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Segment Information (Tables)
 6 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
Segment information for the three and six months ended September 30, 2025 and 2024 is presented below:

Three Months EndedSix Months Ended
September 30,September 30,
2025202420252024
 (Amounts in millions)
Segment revenues
Studio Business:
Motion Picture(1)
$276.4 $409.4 $543.7 $758.6 
Television Production198.7 416.6 487.2 658.0 
Total Studio Business475.1 826.0 1,030.9 1,416.6 
Intersegment eliminations— (222.0)(29.9)(325.7)
$475.1 $604.0 $1,001.0 $1,090.9 
Intersegment revenues
Studio Business:
Motion Picture(1)
—72.13.1 136.3 
Television Production—149.926.8 189.4 
Intersegment eliminations— 222.0 29.9 325.7 
Segment direct operating expenses
Studio Business:
Motion Picture(1)
133.8 257.5 270.5 409.5 
Television Production159.4 367.2 399.0 569.5 
Total Studio Business293.2 624.7 669.5 979.0 
Intersegment eliminations— (156.4)(42.7)(226.1)
293.2 468.3 626.8 752.9 
Segment distribution and marketing
Studio Business:
Motion Picture(1)
88.7 126.7 194.5 209.5 
Television Production13.9 8.0 26.2 18.5 
Total Studio Business102.6 134.7 220.7 228.0 
Gross contribution
Studio Business:
Motion Picture(1)
53.9 25.2 78.7 139.6 
Television Production25.4 41.4 62.0 70.0 
Total Studio Business79.3 66.6 140.7 209.6 
Intersegment eliminations— (65.6)12.8 (99.6)
79.3 1.0 153.5 110.0 
Segment general and administration
Studio Business:
Motion Picture(1)
23.4 23.5 45.8 52.7 
Television Production12.9 17.0 23.4 34.8 
Total Studio Business36.3 40.5 69.2 87.5 
Segment profit
Studio Business:
Motion Picture(1)
30.5 1.7 32.9 86.9 
Television Production12.5 24.4 38.6 35.2 
Total Studio Business43.0 26.1 71.5 122.1 
Intersegment eliminations— (65.6)12.8 (99.6)
$43.0 $(39.5)$84.3 $22.5 
___________________
(1)During the first quarter of fiscal 2026, the Company began reflecting the results of operations of its streaming platform in India within the Motion Picture segment as such operations are not a part of the disposal group of the Starz Business. Accordingly, the following amounts were reclassified from the former Media Networks segment to the Motion Picture segment in the three and six months ended September 30, 2024 to conform to the current period presentation: (i) revenue of $2.3 million and $4.6 million, respectively; (ii) direct operating expense of $1.8 million and $3.6 million, respectively; (iii) distribution and marketing expense of $0.7 million and $1.4 million, respectively; and (iv) general and administration expense of $0.7 million and $1.4 million, respectively, which resulted in gross contribution loss of $0.2 million and $0.4 million, respectively and segment loss of $0.9 million and $1.8 million, respectively, reclassified.
Schedule of Reconciliation Of Total Segment Profit To The Company's Income (Loss) Before Income Taxes
The reconciliation of the total segment profit to the Company’s loss from continuing operations before income taxes is as follows:
 
Three Months EndedSix Months Ended
September 30,September 30,
2025202420252024
 (Amounts in millions)
Total segment profit$43.0 $(39.5)$84.3 $22.5 
Corporate general and administrative expenses(1)
(28.9)(31.9)(61.0)(65.4)
Adjusted depreciation and amortization(2)
(3.2)(3.2)(6.8)(6.8)
Restructuring and other(25.7)(4.7)(30.5)(32.4)
COVID-19 related (expense) benefit included in direct operating expense(3)
(1.0)— (1.0)2.1 
Unallocated rent cost included in direct operating expense(4)
(6.1)(5.2)(11.5)(10.5)
Adjusted share-based compensation expense(5)
(21.3)(13.5)(24.1)(26.9)
Purchase accounting and related adjustments(6)
(2.8)(2.7)(5.9)(5.9)
Operating loss(46.0)(100.7)(56.5)(123.3)
Interest expense(67.3)(67.9)(135.9)(131.5)
Interest and other income3.4 3.3 7.8 8.4 
Other losses, net3.2 (13.8)(13.9)(15.1)
Loss on extinguishment of debt(1.2)(0.5)(2.2)(4.2)
Gain on investments, net— — 8.8 — 
Equity interests income (loss)(1.9)(0.1)(3.1)0.8 
Loss from continuing operations before income taxes$(109.8)$(179.7)$(195.0)$(264.9)
___________________
(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. Corporate general and administrative expenses also include costs that were previously incurred in support of the Media Networks segment but are not directly attributable to it and thus were not recorded in discontinued operations, see Note 2.
(2)Adjusted depreciation and amortization represent depreciation and amortization as presented on our unaudited condensed 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:
Three Months EndedSix Months Ended
September 30,September 30,
2025202420252024
 (Amounts in millions)
Depreciation and amortization$4.4 $4.2 $8.8 $8.8 
Less: Amount included in purchase accounting and related adjustments(1.2)(1.0)(2.0)(2.0)
Adjusted depreciation and amortization$3.2 $3.2 $6.8 $6.8 

(3)Amounts in the six months ended September 30, 2024 represent a benefit from insurance recoveries related to circumstances associated with the COVID-19 pandemic (see Note 15). These charges and benefits are excluded from segment operating results.
(4)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.
(5)The following table reconciles total share-based compensation expense to adjusted share-based compensation expense:
Three Months EndedSix Months Ended
September 30,September 30,
2025202420252024
 (Amounts in millions)
Total share-based compensation expense$23.3 $18.1 $25.0 $31.5 
Less:
Amount included in restructuring and other(i)
(2.0)(4.6)(0.9)(4.6)
Adjusted share-based compensation$21.3 $13.5 $24.1 $26.9 
_________________
(i)Amounts represent share-based compensation expense recorded within restructuring and other expenses, attributable to the accelerated vesting of equity awards pursuant to certain severance arrangements.
(6)Purchase accounting and related adjustments primarily consist of the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The table below presents the amounts included in each financial statement line item:
Three Months EndedSix Months Ended
September 30,September 30,
2025202420252024
 (Amounts in millions)
Purchase accounting and related adjustments:
General and administrative expense(i)
$1.6 $1.7 $3.9 $3.8 
Depreciation and amortization1.2 1.0 2.0 2.1 
$2.8 $2.7 $5.9 $5.9 
_________________
(i)Amounts represent compensation expense associated with the noncontrolling equity interests in the distributable earnings of 3 Arts Entertainment. Due to the link to continued employment performance, these amounts are classified as general and administrative expense instead of noncontrolling interest in the consolidated statements of operations.
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:
Three Months EndedSix Months Ended
September 30,September 30,
2025202420252024
(Amounts in millions)
General and administration
Segment general and administrative expenses$36.3 $40.5 $69.2 $87.5 
Corporate general and administrative expenses28.9 31.9 61.0 65.4 
Share-based compensation expense included in general and administrative expense21.3 13.5 24.1 26.9 
Purchase accounting and related adjustments 1.6 1.7 3.9 3.8 
$88.1 $87.6 $158.2 $183.6 
Schedule of Reconciliation of Assets from Segment to Consolidated
The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:
 
September 30,
2025		March 31,
2025
 (Amounts in millions)
Assets
Motion Picture$2,168.5 $1,867.4 
Television Production2,282.6 2,279.3 
Other unallocated assets(1)
708.2 776.0 
Assets of discontinued operations— 1,899.4 
$5,159.3 $6,822.1 
___________________

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