Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Revenue by segment is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Revenue
Starz Networks	$	307.9	$	319.7	$	614.8	$	645.9
International(1)	—		—		—		4.4
	$	307.9	$	319.7	$	614.8	$	650.3

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(1)    Includes the operations in India and Southeast Asia for the three and six months ended June 30, 2025.

Remaining Revenue Performance Obligations

Remaining revenue performance obligations represent deferred revenue included on the balance sheet. Revenue totaling $53.4 million is expected to be recognized in the next twelve months, in relation to performance obligations that are unsatisfied as of June 30, 2026.

Accounts Receivable and Deferred Revenue

The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable and deferred revenue. See the accompanying unaudited condensed consolidated balance sheets for accounts receivable and deferred revenue balances at June 30, 2026 and December 31, 2025.

Accounts Receivable. Accounts receivable is presented net of a provision for credit losses. The Company estimates provisions for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records a provision for estimated credit losses expected over the lifetime of the receivables in direct operating expense.

The Company monitors its credit exposure through active review of customers' financial condition, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectability. The Company generally does not require collateral for its trade accounts receivable.

Credit Risk. Concentration of credit risk with the Company’s customers is limited due to the Company’s customer base and the diversity of its sales throughout the U.S. and Canada. The Company performs ongoing credit evaluations and maintains a provision for potential credit losses.

Deferred Revenue. Deferred revenue relates primarily to subscribers to the Starz App, who are billed in advance of the start of their monthly or multi-month membership. Revenue is recognized ratably over each applicable membership period when the Company satisfies the corresponding performance obligation. Deferred revenue consists primarily of customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Revenue of $11.8 million and $43.4 million was recognized during the three and six months ended June 30, 2026, respectively, related to the balance of deferred revenue at December 31, 2025.