Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s reportable segments have been determined based on the distinct nature of their operations, the Company's internal management structure, and the financial information that is evaluated regularly by the Company's chief operating decision maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. Our Chief Executive Officer ("CEO") is the CODM.

As described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, as of June 30, 2026, the Company has one reportable segment: Starz Networks, which includes our operations in the U.S. and Canada. During the six months ended June 30, 2025, International included operations in India and Southeast Asia. As described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, and effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate.

Segment information is presented in the table below:

	Three Months Ended
	June 30,
	2026		2025
	Starz Networks		Starz Networks
	(Amounts in millions)
Revenue
OTT revenue	$	221.3	$	221.1
Linear and other revenue	86.6		98.6
Total revenue	307.9		319.7
Operating expenses:
Programming amortization	114.1		162.5
Payroll(1)	35.6		29.7
Advertising and marketing	70.3		63.4
Other(2)	44.9		35.9
Depreciation and amortization	67.3		48.7
Restructuring and other	151.2		6.4
Total expenses	483.4		346.6
Operating loss	(175.5)		(26.9)
Interest expense	(13.6)		(13.2)
Interest and other income	0.5		—
Other expense	(2.0)		(2.5)
Loss from continuing operations before income taxes	(190.6)		(42.6)
Income tax benefit	1.2		0.1
Net loss from continuing operations	$	(189.4)	$	(42.5)

	Six Months Ended
	June 30,
	2026		2025
	Starz Networks		Starz Networks		International		Total
	(Amounts in millions)
Revenue
OTT revenue	$	432.4	$	444.6	$	2.0	$	446.6
Linear and other revenue	182.4		201.3		2.4		203.7
Total revenue	614.8		645.9		4.4		650.3
Operating expenses:
Programming amortization	252.4		278.6		2.3		280.9
Payroll(1)	69.9		60.2		0.6		60.8
Advertising and marketing	120.7		122.1		0.2		122.3
Other(2)	74.0		68.9		—		68.9
Depreciation and amortization	135.8		96.8		—		96.8
Restructuring and other	290.3		183.1		6.7		189.8
Total expenses	943.1		809.7		9.8		819.5
Operating loss	(328.3)		(163.8)		(5.4)		(169.2)
Interest expense	(27.5)		(24.1)		—		(24.1)
Interest and other income	0.9		1.7		—		1.7
Other expense	(3.8)		(4.3)		—		(4.3)
Loss on extinguishment of debt	—		(0.7)		—		(0.7)
Loss from continuing operations before income taxes	(358.7)		(191.2)		(5.4)		(196.6)
Income tax benefit	4.4		0.1		—		0.1
Net loss from continuing operations	$	(354.3)	$	(191.1)	$	(5.4)	$	(196.5)

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(1)    Payroll expense by segment, which includes salaries and employee benefits, is reviewed by the CODM on a quarterly basis.

(2)     Includes total other operating and general and administrative expenses from the accompanying unaudited condensed consolidated statements of operations, less payroll expense per note (1).

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

	June 30, 2026		December 31, 2025
	(Amounts in millions)
Assets
Starz Networks	$	1,560.3	$	1,818.2
Other unallocated assets(1)	111.5		95.0
	$	1,671.8	$	1,913.2

_____________________

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

Long-lived assets by geographic location are as follows:

	June 30, 2026		December 31, 2025
	(Amounts in millions)
Long-lived assets(1)
United States	$	952.6	$	1,084.6

_____________

(1)Long-lived assets primarily represent programming content, net, property and equipment, net, and right-of-use assets.