Restructuring and Other (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other

The following table sets forth restructuring and other and these other unusual charges:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Amounts in millions)
Contract termination fees(1)	$	147.2	$	—	$	147.2	$	—
Content impairments (recoveries)(2)	1.7		(0.3)		129.8		167.4
Transaction and other costs(3)	1.7		4.5		6.8		18.5
Severance(4)	0.5		—		6.4		1.5
Share-based compensation	0.1		2.2		0.1		2.4
	$	151.2	$	6.4	$	290.3	$	189.8

_____________________

(1)    In April 2026, Starz entered into an agreement to terminate certain live-action films under a post pay-one output licensing agreement. As a result, Starz recognized programming contract termination fees, which were recorded within Restructuring and other costs during the three and six months ended June 30, 2026. The termination cost is based on an agreed fee schedule which includes a measure of theatrical box office performance. Some of the underlying films have not yet been released theatrically, therefore the liability is an estimate, and the final termination cost may differ.

The reconciliation of the beginning and ending contract termination liability balance showing activity during the year is as follows:

Contract termination liability balance as of January 1, 2026	$	—
Accrued contract termination liability(a)	143.9
Contract termination liability accretion	3.3
Contract termination liability balance as of June 30, 2026	$	147.2

(a)    The Company measures the present value of its contract liability termination fee using discounted cash flow techniques. This fair value measurement is classified within Level 2 of the fair value hierarchy as it utilizes observable market inputs, including market-based corporate yield curves, estimated timing of expected cash flows, and credit risk assumptions derived from comparable rated debt instruments.

(2)    During the three and six months ended June 30, 2026 and June 30, 2025, Starz undertook actions to rationalize its content portfolio as part of its ongoing efforts to right-size its content cost structure in response to the evolving macroeconomic and industry environment, including continued declines in traditional linear services and operating as a standalone company following the Separation. These actions included evaluating programming on the Starz Platform, cancelling certain previously ordered programming, and removing and abandoning content determined to have limited strategic value.

(3)    Transaction and other costs during the three and six months ended June 30, 2026 and June 30, 2025 reflect costs associated with certain potential strategic transactions, costs associated with certain legal matters, and transaction, integration, and legal costs associated with the Separation.

(4)    Severance costs for the three and six months ended June 30, 2026 and June 30, 2025, represent a reduction in our work force due to cost-saving initiatives and the continued decline in traditional linear services.