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Segment Information (Tables)
 12 Months Ended
Mar. 31, 2025
Concentration Risk [Line Items]  
Reconciliation Of Total Segment Profit To The Company's 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,
202520242023
 (Amounts in millions)
Company’s total segment profit$444.1 $466.2 $409.9 
Corporate general and administrative expenses(1)
(120.9)(110.6)(100.9)
Adjusted depreciation and amortization(2)
(13.6)(10.5)(12.2)
Restructuring and other(102.6)(132.9)(27.2)
COVID-19 related benefit included in direct operating expense(3)
2.1 0.9 8.9 
Content charges(4)
— (1.5)(8.1)
Unallocated rent cost included in direct operating expense(5)
(18.6)— — 
Adjusted share-based compensation expense(6)
(53.0)(54.8)(69.2)
Purchase accounting and related adjustments(7)
(12.9)(17.1)(61.6)
Operating income 124.6 139.7 139.6 
Interest expense(242.5)(222.5)(162.6)
Interest and other income14.8 19.2 6.4 
Other gains (losses), net(11.8)(20.0)(21.2)
Loss on extinguishment of debt(1.8)(1.3)(1.3)
Gain on investments, net— 3.5 44.0 
Equity interests income4.3 8.7 0.5 
Income (loss) before income taxes$(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,
202520242023
 (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,
202520242023
 (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,
202520242023
 (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 amortization4.2 5.1 5.7 
$12.9 $17.1 $61.6 
(i) In the fiscal years ended March 31, 2025, 2024 and 2023, these adjustments include the expense associated with the noncontrolling equity interests in the distributable earnings related to 3 Arts Entertainment. Amounts in fiscal 2024 and 2023 also include the amortization of the recoupable portion of the purchase price (through May 2023) related to 3 Arts Entertainment. Amounts in fiscal 2023 also include the non-cash charges for the accretion of the noncontrolling interest discount related to 3 Arts Entertainment (through November 2022). These amounts are accounted for as compensation and are included in general and administrative expense, as presented in the table below. The noncontrolling equity interest in the distributable earnings of 3 Arts Entertainment are reflected as an expense rather than noncontrolling interest in the consolidated statement of operations due to the relationship to continued employment.
Year Ended
March 31,
202520242023
 (Amounts in millions)
Amortization of recoupable portion of the purchase price$— $1.3 $7.7 
Noncontrolling interest discount amortization— — 13.2 
Noncontrolling equity interest in distributable earnings8.7 10.7 34.3 
$8.7 $12.0 $55.2 
Schedule of 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,
202520242023
(Amounts in millions)
General and administration
Segment general and administrative expenses$162.0 $171.8 $161.7 
Corporate general and administrative expenses120.9 110.6 100.9 
Share-based compensation expense included in general and administrative expense53.0 54.8 69.2 
Purchase accounting and related adjustments 8.7 12.0 55.2 
$344.6 $349.2 $387.0 
Schedule of Reconciliation of Total Segment Assets to Total Consolidated Assets
The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:
 
March 31, 2025March 31, 2024
 (Amounts in millions)
Assets
Motion Picture$1,867.4 $1,851.4 
Television Production2,279.3 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 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,
202520242023
(Amounts in millions)
Acquisition of investment in films and television programs and program rights
Motion Picture$642.3 $418.1 $484.5 
Television Production1,025.0 702.4 1,083.9 
$1,667.3 $1,120.5 $1,568.4 
Capital Expenditures By Segment
The following table sets forth capital expenditures, as broken down by segment for the years ended March 31, 2025, 2024 and 2023:
Year Ended
March 31,
202520242023
(Amounts in millions)
Capital expenditures
Motion Picture$— $— $— 
Television Production0.3 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,
202520242023
 (Amounts in millions)
Revenue
Canada$75.8 $70.4 $64.0 
United States2,332.8 2,262.3 2,348.8 
Other foreign786.9 653.7 671.0 
 $3,195.5 $2,986.4 $3,083.8 
Long-lived assets by geographic location are as follows:
March 31, 2025March 31, 2024
 (Amounts in millions)
Long-lived assets(1)
United States$2,039.9 $2,047.6 
Other foreign280.9 263.0 
 $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.  
Concentration Risk [Line Items]  
Segment Information
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 2).
Year Ended
March 31,
202520242023
 (Amounts in millions)
Segment revenues
Studio Business:
Motion Picture$1,589.7 $1,656.3 $1,323.7 
Television Production1,605.8 1,330.1 1,760.1 
Total Studio Business3,195.5 2,986.4 3,083.8 
Media Networks1,372.1 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 Picture203.3 128.2 44.2 
Television Production416.4 417.7 731.3 
Total Studio Business619.7 545.9 775.5 
Media Networks— — — 
619.7 545.9 775.5 
     Segment direct operating expenses
Studio Business:
Motion Picture824.2 796.0 666.5 
Television Production1,369.3 1,090.1 1,541.5 
Total Studio Business2,193.5 1,886.1 2,208.0 
Media Networks702.1 795.5 846.8 
Intersegment eliminations(561.9)(494.2)(740.1)
2,333.7 2,187.4 2,314.7 
     Segment distribution and marketing
Studio Business:
Motion Picture357.8 427.0 270.9 
Television Production38.1 35.3 33.3 
Total Studio Business395.9 462.3 304.2 
Media Networks381.0 451.1 496.5 
Intersegment eliminations(0.8)(2.8)0.3 
776.1 910.6 801.0 
Gross contribution
Studio Business:
Motion Picture407.7 433.3 386.3 
Television Production198.4 204.7 185.3 
Total Studio Business606.1 638.0 571.6 
Media Networks289.0 329.8 203.2 
Intersegment eliminations(57.0)(48.9)(35.7)
838.1 918.9 739.1 
Segment general and administration
Studio Business:
Motion Picture100.1 113.9 109.8 
Television Production61.9 57.9 51.9 
Total Studio Business162.0 171.8 161.7 
Media Networks86.2 93.4 96.4 
248.2 265.2 258.1 
Segment profit
Studio Business:
Motion Picture307.6 319.4 276.5 
Television Production136.5 146.8 133.4 
Total Studio Business444.1 466.2 409.9 
Media Networks202.8 236.4 106.8 
Intersegment eliminations(57.0)(48.9)(35.7)
$589.9 $653.7 $481.0 
Reconciliation Of Total Segment Profit To The Company's 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,
202520242023
 (Amounts in millions)
Company’s total segment profit$589.9 $653.7 $481.0 
Corporate general and administrative expenses(1)
(123.2)(136.1)(122.9)
Adjusted depreciation and amortization(2)
(33.8)(50.1)(40.2)
Restructuring and other(253.5)(508.5)(411.9)
Goodwill and intangible asset impairment— (663.9)(1,475.0)
COVID-19 related benefit included in direct operating expense(3)
3.1 1.0 11.6 
Programming and content charges(4)
— — (7.0)
Unallocated rent cost included in direct operating expense(5)
(18.6)— — 
Adjusted share-based compensation expense(6)
(69.0)(81.2)(97.8)
Purchase accounting and related adjustments(7)
(163.0)(153.7)(195.5)
Operating loss(68.1)(938.8)(1,857.7)
Interest expense(283.6)(269.8)(221.2)
Interest and other income15.1 22.1 6.4 
Other gains (losses), net(19.0)(26.9)(26.9)
Gain (loss) on extinguishment of debt(7.5)19.9 57.4 
Gain on investments, net— 3.5 44.0 
Equity interests income4.3 8.7 0.5 
Loss before income taxes$(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,
202520242023
 (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,
202520242023
 (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 $97.8 
(i)Represents share-based compensation expense included in restructuring and other expenses reflecting the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.
(7)Purchase accounting and related adjustments primarily represent the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The following sets forth the amounts included in each line item in the financial statements:
Year Ended
March 31,
202520242023
 (Amounts in millions)
Purchase accounting and related adjustments:
Direct operating$— $— $0.7 
General and administrative expense(i)
8.7 11.6 54.7 
Depreciation and amortization154.3 142.1 140.1 
$163.0 $153.7 $195.5 
(i)In the fiscal years ended March 31, 2025, 2024 and 2023, these adjustments include the expense associated with the noncontrolling equity interests in the distributable earnings related to 3 Arts Entertainment. Amounts in fiscal 2024 and 2023 also include the amortization of the recoupable portion of the purchase price (through May 2023) related to 3 Arts Entertainment. Amounts in fiscal 2023 also include the non-cash charges for the accretion of the noncontrolling interest discount related to 3 Arts Entertainment (through November 2022). These amounts are accounted for as compensation and are included in general and administrative expense, as presented in the table below. The noncontrolling equity interest in the distributable earnings of 3 Arts Entertainment are reflected as an expense rather than noncontrolling interest in the consolidated statement of operations due to the relationship to continued employment.
Year Ended
March 31,
202520242023
 (Amounts in millions)
Amortization of recoupable portion of the purchase price$— $1.3 $7.7 
Noncontrolling interest discount amortization— — 13.2 
Noncontrolling equity interest in distributable earnings8.7 10.3 33.8 
$8.7 $11.6 $54.7 
Schedule of 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,
202520242023
(Amounts in millions)
General and administration
Segment general and administrative expenses$248.2 $265.2 $258.1 
Corporate general and administrative expenses123.2 136.1 122.9 
Share-based compensation expense included in general and administrative expense65.3 77.6 95.4 
Purchase accounting and related adjustments 8.7 11.6 54.7 
$445.4 $490.5 $531.1 
Schedule of Reconciliation of Total Segment Assets to Total Consolidated Assets
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 Production2,279.3 2,347.8 
Media Networks2,041.8 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 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,
202520242023
(Amounts in millions)
Acquisition of investment in films and television programs and program rights
Motion Picture$642.3 $416.6 $483.6 
Television Production1,024.1 712.8 1,082.0 
Media Networks946.7 852.8 1,173.0 
Intersegment eliminations(644.5)(572.9)(759.4)
$1,968.6 $1,409.3 $1,979.2 
Capital Expenditures By Segment
The following table sets forth capital expenditures, as broken down by segment for the years ended March 31, 2025, 2024 and 2023:
Year Ended
March 31,
202520242023
(Amounts in millions)
Capital expenditures
Motion Picture$— $— $— 
Television Production0.3 0.3 0.3 
Media Networks17.6 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,
202520242023
 (Amounts in millions)
Revenue
Canada$79.7 $76.9 $63.1 
United States3,071.3 3,140.1 3,129.8 
Other foreign796.9 799.9 661.9 
 $3,947.9 $4,016.9 $3,854.8 
Long-lived assets by geographic location are as follows:
March 31, 2025March 31, 2024
 (Amounts in millions)
Long-lived assets(1)
United States$3,200.5 $3,063.2 
Other foreign126.7 176.3 
 $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.