Leases

12 Months Ended

Mar. 31, 2025

Lessee Operating Leases [Line Items]

Leases

10. Leases

The Company has operating leases primarily for office space, studio facilities, and other equipment. The Company’s leases have remaining lease terms of up to approximately 12.25 years.

The components of lease cost were as follows:

	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
Operating lease cost(1)	$	66.5	$	48.7	$	35.3
Short-term lease cost(2)		161.2		96.2		145.0
Variable lease cost(3)		4.3		3.0		2.8
Total lease cost	$	232.0	$	147.9	$	183.1

(1) Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other non-cash items” line of the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.

(2) Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions and are capitalized when incurred.

(3) Variable lease cost primarily consists of insurance, taxes, maintenance and other operating costs.

Supplemental balance sheet information related to leases was as follows:

Category	Balance Sheet Location	March 31, 2025		March 31, 2024
Operating Leases		(Amounts in millions)
Right-of-use assets	Other assets - non-current	$	294.1		344.3
Lease liabilities (current)	Other accrued liabilities	$	44.0		44.4
Lease liabilities (non-current)	Other liabilities - non-current		290.7		329.7
		$	334.7	$	374.1

	March 31, 2025			March 31, 2024
Weighted average remaining lease term (in years):
Operating leases		9.0			9.4
Weighted average discount rate:
Operating leases		5.54	%		5.37	%

The expected future payments relating to the Company’s lease liabilities at March 31, 2025 are as follows:

	Operating Leases
	(Amounts in millions)
Year ending March 31,
2026	$	56.2
2027		51.0
2028		49.0
2029		46.5
2030		39.3
Thereafter		186.0
Total lease payments		428.0
Less imputed interest		(93.3	)
Total	$	334.7

As of March 31, 2025, the Company has entered into certain leases that have not yet commenced primarily related to studio facilities, for which construction related to those leases has not yet been completed. The leases are for terms up to 12.25 years, commencing upon completion of construction (currently expected to be ranging from calendar years 2025 to 2026). The leases include an option to extend the initial term for an additional 10 years to 12 years. The total minimum lease payments under these leases in aggregate are approximately $245.0 million.

LIONS GATE ENTERTAINMENT CORP [Member]

Lessee Operating Leases [Line Items]

Leases

9. Leases

The Company has operating leases primarily for office space, studio facilities, and other equipment. The Company’s leases have remaining lease terms of up to approximately 12.25 years.

The components of lease cost were as follows:

	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
Operating lease cost(1)	$	76.3	$	61.4	$	48.4
Short-term lease cost(2)		161.2		96.2		145.0
Variable lease cost(3)		5.5		3.4		3.1
Total lease cost	$	243.0	$	161.0	$	196.5

(1) Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other non-cash items” line of the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.

(2) Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions and are capitalized when incurred.

(3) Variable lease cost primarily consists of insurance, taxes, maintenance and other operating costs.

Supplemental balance sheet information related to leases was as follows:

Category	Balance Sheet Location		March 31, 2025		March 31, 2024
Operating Leases		(Amounts in millions)
Right-of-use assets		Other assets - non-current	$	331.4		388.8
Lease liabilities (current)		Other accrued liabilities	$	53.8		53.4
Lease liabilities (non-current)		Other liabilities - non-current		336.4		385.1
			$	390.2		438.5

	March 31, 2025			March 31, 2024
Weighted average remaining lease term (in years):
Operating leases		8.5			9.0
Weighted average discount rate:
Operating leases		5.36	%		5.24	%

The expected future payments relating to the Company’s lease liabilities at March 31, 2025 are as follows:

	Operating Leases
	(Amounts in millions)
Year ending March 31, 2026	$	68.0
2027		63.4
2028		61.4
2029		52.4
2030		42.9
Thereafter		202.5
Total lease payments		490.6
Less imputed interest		(100.4	)
Total	$	390.2

As of March 31, 2025, the Company has entered into certain leases that have not yet commenced primarily related to studio facilities, for which construction related to those leases has not yet been completed. The leases are for terms up to 12.25 years, commencing upon completion of construction (currently expected to be ranging from calendar years 2025 to 2026). The leases include an option to extend the initial term for an additional 10 years to 12 years. The total minimum lease payments under these leases in aggregate are approximately $245.0 million.