
 
 
   
 
 
   
 
 
Risk-free interest rate
(1)
   
 
4.3% - 4.5%
 
   
 
2.8% - 3.7%
 
   
 
1.1% - 2.45%
 
Expected option lives (in years)
(2)
   
 
 3.3 -7 years
 
   
 
 3.5 -7 years
 
   
 
 3.3 - 7 years
 
Expected volatility for options
(3)
   
 
 46% - 47%
 
   
 
 44%
 
   
 
 42% - 44%
 
Expected dividend yield
(4)
   
 
 0%
 
   
 
 0%
 
   
 
 0%
 
 
(1)
The risk-free rate assumed in valuing the options is based on the U.S. Treasury Yield curve in effect applied against the expected term of the option at the time of the grant.
(2)
The expected term of options granted represents the period of time that options granted are expected to be outstanding.
(3)
Expected volatilities are based on implied volatilities from traded options on Lionsgate’s shares, historical volatility of Lionsgate’s shares and other factors.
(4)
The expected dividend yield is estimated by dividing the expected annual dividend by the market price of Lionsgate’s shares at the date of grant.
 
LIONS GATE ENTERTAINMENT CORP [Member]      
Common Shares Reserved For Future Issuance
(a) Common Shares
The Company had 500 million authorized Class A voting shares and 500 million authorized Class B
non-voting
shares at December 31, 2024 and March 31, 2024. The table below outlines common shares reserved for future issuance:
 
 
  
December 31,
2024
 
  
March 31,
2024
 
 
  
(Amounts in millions)
 
Stock options and share appreciation rights (SARs) outstanding
      18.3      20.7
Restricted share units and restricted stock — unvested
      15.0      13.4
Common shares available for future issuance
      10.0      15.4
  
 
 
     
 
 
  
Shares reserved for future issuance
      43.3      49.5
  
 
 
     
 
 
  
The table below outlines common shares reserved for future issuance:
 
    
March 31,

2024
     
March 31,

2023
  
    
(Amounts in millions)
  
Stock options and share appreciation rights (SARs) outstanding
      20.7      24.8
Restricted share units and restricted stock — unvested
      13.4      14.0
Common shares available for future issuance
      15.4      11.4
  
 
 
     
 
 
  
Shares reserved for future issuance
      49.5      50.2
  
 
 
     
 
 
  
 
Share-Based Compensation Expense
(b) Share-based Compensation
The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2024 and 2023:
 
 
 
Three Months Ended
December 31,
 
 
Nine Months Ended
December 31,
 
 
 
 2024 
 
 
 2023 
 
 
 2024 
 
 
 2023 
 
 
 
(Amounts in millions)
 
Compensation Expense:
        
Stock options
   $ 0.2   $ 0.4   $ 0.7   $ 1.9
Restricted share units and other share-based compensation
     18.0     24.4     52.9     63.7
Share appreciation rights
     0.2     0.1     0.5     1.3
 
 
 
    
 
 
    
 
 
    
 
 
  
    18.4     24.9     54.1     66.9
Impact of accelerated vesting on equity awards
(1)
     —        6.8     4.9     8.4
 
 
 
    
 
 
    
 
 
    
 
 
  
Total share-based compensation expense
   $ 18.4   $ 31.7   $ 59.0   $ 75.3
 
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.
Share-based compensation expense, by expense category, consisted of the following:
 
 
  
Three Months Ended
December 31,
 
  
Nine Months Ended
December 31,
 
 
  
 2024 
 
  
 2023 
 
  
 2024 
 
  
 2023 
 
 
  
(Amounts in millions)
 
Share-Based Compensation Expense:
            
Direct operating
    $ 0.7    $ 0.9    $ 2.1    $ 2.3
Distribution and marketing
      0.2      0.2      0.7      0.7
General and administration
      17.5      23.8      51.3      63.9
Restructuring and other
      —         6.8      4.9      8.4
  
 
 
     
 
 
     
 
 
     
 
 
  
   $ 18.4    $ 31.7    $ 59.0    $ 75.3
  
 
 
     
 
 
     
 
 
     
 
 
  
Share-Based Compensation Expense.
The Company recognized the following share-based compensation expense during the years ended March 31, 2024, 2023 and 2022:
 
    
Year Ended
  
    
March 31,
  
    
2024
     
2023
     
2022
  
    
(Amounts in millions)
  
Compensation Expense:
         
Stock options
    $ 2.2    $ 7.0    $ 19.2
Restricted share units and other share-based compensation
      77.5      86.8      73.4
Share appreciation rights
      1.5      4.0      7.4
  
 
 
     
 
 
     
 
 
  
     81.2      97.8      100.0
Impact of accelerated vesting on equity awards
(1)
      9.4      4.2      —   
  
 
 
     
 
 
     
 
 
  
Total share-based compensation expense
    $ 90.6    $ 102.0    $ 100.0
Tax impact
(2)
      (18.6 )       (18.4 )       (19.7 ) 
  
 
 
     
 
 
     
 
 
  
Reduction in net income
    $ 72.0    $ 83.6    $ 80.3
  
 
 
     
 
 
     
 
 
  
 
(1)
Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.
(2)
Represents the income tax benefit recognized in the statements of operations for share-based compensation arrangements prior to the effects of changes in the valuation allowance.
Share-based compensation expense, by expense category, consisted of the following:
 
    
Year Ended
  
    
March 31,
  
    
2024
     
2023
     
2022
  
    
(Amounts in millions)
  
Share-Based Compensation Expense:
         
Direct operating
    $ 2.8    $ 1.7    $ 1.2
Distribution and marketing
      0.8      0.7      0.5
General and administration
      77.6      95.4      98.3
Restructuring and other
      9.4      4.2      —   
  
 
 
     
 
 
     
 
 
  
   $ 90.6    $ 102.0    $ 100.0
  
 
 
     
 
 
     
 
 
  
  
Stock Options Activity  
Stock Options
The following table sets forth the stock option, and share appreciation rights (“SARs”) activity during the year ended March 31, 2024:
 
   
Stock Options and SARs
  
   
Class A Voting Shares
    
Class B
Non-Voting
Shares
  
   
Number
of
Shares
    
Weighted-
Average
Exercise
Price
    
Weighted-
Average
Remaining
Contractual
Term
(years)
    
Aggregate
Intrinsic
Value
    
Number
of
Shares
    
Weighted-
Average
Exercise
Price
    
Weighted-
Average
Remaining
Contractual
Term
(years)
    
Aggregate
Intrinsic
Value
  
   
(Amounts in millions, except for weighted-average exercise price and years)
  
Outstanding at March 31, 2023
     4.3     $ 26.35           20.5   $ 15.23      
Granted
     —        —            0.3   $ 8.88      
Exercised
     — 
(1)
 		   $ 7.70           (0.1 )    $ 7.11      
Forfeited or expired
     (1.9 )    $ 30.81           (2.4 )    $ 26.32      
 
 
 
    
 
 
        
 
 
    
 
 
      
Outstanding at March 31, 2024
     2.4     $ 22.96       2.51     $ 0.1     18.3   $ 13.73       5.10     $ 6.4
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Vested or expected to vest at March 31, 2024
     2.4     $ 22.96       2.51     $ 0.1     18.3   $ 13.75       5.09     $ 6.3
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exercisable at March 31, 2024
     2.4     $ 22.96       2.51     $ 0.1     17.6   $ 13.95       4.95     $ 6.1
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Represents less than 0.1 million shares.
 
Stock Options Granted Valuation Assumptions   The following table presents the weighted average grant-date fair value of options granted in the years ended March 31, 2024, 2023 and 2022, and the weighted average applicable assumptions used in the Black-Scholes option-pricing model for stock options and share-appreciation rights granted during the years then ended:
 
    
Year Ended March 31,
    
2024
   
2023
   
2022
Weighted average fair value of grants
    $4.63    $4.56    $6.27
Weighted average assumptions:
         
Risk-free interest rate
(1)
   
4.3% - 4.5%
   
2.8% - 3.7%
   
0.8% - 2.5%
Expected option lives (in years)
(2)
    3.3 - 7 years    3.5 - 7 years   
3.3 - 7 years
Expected volatility for options
(3)
    46% - 47%    44%    42% - 44%
Expected dividend yield
(4)
    0%    0%    0%
 
(1)
The risk-free rate assumed in valuing the options is based on the U.S. Treasury Yield curve in effect applied against the expected term of the option at the time of the grant.
(2)
The expected term of options granted represents the period of time that options granted are expected to be outstanding.
(3)
Expected volatilities are based on implied volatilities from traded options on the Company’s shares, historical volatility of the Company’s shares and other factors.
(4)
The expected dividend yield is estimated by dividing the expected annual dividend by the market price of the Company’s shares at the date of grant.
 
Restricted Share Units Award Activity  
The following table sets forth the restricted share unit and restricted stock activity during the year ended March 31, 2024:
 
    
Restricted Share Units and Restricted Stock
  
    
Class A Voting
Shares
    
Weighted-
Average Grant-
Date Fair Value
     
Class B
Non-Voting Shares
     
Weighted-
Average Grant-
Date Fair Value
  
    
(Amounts in millions, except for weighted-average grant date fair value)
  
Outstanding at March 31, 2023
      — 
(1)
 		   $ 10.95        14.0    $ 9.48  
Granted
      0.1     $ 8.87        9.5    $ 8.20  
Vested
      — 
(1)
 		   $ 10.89        (9.4 )     $ 9.34  
Forfeited
      —        —         (0.8 )     $ 8.55  
  
 
 
    
 
 
     
 
 
     
 
 
  
Outstanding at March 31, 2024
      0.1     $ 9.27        13.3    $ 8.71  
  
 
 
    
 
 
     
 
 
     
 
 
  
 
(1)
Represents less than 0.1 million shares.
 
Unrecognized Compensation Cost, Nonvested Awards  
The following table summarizes the total remaining unrecognized compensation cost as of March 31, 2024 related to
non-vested
stock options and restricted stock and restricted share units and the weighted average remaining years over which the cost will be recognized:
 
    
Total

Unrecognized

Compensation

Cost
     
Weighted

Average

Remaining

Years
  
    
(Amounts in
millions)
         
Stock Options
    $ 2.3      1.5  
Restricted Share Units and Restricted Stock
      54.5      1.5  
  
 
 
     
Total
    $ 56.8   
  
 
 
     
 
Schedule of Stock Option, SARs, Restricted Stock and Restricted Share Unit Activity
The following table sets forth the stock option, SARs, restricted stock and restricted share unit activity during the nine months ended December 31, 2024:
 
 
 
Stock Options and SARs
 
 
Restricted Stock and Restricted Share Units
 
 
 
Class A Voting Shares
 
 
Class B
Non-Voting

Shares
 
 
Class A Voting Shares
 
 
Class B
Non-Voting

Shares
 
 
 
Number of
Shares
 
 
Weighted-
Average
Exercise
Price
 
 
Number of
Shares
 
 
Weighted-
Average
Exercise
Price
 
 
Number of
Shares
 
 
Weighted-
Average
Grant-
Date Fair
Value
 
 
Number of
Shares
 
 
Weighted-
Average
Grant-
Date Fair
Value
 
 
 
(Number of shares in millions)
 
Outstanding at March 31, 2024
     2.4   $ 22.96       18.3     $ 13.73       0.1   $ 9.27       13.3   $ 8.71  
Granted
     —        —        —  (1)    $ 7.12       0.1   $ 8.24       10.3   $ 7.98  
Options exercised or restricted stock or RSUs vested
     —        —        (0.1 )    $ 5.86       (0.1 )    $ 9.20       (8.0 )    $ 8.76  
Forfeited or expired
     (0.1 )    $ 20.26       (2.2 )    $ 14.71       —        —        (0.7 )    $ 8.47  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Outstanding at December 31, 2024
     2.3   $ 23.09       16.0     $ 13.66       0.1   $ 8.39       14.9   $ 8.19  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Represents less than 0.1 million shares.
   
LIONSGATE STUDIOS CORP [Member]      
Share-Based Compensation Expense
The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2024 and 2023:
 
 
  
Three Months Ended
December 31,
 
  
Nine Months Ended
December 31,
 
 
  
2024
 
  
2023
 
  
2024
 
  
2023
 
 
  
(Amounts in millions)
 
Compensation Expense:
  
  
  
  
Stock options
    $ 0.2      $ 0.4      $ 0.6      $ 1.4  
Restricted share units and other share-based compensation
      13.9        12.2        30.3        32.6  
Share appreciation rights
      0.2        0.1        0.5        0.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Lionsgate Studios employee share-based compensation expense
      14.3        12.7        31.4        34.2  
Corporate allocation of share-based compensation
      —         4.5        10.8        12.1  
  
 
 
     
 
 
     
 
 
     
 
 
  
     14.3        17.2        42.2        46.3  
Impact of accelerated vesting on equity awards
(1)
      —         6.8        4.7        7.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total share-based compensation expense
    $ 14.3      $ 24.0      $ 46.9      $ 53.6  
  
 
 
     
 
 
     
 
 
     
 
 
  

(1)
Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements prior to the Separation.
Share-based compensation expense, by expense category, consisted of the following:
 
 
  
Three Months Ended
December 31,
 
  
Nine Months Ended
December 31,
 
 
  
2024
 
  
2023
 
  
2024
 
  
2023
 
 
  
(Amounts in millions)
 
Share-Based Compensation Expense:
  
  
  
  
General and administration
    $ 14.3      $ 17.2      $ 42.2      $ 46.3  
Restructuring and other
      —         6.8        4.7        7.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
   $ 14.3      $ 24.0      $ 46.9      $ 53.6  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
Schedule of Stock Option, SARs, Restricted Stock and Restricted Share Unit Activity
 
 
 
Stock Options and SARs
 
 
Restricted Stock and Restricted Share Units
 
 
 
Lions Gate Class A
Voting Shares
 
 
Lions Gate Class B
Non-Voting
Shares
 
 
Lions Gate Class A
Voting Shares
 
 
Lions Gate Class B
Non-Voting
Shares
 
 
 
Number
of
Shares
 
 
Weighted-
Average
Exercise
Price
 
 
Number
of
Shares
 
 
Weighted-
Average
Exercise
Price
 
 
Number
of
Shares
 
 
Weighted-
Average
Grant-
Date Fair
Value
 
 
Number
of
Shares
 
 
Weighted-
Average
Grant-Date

Fair Value
 
 
 
(Number of shares in millions)
 
Outstanding at March 31, 2024
 
 
2.4
 
 
$
22.96
 
 
 
17.1
 
 
$
13.92
 
 
 
0.1
 
 
$
9.27
 
 
 
9.8
 
 
$
8.93
 
Granted
 
 
— 
 
 
 
— 
 
 
 
— 
(1)
 
 
$
7.12
 
 
 
0.1
 
 
$
8.20
 
 
 
8.1
 
 
$
7.98
 
Options exercised or restricted stock or RSUs vested
 
 
— 
 
 
 
— 
 
 
 
(0.1
) 
 
$
5.50
 
 
 
(0.1
) 
 
$
9.20
 
 
 
(5.8
) 
 
$
8.79
 
Forfeited or expired
 
 
(0.1
) 
 
$
20.26
 
 
 
(2.2
) 
 
$
14.64
 
 
 
— 
 
 
 
— 
 
 
 
(0.6
) 
 
$
8.52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2024
 
 
2.3
 
 
$
23.10
 
 
 
14.8
 
 
$
13.86
 
 
 
0.1
 
 
$
8.39
 
 
 
11.5
 
 
$
8.20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1)
Represents less than 0.1 million shares.