Additional Financial Information (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2024

Mar. 31, 2024

Additional Financial Information [Line Items]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the unaudited condensed consolidated balance sheets to the total amounts reported in the unaudited condensed consolidated statements of cash flows at December 31, 2024 and March 31, 2024. At December 31, 2024 and March 31, 2024, restricted cash represents primarily amounts related to required cash reserves for interest payments associated with certain corporate debt and film related obligations.

	December 31, 2024		March 31, 2024
	(Amounts in millions)
Cash and cash equivalents	$	186.2	$	277.0
Restricted cash included in other current assets		42.8		43.7
Restricted cash included in other non-current assets		10.8		13.7
Total cash, cash equivalents and restricted cash	$	239.8	$	334.4

Summary of Receivables Transferred

The following table sets forth a summary of the receivables transferred under individual agreements or purchases 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)
Carrying value of receivables transferred and derecognized	$	51.7	$	85.3	$	345.5	$	385.8
Net cash proceeds received		50.0		81.8		335.7		370.7
Loss recorded related to transfers of receivables		1.7		3.5		9.8		15.1

	Nine Months Ended December 31,
	2023
	(Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized	$	22.2
Less amounts from collections reinvested under revolving agreement		(9.1	)
Proceeds from new transfers		13.1
Collections not reinvested and remitted or to be remitted		(13.4	)
Net cash proceeds received (paid or to be paid)(1)	$	(0.3	)
Carrying value of receivables transferred and derecognized (2)	$	22.1
Obligations recorded	$	2.1
Loss recorded related to transfers of receivables	$	2.0

(1) During the three and nine months ended December 31, 2023, the Company voluntarily repurchased $46.0 million of receivables previously transferred.

(2) Receivables net of unamortized discounts on long-term, non-interest bearing receivables.

The following table sets forth a summary of the receivables transferred under individual agreements or purchases during the years ended March 31, 2024, 2023 and 2022:

	Year Ended March 31,
	2024		2023		2022
	(Amounts in millions)
Carrying value of receivables transferred and derecognized	$	512.3	$	400.5	$	285.0
Net cash proceeds received		491.9		383.0		278.3
Loss recorded related to transfers of receivables		20.4		17.5		6.7

	Year Ended March 31,
	2024			2023			2022
	(Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized	$	22.2		$	167.0		$	155.5
Less amounts from collections reinvested under revolving agreement		(9.1	)		(94.3	)		(102.7	)
Proceeds from new transfers		13.1			72.7			52.8
Collections not reinvested and remitted or to be remitted		(13.4	)		(66.6	)		(46.8	)
Net cash proceeds received (paid or to be paid)(1)	$	(0.3	)	$	6.1		$	6.0
Carrying value of receivables transferred and derecognized (2)	$	22.1		$	164.8		$	154.5
Obligations recorded	$	2.1		$	5.9		$	2.9
Loss recorded related to transfers of receivables	$	2.0		$	3.7		$	1.9

(1) During the year ended March 31, 2024, the Company voluntarily repurchased $46.0 million of receivables previously transferred. In addition, during the years ended March 31, 2023 and 2022, the Company repurchased $27.4 million and $25.5 million, respectively, of receivables previously transferred, as separately agreed upon with the third-party purchasers, in order to monetize such receivables under the individual monetization program discussed above without being subject to the collateral requirements under the pooled monetization program.

(2) Receivables net of unamortized discounts on long-term, non-interest bearing receivables.

Schedule of Other Assets

The composition of the Company’s other assets is as follows as of December 31, 2024 and March 31, 2024:

	December 31, 2024		March 31, 2024
	(Amounts in millions)
Other current assets
Prepaid expenses and other	$	38.0	$	34.8
Restricted cash		42.8		43.7
Contract assets		72.5		59.9
Interest rate swap assets		—		35.6
Tax credits receivable		140.7		199.1
	$	294.0	$	373.1
Other non-current assets
Prepaid expenses and other	$	16.9	$	18.3
Restricted cash		10.8		13.7
Accounts receivable		48.0		111.7
Contract assets		10.3		3.2
Tax credits receivable		440.6		361.7
Operating lease right-of-use assets		300.1		344.3
Interest rate swap assets		0.7		—
	$	827.4	$	852.9

Schedule of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

The following table summarizes the changes in the components of accumulated other comprehensive income, net of tax. During the nine months ended December 31, 2024 and 2023, there was no income tax expense or benefit reflected in other comprehensive income due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.

	Foreign currency translation adjustments			Net unrealized gain (loss) on cash flow hedges			Total
	(Amounts in millions)
March 31, 2024	$	(42.1	)	$	138.8		$	96.7
Other comprehensive income (loss)		(12.8	)		2.3			(10.5	)
Reclassifications to net loss(1)		—			(21.4	)		(21.4	)
December 31, 2024	$	(54.9	)	$	119.7		$	64.8
March 31, 2023	$	(41.1	)	$	142.6		$	101.5
Other comprehensive income (loss)		1.8			17.4			19.2
Reclassifications to net loss(1)		—			(23.5	)		(23.5	)
December 31, 2023	$	(39.3	)	$	136.5		$	97.2

(1) Represents a loss of $1.2 million included in direct operating expense and a gain of $22.6 million included in interest expense on the unaudited condensed consolidated statement of operations in the nine months ended December 31, 2024 (nine months ended December 31, 2023—loss of $2.5 million included in direct operating expense and gain of $26.0 million included in interest expense) (see Note 18).

The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax. During the years ended March 31, 2024, 2023 and 2022, there was no income tax expense or benefit reflected in other comprehensive income (loss) due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.

	Foreign currency translation adjustments			Net unrealized gain (loss) on cash flow hedges			Total
	(Amounts in millions)
March 31, 2021	$	(34.3	)		(68.1	)	$	(102.4	)
Other comprehensive loss		(4.6	)		68.2			63.6
Reclassifications to net loss(1)		—			49.0			49.0
March 31, 2022		(38.9	)		49.1			10.2
Other comprehensive income		(2.2	)		82.8			80.6
Reclassifications to net loss(1)		—			10.7			10.7
March 31, 2023		(41.1	)		142.6			101.5
Other comprehensive income (loss)		(1.0	)		30.5			29.5
Reclassifications to net loss(1)		—			(34.3	)		(34.3	)
March 31, 2024	$	(42.1	)	$	138.8		$	96.7

(1) Represents a loss of $0.3 million included in direct operating expense and a gain of $34.6 million included in interest expense on the combined statement of operations in the year ended March 31, 2024 (2023- loss of $0.3 million included in direct operating expense and loss of $10.4 million included in interest expense; 2022- loss of $0.2 million included in direct operating expense and loss of $48.8 million included in interest expense) (see Note 18).

Summary of Non Cash Investing Activities

The supplemental schedule of non-cash investing activities is presented below. There were no significant non-cash financing activities for the fiscal years ended March 31, 2024, 2023 and 2022.

	Year Ended March 31,
	2024		2023		2022
	(Amounts in millions)
Non-cash investing activities:
Accrued equity method investment	$	—	$	—	$	19.0

Summary of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the combined balance sheets to the total amounts reported in the combined statements of cash flows at March 31, 2024 and 2023. At March 31, 2024 and 2023, restricted cash represents primarily amounts related to required cash reserves for interest payments associated with the Production Tax Credit Facility, IP Credit Facility and Backlog Facility.

	March 31, 2024		March 31, 2023
	(Amounts in millions)
Cash and cash equivalents	$	277.0	$	210.9
Restricted cash included in other current assets		43.7		27.5
Restricted cash included in other non-current assets		13.7		13.0
Total cash, cash equivalents and restricted cash	$	334.4	$	251.4

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

	Year Ended March 31,
	2024		2023		2022
	(Amounts in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	45.1	$	40.3	$	44.9
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	172.1	$	11.3	$	51.1
Increase in right-of-use assets and lease liability due to a reassessment event:
Operating leases - increase in right-of-use assets	$	103.6	$	17.4	$	30.9
Operating leases - increase in lease liability	$	103.6	$	17.4	$	30.9

Schedule of Other Assets

The composition of the Company’s other assets is as follows as of March 31, 2024 and March 31, 2023:

	March 31, 2024		March 31, 2023
	(Amounts in millions)
Other current assets
Prepaid expenses and other(1)	$	34.8	$	36.0
Restricted cash		43.7		27.5
Contract assets(2)		59.9		63.5
Interest rate swap assets		35.6		—
Tax credits receivable		199.1		129.5
	$	373.1	$	256.5
Other non-current assets
Prepaid expenses and other	$	18.3	$	7.4
Restricted cash		13.7		13.0
Accounts receivable(3)		111.7		37.8
Contract assets(3)		3.2		5.1
Tax credits receivable		361.7		341.8
Operating lease right-of-use assets		344.3		116.8
Interest rate swap assets		—		41.1
	$	852.9	$	563.0

(1) Includes home entertainment product inventory which consists of Packaged Media and is stated at the lower of cost or market value (first-in, first-out method). Costs of Packaged Media sales, including shipping and handling costs, are included in distribution and marketing expenses.

(2) At March 31, 2024, the current portion of contract assets includes $14.9 million from the acquisition of eOne (see Note 2).

(3) Unamortized discounts on long-term, non-interest bearing receivables were $6.2 million and $3.5 million at March 31, 2024 and 2023, respectively, and unamortized discounts on contract assets were $0.3 million and $0.5 million at March 31, 2024 and 2023, respectively.

LIONS GATE ENTERTAINMENT CORP. [Member]

Additional Financial Information [Line Items]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the unaudited condensed consolidated balance sheets to the total amounts reported in the unaudited condensed consolidated statements of cash flows at December 31, 2024 and March 31, 2024. At December 31, 2024 and March 31, 2024, restricted cash represents primarily amounts related to required cash reserves for interest payments associated with certain corporate debt and film related obligations.

	December 31, 2024		March 31, 2024
	(Amounts in millions)
Cash and cash equivalents	$	200.5	$	314.0
Restricted cash included in other current assets		42.8		43.7
Restricted cash included in other non-current assets		10.8		13.7
Total cash, cash equivalents and restricted cash	$	254.1	$	371.4

Summary of Receivables Transferred

The following table sets forth a summary of the receivables transferred under individual agreements or purchases during the three and nine months ended December 31, 2024 and 2023:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(Amounts in millions)
Carrying value of receivables transferred and derecognized	$	258.0	$	305.9	$	963.3	$	1,065.9
Net cash proceeds received		254.5		300.7		948.1		1,045.6
Loss recorded related to transfers of receivables		3.5		5.2		15.2		20.3

The following table sets forth a summary of the receivables transferred under the pooled monetization agreement during the nine months ended December 31, 2023:

	Nine Months Ended
	December 31,
	2023
	(Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized	$	22.2
Less amounts from collections reinvested under revolving agreement		(9.1	)
Proceeds from new transfers		13.1
Collections not reinvested and remitted or to be remitted		(13.4	)
Net cash proceeds received (paid or to be paid)(1)	$	(0.3	)
Carrying value of receivables transferred and derecognized (2)	$	22.1
Obligations recorded	$	2.1
Loss recorded related to transfers of receivables	$	2.0

(1) During the three and nine months ended December 31, 2023, the Company voluntarily repurchased $46.0 million of receivables previously transferred.

(2) Receivables net of unamortized discounts on long-term, non-interest bearing receivables.

The following table sets forth a summary of the receivables transferred under individual agreements or purchases during the years ended March 31, 2024, 2023 and 2022:

	Year Ended
	March 31,
	2024		2023		2022
	(Amounts in millions)
Carrying value of receivables transferred and derecognized	$	1,413.2	$	1,405.9	$	1,400.2
Net cash proceeds received		1,385.9		1,382.7		1,391.2
Loss recorded related to transfers of receivables		27.3		23.2		9.0

The following table sets forth a summary of the receivables transferred under the pooled monetization agreement during the years ended March 31, 2024, 2023 and 2022:

	Year Ended
	March 31,
	2024			2023			2022
	(Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized	$	22.2		$	167.0		$	155.5
Less amounts from collections reinvested under revolving agreement		(9.1	)		(94.3	)		(102.7	)
Proceeds from new transfers		13.1			72.7			52.8
Collections not reinvested and remitted or to be remitted		(13.4	)		(66.6	)		(46.8	)
Net cash proceeds received (paid or to be paid)(1)	$	(0.3	)	$	6.1		$	6.0
Carrying value of receivables transferred and derecognized(2)	$	22.1		$	164.8		$	154.5
Obligations recorded	$	2.1		$	5.9		$	2.9
Loss recorded related to transfers of receivables	$	2.0		$	3.7		$	1.9

(1) During the year ended March 31, 2024, the Company voluntarily repurchased $46.0 million of receivables previously transferred. In addition, during the years ended March 31, 2023 and 2022, the Company repurchased $27.4 million and $25.5 million, respectively, of receivables previously transferred, as separately agreed upon with the third-party purchasers, in order to monetize such receivables under the individual monetization program discussed above without being subject to the collateral requirements under the pooled monetization program.

(2) Receivables net of unamortized discounts on long-term, non-interest bearing receivables.

Schedule of Other Assets

The composition of the Company’s other assets is as follows as of December 31, 2024 and March 31, 2024:

	December 31, 2024		March 31, 2024
	(Amounts in millions)
Other current assets
Prepaid expenses and other	$	54.4	$	58.2
Restricted cash		42.8		43.7
Contract assets		72.5		59.9
Interest rate swap assets		—		35.6
Tax credits receivable		140.7		199.1
	$	310.4	$	396.5
Other non-current assets
Prepaid expenses and other	$	18.6	$	21.6
Restricted cash		10.8		13.7
Accounts receivable		48.0		111.7
Contract assets		10.3		3.2
Tax credits receivable		440.6		361.7
Operating lease right-of-use assets		338.6		388.8
Interest rate swap assets		0.7		—
	$	867.6	$	900.7

Schedule of Accumulated Other Comprehensive Income

The following table summarizes the changes in the components of accumulated other comprehensive income, net of tax. During the nine months ended December 31, 2024 and 2023, there was no income tax expense or benefit reflected in other comprehensive income due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.

	Foreign currency translation adjustments			Net unrealized gain (loss) on cash flow hedges			Total
	(Amounts in millions)
March 31, 2024	$	(22.7	)	$	138.7		$	116.0
Other comprehensive income (loss)		(11.3	)		4.4			(6.9	)
Reclassifications to net loss(1)		—			(21.4	)		(21.4	)
Reclassifications to noncontrolling interest(2)		5.3			(16.6	)		(11.3	)
December 31, 2024	$	(28.7	)	$	105.1		$	76.4
March 31, 2023	$	(21.6	)	$	142.5		$	120.9
Other comprehensive income (loss)		1.6			17.4			19.0
Reclassifications to net loss(1)		—			(23.5	)		(23.5	)
December 31, 2023	$	(20.0	)	$	136.4		$	116.4

(1) Represents a loss of $1.2 million included in direct operating expense and a gain of $22.6 million included in interest expense on the unaudited condensed consolidated statement of operations in the nine months ended December 31, 2024 (nine months ended December 31, 2023 - loss of $2.5 million included in direct operating expense and a gain of $26.0 million included in interest expense) (see Note 17).

(2) Represents amounts reclassified in connection with the noncontrolling interest recorded for the proportionate ownership interest in the carrying value of Lionsgate Studios (see Note 2).

The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax. During the years ended March 31, 2024, 2023 and 2022, there was no income tax expense or benefit reflected in other comprehensive income (loss) due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.

	Foreign currency translation adjustments			Net unrealized gain (loss) on cash flow hedges			Total
	(Amounts in millions)
March 31, 2021	$	(15.1	)	$	(68.2	)	$	(83.3	)
Other comprehensive loss		(4.6	)		68.2			63.6
Reclassifications to net loss(1)		—			49.0			49.0
March 31, 2022		(19.7	)		49.0			29.3
Other comprehensive income		(1.9	)		82.8			80.9
Reclassifications to net loss(1)		—			10.7			10.7
March 31, 2023		(21.6	)		142.5			120.9
Other comprehensive income (loss)		(1.1	)		30.5			29.4
Reclassifications to net loss(1)		—			(34.3	)		(34.3	)
March 31, 2024	$	(22.7	)	$	138.7		$	116.0

(1) Represents a loss of $0.3 million included in direct operating expense and a gain of $34.6 million included in interest expense on the consolidated statement of operations in the year ended March 31, 2024 (2023 - loss of $0.3 million included in direct operating expense and loss of $10.4 million included in interest expense; 2022 - loss of $0.2 million included in direct operating expense and loss of $48.8 million included in interest expense) (see Note 18).

Summary of Non Cash Investing Activities

The supplemental schedule of non-cash investing activities is presented below. There were no significant non-cash financing activities for the fiscal years ended March 31, 2024, 2023 and 2022.

	Year Ended March 31,
	2024		2023		2022
	(Amounts in millions)
Non-cash investing activities:
Accrued equity method investment	$	—	$	—	$	19.0

Summary of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet to the total amounts reported in the consolidated statement of cash flows at March 31, 2024 and 2023. At March 31, 2024 and 2023, restricted cash represents primarily amounts related to required cash reserves for interest payments associated with the Production Tax Credit Facility, IP Credit Facility, and Backlog Facility.

	March 31, 2024		March 31, 2023
	(Amounts in millions)
Cash and cash equivalents	$	314.0	$	272.1
Restricted cash included in other current assets		43.7		27.9
Restricted cash included in other non-current assets		13.7		13.0
Total cash, cash equivalents and restricted cash	$	371.4	$	313.0

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

	Year Ended
	March 31,
	2024		2023		2022
	(Amounts in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	55.5	$	42.3	$	57.0
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	172.1	$	12.4	$	67.8
Increase in right-of-use assets and lease liability due to a reassessment event:
Operating leases - increase in right-of-use assets	$	103.6	$	33.0	$	27.5
Operating leases - increase in lease liability	$	103.6	$	33.0	$	27.5

Schedule of Other Assets

The composition of the Company’s other assets is as follows as of March 31, 2024 and March 31, 2023:

	March 31, 2024		March 31, 2023
	(Amounts in millions)
Other current assets
Prepaid expenses and other(1)	$	58.2	$	43.3
Restricted cash		43.7		27.9
Contract assets(2)		59.9		63.5
Interest rate swap assets		35.6		—
Tax credits receivable		199.1		129.5
	$	396.5	$	264.2
Other non-current assets
Prepaid expenses and other	$	21.6	$	8.4
Restricted cash		13.7		13.0
Accounts receivable(3)		111.7		37.8
Contract assets(3)		3.2		5.1
Tax credits receivable		361.7		341.7
Operating lease right-of-use assets		388.8		169.0
Interest rate swap assets		—		41.1
	$	900.7	$	616.1

(1) Includes home entertainment product inventory which consists of Packaged Media and is stated at the lower of cost or market value (first-in, first-out method). Costs of Packaged Media sales, including shipping and handling costs, are included in distribution and marketing expenses.

(2) At March 31, 2024, the current portion of contract assets includes $14.9 million from the acquisition of eOne (see Note 2).

(3) Unamortized discounts on long-term, non-interest bearing receivables were $6.2 million and $3.5 million at March 31, 2024 and 2023, respectively, and unamortized discounts on contract assets were $0.3 million and $0.5 million at March 31, 2024 and 2023, respectively.