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Segment Information (Tables)

12 Months Ended

Mar. 31, 2025

Segment information is presented in the table below. The Motion Picture and Television Production segments include the results of operations of eOne from the acquisition date of December 27, 2023 (see Note 3).


	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
Segment revenues
Motion Picture	$	1,589.7	$	1,656.3	$	1,323.7
Television Production		1,605.8		1,330.1		1,760.1

Total revenue		3,195.5		2,986.4		3,083.8
Segment direct operating expenses
Motion Picture		824.2		796.0		666.5
Television Production		1,369.3		1,090.1		1,541.5

Total segment direct operating expense		2,193.5		1,886.1		2,208.0
Segment distribution and marketing
Motion Picture		357.8		427.0		270.9
Television Production		38.1		35.3		33.3

Total segment distribution and marketing		395.9		462.3		304.2
Gross contribution
Motion Picture		407.7		433.3		386.3
Television Production		198.4		204.7		185.3

Total gross contribution		606.1		638.0		571.6
Segment general and administration
Motion Picture		100.1		113.9		109.8
Television Production		61.9		57.9		51.9

Total segment general and administration		162.0		171.8		161.7
Segment profit
Motion Picture		307.6		319.4		276.5
Television Production		136.5		146.8		133.4

Total segment profit	$	444.1	$	466.2	$	409.9

Reconciliation Of Total Segment Profit To The Company's Income (Loss) Before Income Taxes

The reconciliation of total segment profit to the Company’s income (loss) before income taxes is as follows:


	Year Ended March 31,
	2025			2024			2023
	(Amounts in millions)
Company’s total segment profit	$	444.1		$	466.2		$	409.9
Corporate general and administrative expenses (1)		(120.9	)		(110.6	)		(100.9	)
Adjusted depreciation and amortization (2)		(13.6	)		(10.5	)		(12.2	)
Restructuring and other		(102.6	)		(132.9	)		(27.2	)
COVID-19 related benefit included in direct operating expense (3)		2.1			0.9			8.9
Content charges (4)		—			(1.5	)		(8.1	)
Unallocated rent cost included in direct operating expense (5)		(18.6	)		—			—
Adjusted share-based compensation expense (6)		(53.0	)		(54.8	)		(69.2	)
Purchase accounting and related adjustments (7)		(12.9	)		(17.1	)		(61.6	)

Operating income		124.6			139.7			139.6
Interest expense		(242.5	)		(222.5	)		(162.6	)
Interest and other income		14.8			19.2			6.4
Other gains (losses), net		(11.8	)		(20.0	)		(21.2	)
Loss on extinguishment of debt		(1.8	)		(1.3	)		(1.3	)
Gain on investments, net		—			3.5			44.0
Equity interests income		4.3			8.7			0.5

Income (loss) before income taxes	$	(112.4	)	$	(72.7	)	$	5.4

(1)

Corporate general and administrative expenses reflect the allocations of certain general and administrative expenses from Old Lionsgate related to certain corporate and shared service functions historically provided by Old Lionsgate, including, but not limited to, executive oversight, accounting, tax, legal, human resources, occupancy, and other shared services (see Note 1 and Note 21). Amount excludes allocation of share-based compensation expense discussed below. The costs included in corporate general and administrative expenses represent certain corporate executive expense (such as salaries and wages for the office of the Chief Executive Officer, Chief Financial Officer, General Counsel and other corporate officers), investor relations costs, costs of maintaining corporate facilities, and other unallocated common administrative support functions, including corporate accounting, finance and financial reporting, internal and external audit and tax costs, corporate and other legal support functions, and certain information technology and human resources expense.

(2)

Adjusted depreciation and amortization represents depreciation and amortization as presented on the consolidated statements of operations less the depreciation and amortization related to the

non-cash

fair value adjustments to property and equipment and intangible assets acquired in acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below:


	Year Ended March 31,
	2025			2024			2023
	(Amounts in millions)
Depreciation and amortization	$	17.8		$	15.6		$	17.9
Less: Amount included in purchase accounting and related adjustments		(4.2	)		(5.1	)		(5.7	)

Adjusted depreciation and amortization	$	13.6		$	10.5		$	12.2

(3)	Amounts represent the incremental costs, if any, included in direct operating expense resulting from circumstances associated with the COVID-19 global pandemic, net of recoveries (see Note 16). These benefits are excluded from segment operating results.

(4)	Content charges represent certain charges included in direct operating expense in the consolidated statements of operations, and excluded from segment operating results.

(5)	Amounts represent rent cost for production facilities that were unutilized as a result of the industry strikes, and therefore such amounts are not allocated to the segments.

(6)	The following table reconciles total share-based compensation expense to adjusted share-based compensation expense:


	Year Ended March 31,
	2025			2024			2023
	(Amounts in millions)
Total share-based compensation expense	$	57.9		$	62.5		$	73.4
Less:
Amount included in restructuring and other (i)		(4.9	)		(7.7	)		(4.2	)

Adjusted share-based compensation	$	53.0		$	54.8		$	69.2

(i)

Represents share-based compensation expense included in restructuring and other expenses reflecting the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.

(7)	The following sets forth the amounts included in each line item in the financial statements:


	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
Purchase accounting and related adjustments:
Direct operating	$	—	$	—	$	0.7
General and administrative expense (i)		8.7		12.0		55.2
Depreciation and amortization		4.2		5.1		5.7

	$	12.9	$	17.1	$	61.6

(i)

In the fiscal years ended March 31, 2025, 2024 and 2023, these adjustments include the expense associated with the noncontrolling equity interests in the distributable earnings related to 3 Arts Entertainment.

Amounts in fiscal 2024 and 2023 also include the amortization of the recoupable portion of the purchase price (through May 2023) related to 3 Arts Entertainment. Amounts in fiscal 2023 also include the

non-cash

charges for the accretion of the noncontrolling interest discount related to 3 Arts Entertainment (through November 2022). These amounts are accounted for as compensation and are included in general and administrative expense, as presented in the table below. The noncontrolling equity interest in the distributable earnings of 3 Arts Entertainment are reflected as an expense rather than noncontrolling interest in the consolidated statement of operations due to the relationship to continued employment.


	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
Amortization of recoupable portion of the purchase price	$	—	$	1.3	$	7.7
Noncontrolling interest discount amortization		—		—		13.2
Noncontrolling equity interest in distributable earnings		8.7		10.7		34.3

	$	8.7	$	12.0	$	55.2

Reconciliation of Segment General and Administrative Expense to Consolidated

The following table reconciles segment general and administration expense to the Company’s total consolidated general and administration expense:


	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
General and administration
Segment general and administrative expenses	$	162.0	$	171.8	$	161.7
Corporate general and administrative expenses		120.9		110.6		100.9
Share-based compensation expense included in general and administrative expense		53.0		54.8		69.2
Purchase accounting and related adjustments		8.7		12.0		55.2

	$	344.6	$	349.2	$	387.0

Reconciliation of Assets from Segment to Consolidated

The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:


	March 31, 2025		March 31, 2024
	(Amounts in millions)
Assets
Motion Picture	$	1,867.4	$	1,851.4
Television Production		2,279.3		2,347.8
Other unallocated assets (1)		968.5		903.8

	$	5,115.2	$	5,103.0

(1)	Other unallocated assets primarily consist of cash, other assets and investments.

Acquisition of Investment in Films and Television Programs and Program Rights by Segment

The following table sets forth acquisition of investment in films and television programs and program rights, as broken

down

by segment for the fiscal years ended March 31, 2025, 2024 and 2023:


	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
Acquisition of investment in films and television programs and program rights
Motion Picture	$	642.3	$	418.1	$	484.5
Television Production		1,025.0		702.4		1,083.9

	$	1,667.3	$	1,120.5	$	1,568.4

Capital Expenditures By Segment

The following table sets forth capital expenditures, as broken down by segment for the years ended March 31, 2025, 2024 and 2023:


	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
Capital expenditures
Motion Picture	$	—	$	—	$	—
Television Production		0.3		0.3		0.3
Corporate (1)		13.2		9.6		6.2

	$	13.5	$	9.9	$	6.5

(1)	Represents unallocated capital expenditures primarily related to the Company’s corporate headquarters.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Revenue by geographic location, based on the location of the customers, with no other foreign country individually comprising greater than 10% of total revenue, is as follows:


	Year Ended March 31,
	2025		2024		2023
	(Amounts in millions)
Revenue
Canada	$	75.8	$	70.4	$	64.0
United States		2,332.8		2,262.3		2,348.8
Other foreign		786.9		653.7		671.0

	$	3,195.5	$	2,986.4	$	3,083.8

Long-lived assets by geographic location are as follows:


	March 31, 2025		March 31, 2024
	(Amounts in millions)
Long-lived assets (1)
United States	$	2,039.9	$	2,047.6
Other foreign		280.9		263.0

	$	2,320.8	$	2,310.6

(1)	Long-lived assets represents total assets less the following: current assets, investments, long-term receivables, interest rate swaps, intangible assets, goodwill and deferred tax assets.

LIONS GATE ENTERTAINMENT CORP [Member]

Segment Information


	Year Ended
	March 31,
	2025			2024			2023
	(Amounts in millions)
Segment revenues
Studio Business:
Motion Picture	$	1,589.7		$	1,656.3		$	1,323.7
Television Production		1,605.8			1,330.1			1,760.1

Total Studio Business		3,195.5			2,986.4			3,083.8
Media Networks		1,372.1			1,576.4			1,546.5
Intersegment eliminations		(619.7	)		(545.9	)		(775.5	)

		3,947.9			4,016.9			3,854.8
Intersegment revenues
Studio Business:
Motion Picture		203.3			128.2			44.2
Television Production		416.4			417.7			731.3

Total Studio Business		619.7			545.9			775.5
Media Networks		—			—			—

		619.7			545.9			775.5


	Year Ended
	March 31,
	2025			2024			2023
	(Amounts in millions)
Segment direct operating expenses
Studio Business:
Motion Picture		824.2			796.0			666.5
Television Production		1,369.3			1,090.1			1,541.5

Total Studio Business		2,193.5			1,886.1			2,208.0
Media Networks		702.1			795.5			846.8
Intersegment eliminations		(561.9	)		(494.2	)		(740.1	)

		2,333.7			2,187.4			2,314.7
Segment distribution and marketing
Studio Business:
Motion Picture		357.8			427.0			270.9
Television Production		38.1			35.3			33.3

Total Studio Business		395.9			462.3			304.2
Media Networks		381.0			451.1			496.5
Intersegment eliminations		(0.8	)		(2.8	)		0.3

		776.1			910.6			801.0
Gross contribution
Studio Business:
Motion Picture		407.7			433.3			386.3
Television Production		198.4			204.7			185.3

Total Studio Business		606.1			638.0			571.6
Media Networks		289.0			329.8			203.2
Intersegment eliminations		(57.0	)		(48.9	)		(35.7	)

		838.1			918.9			739.1
Segment general and administration
Studio Business:
Motion Picture		100.1			113.9			109.8
Television Production		61.9			57.9			51.9

Total Studio Business		162.0			171.8			161.7
Media Networks		86.2			93.4			96.4

		248.2			265.2			258.1
Segment profit
Studio Business:
Motion Picture		307.6			319.4			276.5
Television Production		136.5			146.8			133.4

Total Studio Business		444.1			466.2			409.9
Media Networks		202.8			236.4			106.8
Intersegment eliminations		(57.0	)		(48.9	)		(35.7	)

	$	589.9		$	653.7		$	481.0

The Company’s primary measure of segment performance is segment profit. Segment profit is defined as gross contribution (segment revenues, less segment direct operating and segment distribution and marketing expense) less segment general and administration expenses. Segment profit excludes, when applicable, corporate general and administrative expense, restructuring and other costs, share-based compensation, certain programming and content charges as a result of changes in management and/or programming and content

Reconciliation Of Total Segment Profit To The Company's Income (Loss) Before Income Taxes

The reconciliation of total segment profit to the Company’s loss before income taxes is as follows:


	Year Ended
	March 31,
	2025			2024			2023
	(Amounts in millions)
Company’s total segment profit	$	589.9		$	653.7		$	481.0
Corporate general and administrative expenses (1)		(123.2	)		(136.1	)		(122.9	)
Adjusted depreciation and amortization (2)		(33.8	)		(50.1	)		(40.2	)
Restructuring and other		(253.5	)		(508.5	)		(411.9	)
Goodwill and intangible asset impairment		—			(663.9	)		(1,475.0	)
COVID-19 related benefit included in direct operating expense (3)		3.1			1.0			11.6
Programming and content charges (4)		—			—			(7.0	)
Unallocated rent cost included in direct operating expense (5)		(18.6	)		—			—
Adjusted share-based compensation expense (6)		(69.0	)		(81.2	)		(97.8	)
Purchase accounting and related adjustments (7)		(163.0	)		(153.7	)		(195.5	)

Operating loss		(68.1	)		(938.8	)		(1,857.7	)
Interest expense		(283.6	)		(269.8	)		(221.2	)
Interest and other income		15.1			22.1			6.4
Other gains (losses), net		(19.0	)		(26.9	)		(26.9	)
Gain (loss) on extinguishment of debt		(7.5	)		19.9			57.4
Gain on investments, net		—			3.5			44.0
Equity interests income		4.3			8.7			0.5

Loss before income taxes	$	(358.8	)	$	(1,181.3	)	$	(1,997.5	)

(1)

Corporate general and administrative expenses include certain corporate executive expense (such as salaries and wages for the office of the Chief Executive Officer, Chief Financial Officer, General Counsel and other corporate officers), investor relations costs, costs of maintaining corporate facilities, and other unallocated common administrative support functions, including corporate accounting, finance and financial reporting, internal and external audit and tax costs, corporate and other legal support functions, and certain information technology and human resources expense.

(2)	Adjusted depreciation and amortization represents depreciation and amortization as presented on our consolidated statements of operations less the depreciation and amortization related to the non-cash fair

value adjustments to property and equipment and intangible assets acquired in acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below:


	Year Ended
	March 31,
	2025			2024			2023
	(Amounts in millions)
Depreciation and amortization	$	188.1		$	192.2		$	180.3
Less: Amount included in purchase accounting and related adjustments		(154.3	)		(142.1	)		(140.1	)

Adjusted depreciation and amortization	$	33.8		$	50.1		$	40.2

(3)	Amounts represent the incremental costs, if any, included in direct operating expense resulting from circumstances associated with the COVID-19 global pandemic, net of recoveries (see Note 15). These benefits are excluded from segment operating results.

(4)	Programming and content charges represent certain charges included in direct operating expense in the consolidated statements of operations, and excluded from segment operating results (see Note 15 for further information).

(5)	Amounts represent rent cost for production facilities that were unutilized as a result of the industry strikes, and therefore such amounts are not allocated to the segments.

(6)	The following table reconciles total share-based compensation expense to adjusted share-based compensation expense:


	Year Ended
	March 31,
	2025			2024			2023
	(Amounts in millions)
Total share-based compensation expense	$	74.4		$	90.6		$	102.0
Less:
Amount included in restructuring and other (i)		(5.4	)		(9.4	)		(4.2	)

Adjusted share-based compensation	$	69.0		$	81.2		$	97.8

(i)

(7)	Purchase accounting and related adjustments primarily represent the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The following sets forth the amounts included in each line item in the financial statements:


	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
Purchase accounting and related adjustments:
Direct operating	$	—	$	—	$	0.7
General and administrative expense (i)		8.7		11.6		54.7
Depreciation and amortization		154.3		142.1		140.1

	$	163.0	$	153.7	$	195.5

(i)

In the fiscal years ended March 31, 2025, 2024 and 2023, these adjustments include the expense associated with the noncontrolling equity interests in the distributable earnings related to 3 Arts

Entertainment. Amounts in fiscal 2024 and 2023 also include the amortization of the recoupable portion of the purchase price (through May 2023) related to 3 Arts Entertainment. Amounts in fiscal 2023 also include the

non-cash


	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
Amortization of recoupable portion of the purchase price	$	—	$	1.3	$	7.7
Noncontrolling interest discount amortization		—		—		13.2
Noncontrolling equity interest in distributable earnings		8.7		10.3		33.8

	$	8.7	$	11.6	$	54.7

Reconciliation of Segment General and Administrative Expense to Consolidated

The following table reconciles segment general and administration to the Company’s total consolidated general and administration expense:


	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
General and administration
Segment general and administrative expenses	$	248.2	$	265.2	$	258.1
Corporate general and administrative expenses		123.2		136.1		122.9
Share-based compensation expense included in general and administrative expense		65.3		77.6		95.4
Purchase accounting and related adjustments		8.7		11.6		54.7

	$	445.4	$	490.5	$	531.1

Reconciliation of Assets from Segment to Consolidated

The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:


	March 31, 2025		March 31, 2024
	(Amounts in millions)
Assets
Motion Picture	$	1,867.4	$	1,851.4
Television Production		2,279.3		2,347.8
Media Networks		2,041.8		2,036.7
Other unallocated assets (1)		633.6		856.8

	$	6,822.1	$	7,092.7

(1)	Other unallocated assets primarily consist of cash, other assets and investments.

Acquisition of Investment in Films and Television Programs and Program Rights by Segment

The following table sets forth acquisition of investment in films and television programs and program rights, as broken down by segment for the years ended March 31, 2025, 2024 and 2023:


	Year Ended
	March 31,
	2025			2024			2023
	(Amounts in millions)
Acquisition of investment in films and television programs and program rights
Motion Picture	$	642.3		$	416.6		$	483.6
Television Production		1,024.1			712.8			1,082.0
Media Networks		946.7			852.8			1,173.0
Intersegment eliminations		(644.5	)		(572.9	)		(759.4	)

	$	1,968.6		$	1,409.3		$	1,979.2

Capital Expenditures By Segment

The following table sets forth capital expenditures, as broken down by segment for the years ended March 31, 2025, 2024 and 2023:


	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
Capital expenditures
Motion Picture	$	—	$	—	$	—
Television Production		0.3		0.3		0.3
Media Networks		17.6		24.8		42.5
Corporate (1)		13.2		9.6		6.2

	$	31.1	$	34.7	$	49.0

(1)	Represents unallocated capital expenditures primarily related to the Company’s corporate headquarters.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Revenue by geographic location, based on the location of the customers, with no other foreign country individually comprising greater than 10% of total revenue, is as follows:


	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
Revenue
Canada	$	79.7	$	76.9	$	63.1
United States		3,071.3		3,140.1		3,129.8
Other foreign		796.9		799.9		661.9

	$	3,947.9	$	4,016.9	$	3,854.8

Long-lived assets by geographic location are as follows:


	March 31, 2025		March 31, 2024
	(Amounts in millions)
Long-lived assets (1)
United States	$	3,200.5	$	3,063.2
Other foreign		126.7		176.3

	$	3,327.2	$	3,239.5

(1)	Long-lived assets represents total assets less the following: current assets, investments, long-term receivables, interest rate swaps, intangible assets, goodwill and deferred tax assets.