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Item 1. Business

2025-06-26 compared with 2024-05-30 · 156 added, 494 removed, 24 unchanged (96% of the section changed)

Lionsgate (NYSE:

LGF.A, LGF.B) encompasses world-class motion picture and television studio operations aligned with the STARZ premium global subscription platform designed to bring a unique and varied portfolio of entertainment to consumers around the world.

Our film, television, subscription and location-based entertainment businesses are backed by a more than 20,000-title library and a valuable collection of iconic film and television franchises.

We manage and report our operating results through three reportable business segments:

Motion Picture , Television Production and Media Networks .

We refer to our Motion Picture and Television Production segments collectively as our Studio Business and our Media Networks segment as our Media Networks Business .

Financial information for our segments is set forth in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report.

On May 13, 2024, we consummated the business combination which resulted in the launch of Lionsgate Studios.

As of May 14, 2024, the common shares of our Studio Business trades on The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “LION.” See Business Combination below for additional information.

Studio Business

Motion Picture:

Our Motion Picture segment includes revenues derived from the following:

• Theatrical .

The domestic theatrical release of motion pictures licensed to theatrical exhibitors on a picture-by-picture basis (distributed by us directly in the U.S.

and through a sub-distributor in Canada).

The revenues from Canada are reported net of distribution fees and release expenses of the Canadian sub-distributor.

The financial terms that we negotiate with our theatrical exhibitors in the U.S.

generally provide that we receive a percentage of the box office results.

• Home Entertainment .

The sale or rental of our film productions and acquired or licensed films and certain television programs (including theatrical and direct-to-video releases) on packaged media and through digital media platforms (including pay-per-view and video-on-demand platforms, electronic sell through, and digital rental).

In addition, we have revenue sharing arrangements with certain digital media platforms which generally provide that, in exchange for a nominal or no upfront sales price, we share in the rental or sales revenues generated by the platform on a title-by-title basis.

• Television .

The licensing of our theatrical productions and acquired films to the linear pay, basic cable and free television markets.

In addition, when a license in our traditional pay television window is made to a subscription video-on-demand ("SVOD") or other digital platform, the revenues are included here.

• International.

The (i) licensing of our productions, acquired films, our catalog product and libraries of acquired titles to international distributors, on a territory-by-territory basis, and (ii) the direct distribution of our productions, acquired films, and our catalog product and libraries of acquired titles in the United Kingdom.

Among others, the licensing of our film and television and related content (e.g., games, music, location-based entertainment royalties, etc.) to other ancillary markets.

Television Production:

Our Television Production segment includes revenues derived from the following:

• Television.

The licensing to domestic markets (linear pay, basic cable, free television and syndication) of scripted and unscripted series, television movies, mini-series and non-fiction programming.

Television revenues include fixed fee arrangements as well as arrangements in which we earn advertising revenue from the exploitation of certain content on television networks.

Television revenues also include revenue from licenses to SVOD platforms in which the initial license of a television series is to an SVOD platform.

• International.

The licensing and syndication to international markets of scripted and unscripted series, television movies, mini-series and non-fiction programming.

• Home Entertainment.

The sale or rental of television production movies or series on packaged media and through digital media platforms.

Among others, the licensing of our television programs to other ancillary markets, the sales and licensing of music from the television broadcasts of our productions, and from commissions and executive producer fees earned related to talent management.

Media Networks

Our Media Networks segment includes revenues derived from the following:

• Starz Networks.

The domestic distribution of our STARZ branded premium subscription video services through over-the top ("OTT") streaming platforms and distributors, on a direct-to-consumer basis through the Starz app, and through U.S.

multichannel video programming distributors (“MVPDs”) including cable operators, satellite television providers and telecommunications companies (collectively, “Distributors”) (and in the aggregate, the “Starz Domestic Platform”).

• LIONSGATE+ .

The OTT distribution of the Company's STARZ branded premium subscription video services outside of the U.S.

The Starz Domestic Platform together with the LIONSGATE+ platforms are referred to as the “Starz Platforms.”

Segment Revenue

For the year ended March 31, 2024, contributions to the Company’s consolidated revenues from its reporting segments included Motion Picture 41.2%, Television Production 33.1% and Media Networks 39.2%, and intersegment revenue eliminations represented (13.6)% of consolidated revenues.

Within the Motion Picture segment, revenues were generated from the following:

• Theatrical, 13.7%;

• Home Entertainment, 44.4%;

• Television, 16.6%;

• International, 23.6%;

• Motion Picture-Other, 1.7%.

Within the Television Production segment, revenues were generated from the following:

• Television, 59.3%;

• International, 17.2%;

• Home Entertainment, 18.2%;

• Television Production-Other, 5.3%.

Within the Media Networks segment, revenues were generated from the following:

• Starz Networks, 86.6%;

• LIONSGATE+, 13.4%

Prior to the Separation, as defined and further discussed below, Starz Entertainment Corp.

(the “Starz Business”) substantially consisted of Lions Gate Entertainment Corp's (“Old Lionsgate” or “Parent”) Media Networks segment consisting of (i) Starz Networks, which includes the domestic distribution of STARZ branded premium subscription video services through over-the-top (“OTT”) streaming platforms and distributors, on a direct-to-consumer basis through the Starz App and through wholesale U.S.

and Canada OTT and multichannel video programming distributors (“MVPDs”), including cable operators, satellite television providers and telecommunications companies (in the aggregate the “Starz Platform”), and (ii) International, which at that time primarily consisted of the OTT distribution of subscription video services outside the U.S.

On May 6, 2025, Old Lionsgate, through a series of transactions contemplated by the arrangement agreement, dated as of January 29, 2025, as amended by an agreement, dated as of March 12, 2025 (as amended, the "Arrangement Agreement") completed the separation of the businesses (the “LG Studios Business”) of Lionsgate Studios Corp.

("Legacy Lionsgate Studios"), from the Starz Business (the “Separation”).

As a result of the Arrangement Agreement, the pre-transaction shareholders of Old Lionsgate own shares in two separately traded public companies:

(1) Old Lionsgate, which was renamed “Starz Entertainment Corp.” and holds, directly and through subsidiaries, the Starz Business previously held by Old Lionsgate, and (2) Lionsgate Studios Holding Corp.

(“New Lionsgate”), which was renamed “Lionsgate Studios Corp.” and holds, directly and through subsidiaries, the LG Studios Business previously held by Old Lionsgate, and is owned by Old Lionsgate shareholders and Legacy Lionsgate Studios shareholders.

Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, in accordance with U.S.

GAAP, due to the relative significance of the Studios Business as compared to the Starz Business and the continued involvement of Old Lionsgate’s senior management with New Lionsgate following the completion of the Starz Separation, New Lionsgate (which holds the LG Studio Business) is considered the accounting spinnor or divesting entity and Starz (which holds the Starz Business) is considered the accounting spinnee or divested entity.

As a result, Old Lionsgate is the accounting predecessor to New Lionsgate and the Starz Business's historical financial information has been prepared on a carve-out basis and are derived from Old Lionsgate’s consolidated financial statements and accounting records.

These combined financial statements reflect the Company's combined historical financial position, results of operations and cash flows as they were historically managed.

Starz is a leading provider of premium subscription video programming to consumers in the U.S.

and Canada, offering thousands of hours of content to its subscribers including its critically acclaimed and award-winning scripted original series.

Starz sells its services on a direct-to-consumer basis and through various distributors, including over-the-top providers (such as Amazon, Apple, Google and Hulu) and multichannel video programming distributors (such as Comcast, Charter, DIRECTV and DISH Network).

Launching in April 2016, Starz was among the first standalone over-the-top services offering premium video programming.

Starz’s over- the-top service is consistently among the top dozen most subscribed video subscription services in the U.S.

Starz’s flagship premium service STARZ had 19.60 million subscribers as of March 31, 2025 (total North American subscribers not including subscribers who receive programming free as part of a promotional offer).

STARZ offers premium original series and recently released and library movies without advertisements.

Starz’s other services, STARZ ENCORE and MOVIEPLEX, offer theatrical and independent library movies as well as original and classic television series also without advertisements.

Starz’s services include a stand-alone, direct-to-consumer app, 17 linear networks, and on-demand and online viewing platforms.

Starz’s “linear networks” listed in the table below offer the exhibition of titles on a scheduled basis on a programmed channel (as compared to on demand viewing at a time chosen by the subscriber).

The STARZ app and online viewing platforms offer thousands of hours of monthly movies and series episodes from studio partners on an on-demand basis, including first-run content, along with a growing line-up of successful original programming.

Starz’s services are offered directly to consumers via the STARZ app and via Starz’s website at www.starz.com as well as through Starz’s retail partners (such as Apple and Google) for a recurring fee, or by Starz’s distributors to their subscribers either at a recurring price as part of a programming tier, package or bundle with other products or services, or on an a la carte basis.

The table below depicts the STARZ app and Starz’s 17 existing linear services, along with their respective on-demand services, and highlights some of their key attributes.

Corporate Strategy

We manage a large and diversified portfolio of film and television content that we license to theatrical exhibitors, streaming, broadcast, pay cable and other platform partners worldwide.

We maintain a disciplined, targeted and cost-effective approach to the acquisition, production, marketing and distribution of that content.

Our strategic focus on content makes us a preferred supplier to third-party buyers as well as our own STARZ platform.

The extension of our portfolio of brands and franchises, creation of new intellectual properties and rigorous focus on retaining key rights to our content is designed to create incremental long-term value for our shareholders through a combination of current releases and one of the most valuable film and television libraries in the world.

STUDIO BUSINESS:

MOTION PICTURE

Motion Picture - Theatrical

Production and Acquisition

We take a disciplined approach to theatrical production, with the goal of producing content that can be distributed through various domestic and international platforms.

In doing so, we may mitigate the financial risk associated with production by:

• Negotiating co-financing development and co-production agreements which may provide for cost-sharing with one or more third-parties;

• Pre-licensing international distribution rights on a selective basis, including through international output agreements (which license rights to distribute a film in one or more media generally for a limited term, and in one or more specific territories prior to completion of the film);

• Structuring agreements that provide for talent participation in the financial success of the film in exchange for reduced guaranteed “up-front payments” that would be paid regardless of the film's success;

• Utilizing governmental incentives, programs and other structures from state and foreign countries (e.g., sales tax refunds, transferable tax credits, refundable tax credits, low interest loans, direct subsidies or cash rebates, calculated based on the amount of money spent in the particular jurisdiction in connection with the production).

Our approach to acquiring films complements our theatrical production strategy - we typically seek to limit our financial exposure while adding films with high potential for commercial box office success, critical recognition and successful monetization across a broad array of platforms.

The economic life of a motion picture may consist of its exploitation in theaters, on packaged media and on various digital and television platforms in territories around the world.

We generally distribute motion pictures directly to movie theaters in the U.S.

whereby the exhibitor retains a portion of the gross box office receipts and the balance is remitted to the distributor.

Concurrent with their release in the U.S., films are generally released in Canada and in one or more foreign countries.

We construct release schedules taking into account moviegoer attendance patterns and competition from other studios' scheduled theatrical releases.

After initial theatrical release, distributors seek to maximize revenues by releasing films in sequential release date windows, which may be exclusive against other non-theatrical distribution platforms.

In certain circumstances, our distribution strategy has and may continue to change, and certain films intended for theatrical release may be licensed to other platforms.

Producing, marketing and distributing films can involve significant risks and costs, and can cause our financial results to vary depending on the timing of a film’s release.

For instance, marketing costs are generally incurred before and throughout the theatrical release of a film and are expensed as incurred.

Therefore, we typically incur losses with respect to a particular film prior to and during the film’s theatrical exhibition, and profitability for the film may not be realized until after its theatrical release window.

Further, we may revise the release date of a film as the production schedule changes or in such a manner as we believe is likely to maximize revenues or for other business reasons.

Additionally, there can be no assurance that any of the films scheduled for release will be completed and/or in accordance with the anticipated schedule or budget, or that the film will ever be released.

Theatrical Releases

For the fiscal year ended March 31, 2024, we released twenty-six (26) films theatrically in the U.S.

across our labels (including our partnership with Roadside Attractions).

Such titles and their release patterns included the following:

Theatrical Releases

Theatrical Release Date

Release Pattern

Are You There God?

It’s Me, Margaret April 28, 2023 Theatrical and Accelerated Home Entertainment Lionsgate

Sisu April 28, 2023 Theatrical and Premium Video-on-Demand Lionsgate

About My Father May 26, 2023 Theatrical and Premium Video-on-Demand Lionsgate

The Blackening June 16, 2023 Theatrical and Premium Video-on-Demand Lionsgate

Joy Ride July 7, 2023 Theatrical and Premium Video-on-Demand Lionsgate

Expend4bles September 22, 2023 Theatrical and Premium Video-on-Demand Lionsgate

Saw X September 29, 2023 Theatrical and Premium Video-on-Demand Lionsgate

The Hunger Games:

The Ballad of Songbirds & Snakes November 17, 2023 Theatrical and Premium Video-on-Demand Lionsgate

Silent Night December 1, 2023 Theatrical and Premium Video-on-Demand Lionsgate

Ordinary Angels February 23, 2024 Theatrical and Premium Video-on-Demand Lionsgate

Imaginary March 8, 2024 Theatrical and Premium Video-on-Demand Lionsgate

Arthur the King March 15, 2024 Theatrical and Premium Video-on-Demand Lionsgate

Theatrical Releases

Theatrical Release Date

Release Pattern

Somewhere in Queens April 21, 2023 Theatrical and Accelerated Home Entertainment Roadside Attractions

Fool's Paradise May 15, 2023 Theatrical and Premium Video-on-Demand Roadside Attractions

The Last Rider June 23, 2023 Theatrical and Accelerated Home Entertainment Roadside Attractions

Black Ice July 14, 2023 Theatrical and Accelerated Home Entertainment Roadside Attractions

Dreamin' Wild August 4, 2023 Theatrical and Accelerated Home Entertainment Roadside Attractions

Retribution August 25, 2023 Theatrical and Premium Video-on-Demand Roadside Attractions

Camp Hideout September 15, 2023 Theatrical and Accelerated Home Entertainment Roadside Attractions

The Marsh King's Daughter November 3, 2023 Theatrical and Premium Video-on-Demand Roadside Attractions

Beyond Utopia November 3, 2023 Theatrical and Accelerated Home Entertainment Roadside Attractions

Scrambled February 2, 2024 Theatrical and Accelerated Home Entertainment Roadside Attractions

The Monk and the Gun February 9, 2024 Theatrical and Accelerated Home Entertainment Roadside Attractions

Bring Him to Me February 23, 2024 Multi-platform Theatrical and Home Entertainment Roadside Attractions

Accidental Texan March 8, 2024 Theatrical and Accelerated Home Entertainment Roadside Attractions

Asphalt City March 29, 2024 Theatrical and Accelerated Home Entertainment Roadside Attractions

We continue to evaluate release strategies of our films by releasing solely and/or earlier on streaming platforms, initially releasing on premium video-on-demand, premium electronic sell-through, or by licensing directly to streaming platforms.

In doing so, we capitalize on increased optionality in distribution and maintain a platform agnostic approach to distribution to take full advantage of new windowing opportunities and alternative distribution strategies (while also continuing to work closely with our theatrical exhibition partners).

Nominations and Awards

Lionsgate and affiliated companies (including its wholly-owned subsidiaries, Artisan Pictures, Mandate Pictures and Summit Entertainment, and Roadside Attractions, of which Lionsgate owns a 43% equity interest) have distributed films that have earned numerous Academy Award®, Golden Globe Awards®, Producers Guild Awards®, Screen Actors Guild Awards®, Directors Guild Awards®, BAFTA Awards and Independent Spirit Awards nominations and wins.

Motion Picture - Home Entertainment

home entertainment distribution operation exploits our extensive film and television content library of more than 20,000 motion picture titles and television episodes and programs, consisting of titles from, among others, Lionsgate, our subsidiaries, affiliates and joint ventures (such as Anchor Bay Entertainment, Artisan Entertainment, eOne, Grindstone Entertainment Group, Roadside Attractions, STARZ, Summit Entertainment, Trimark and Vestron), as well as titles from third parties such as A24, A&E, AMC, Entertainment Studios, Gravitas, Saban Entertainment, StudioCanal, STX Entertainment, Tyler Perry Studios Visiona Romantica and Zoetrope.

Home entertainment revenue consists of packaged media and digital revenue.

Packaged Media

Packaged media distribution involves the marketing, promotion and/or sale of DVDs/Blu-ray/4K Ultra HD discs to wholesalers and retailers in the U.S.

Fulfillment of physical distribution services are substantially licensed to Sony Pictures Home Entertainment.

We distribute or sell content directly to retailers such as Wal-Mart, Target, Amazon and others who buy large volumes of our discs to sell directly to consumers.

Digital Media

We consider alternative distribution strategies for our films and releases several titles solely and/ or in an accelerated post-theatrical window on various digital platforms (including multi-platform distribution).

We directly distribute this and other content (including certain titles not distributed theatrically or on physical media) across a wide range of global distribution platforms and networks on an on-demand basis (whereby the viewer controls the timing of playback) through dozens of transactional (transactional video-on-demand and electronic-sell-through), subscription, ad-supported and free video-on-demand platforms.

We also directly distribute content on a linear distribution basis (i.e., whereby the programmer controls the timing of playback) through various linear pay, basic cable, and free, over-the-air television platforms worldwide.

Transactional video-on-demand services to which we license our content include, among others, Prime Video, Apple TV, Fandango at Home, YouTube, Google TV, Comcast Xfinity and Microsoft Movies & TV;

SVOD services to which we license our content include, among others, Netflix, Hulu, Amazon’s Prime Video, Peacock, Paramount+ and Max;

ad-supported video-on-demand services to which we license our content include, among others, The Roku Channel, Tubi TV, YouTube, Samsung and Pluto;

and linear networks to which we distribute our content include, among others, pay television networks such as STARZ, EPIX, HBO and Showtime, and basic cable network groups such as NBCUniversal Cable Entertainment, Paramount Global Domestic Media Networks, Disney Media & Entertainment Distribution Networks, Warner Media Entertainment Networks and AMC Networks, as well as Bounce, Telemundo and UniMás.

Additionally, we own and operate a suite of 13 multi-content and single series FAST channels carried by various platforms including, among others, Samsung, The Roku Channel and Pluto.

Motion Picture - Television

We license our theatrical productions and acquired films to the domestic linear pay, basic cable and free television markets.

For additional information regarding such distribution, see Motion Picture-Home Entertainment - Digital Media above.

Motion Picture - International

Our international sales operations are headquartered at our offices in London, England.

The primary components of our international business are, on a territory-by-territory basis through third parties or directly through our international divisions:

• The licensing of rights in all media of our in-house feature film product and third-party acquisitions on an output basis;

• The licensing of rights in all media of our in-house product and third-party acquisitions on a sales basis for non-output territories;

• The licensing of third-party feature films on an agency basis;

• Direct distribution of theatrical and/or ancillary rights licensing.

We license rights in all media on a territory-by-territory basis (other than the territories where we self-distribute) of (i) our in-house feature film product, and (ii) films produced by third parties such as Ace Entertainment, Buzzfeed, Fifth Season, Asbury Park Pictures and Endurance Media.

Films licensed and/or released by us internationally in fiscal 2024, included such in-house productions as The Hunger Games:

The Ballad of Songbirds & Snakes , Are You There God?

It’s Me Margaret , About My Father , Joy Ride , Saw X , Highlander , Now You See Me 3 , Michael , Imaginary , Never Let Go (f/k/a Motherland) and Miller’s Girl , as well as films produced by third parties such as Flight Risk , Anniversary , Ordinary Angels , Unsung Hero , The Blackening , The Strangers Trilogy , One Ranger , Float , Puppy Love , Love in Taipei and Love at First Sight .

Third-party films for which we were engaged as exclusive sales agent and/or released by us internationally in fiscal 2024 included Bone Yard and The Fabulous Four .

Through our territory-by-territory sales and an output arrangement in France (for all rights for all media, including home entertainment and television rights), we generally cover a substantial portion of the production budget or acquisition cost of new theatrical releases which we license and distribute internationally.

We also distribute theatrical titles in Latin America through International Distribution Company, and theatrical rights in Canada through Cineplex Pictures.

We also self-distribute motion pictures in the United Kingdom and Ireland through our subsidiary, Lions Gate International (UK) Limited (“Lionsgate UK”).

For the fiscal year ended March 31, 2024, Lionsgate UK released the following theatrical titles:

Title Release Date

Are You There God?

It’s Me, Margaret May 19, 2023

Joy Ride August 4, 2023

Cobweb September 1, 2023

Expend4bles September 22, 2023

Saw X September 29, 2023

The Miracle Club October 13, 2023

Anatomy of a Fall November 10, 2023

The Hunger Games:

The Ballad of Songbirds & Snakes November 17, 2023

The Iron Claw February 9, 2024

Imaginary March 8, 2024

Additionally, our office in India manages operations and growth opportunities in the South Asian/Indian sub-continent.

Through our local office in Mumbai, we manage the following activities:

• Appoint and work closely with theatrical distribution partners to maximize box office for our films;

• Partner with local production companies, as well as develop in-house, Indian local language television series and feature films for distribution across other media platforms;

• Offer STARZ in the region and across emerging Asian markets, through our direct-to-consumer product and in collaboration with telco and broadband partners, Amazon and Apple TV;

• Explore investment opportunities throughout the South Asian and South East Asian media market.

Motion Picture - Other

Global Products and Experiences

Our Global Products and Experiences division drives incremental revenue and builds consumer engagement across our entire portfolio of properties via live shows and experiences, location-based entertainment destinations, games, physical and digital merchandise, and select strategic partnerships and investments .

Within the division, our Global Live Entertainment business focuses on licensing, developing, and producing live stage shows, concerts, and live immersive experiences and events based on our theatrical and television content.

We have announced multiple live entertainment projects, including Wonder , Nashville and La La Land for Broadway, The Hunger Games for London, as well as a live dance show inspired by our Step-Up film franchise.

Live to film concerts currently touring globally include La La Land , Dirty Dancing and Twilight .

Our Interactive Entertainment business focuses on growing a slate that includes games across PC/console, mobile, virtual reality and more, both through stand-alone games based solely on our content and the integration of our properties with marquee games such as Call of Duty , Dead By Daylight , Roblox, and Fortnite , as well as Web3 projects, including the SANDBOX.

Our Location Based Entertainment business licenses and produces our Lionsgate, theatrical, and television brands for theme parks, destinations, and stand-alone attractions and experiences.

Attractions based on The Hunger Games , John Wick , Now You See Me , SAW and other of our intellectual property can be found at theme parks and destinations in the United States, United Kingdom, and the Middle East, including the John Wick Experience opening in Las Vegas later in 2024.

We have also partnered with Six Flags to open SAW themed haunted houses across multiple Six Flags theme parks during the Halloween season.

Our Consumer Products business licenses and develops products around our leading film and television properties, including John Wick , The Hunger Games , Twilight , Dirty Dancing, Saw and Ghosts .

Our merchandise is available in the

Lionsgate Shop, our official e-commerce shop, and at many well- known retail outlets such as Hot Topic, Walmart and Target.

We are developing new offerings across a broad range of categories with best-in-class licensees, including LEGO, American Classics, Ripple Junction, Goodie Two-Sleeves, Hot Toys, Funko and more.

We manage music for our theatrical and television slates, including overseeing songs, scores and soundtracks for all of our theatrical productions, co-productions and acquisitions, as well as music staffing, scores and soundtracks for all of our television productions.

Music revenues are derived from the sales and licensing of music from our films, television, and other productions, and the theatrical exhibition of our films and the broadcast and webcast of our productions.

Ancillary Revenues

Ancillary revenues are derived from the licensing of films and television content at non-theatrical venues including educational and institutional facilities, U.S.

military bases, oil rigs, hospitals, hotels, prisons, and on all forms of common carrier transportation, including airlines and ships.

STUDIO BUSINESS:

TELEVISION PRODUCTION

Our television business consists of the development, production, syndication and distribution of television programming.

We principally generate revenue from the licensing and distribution of such programming to broadcast television networks, pay and basic cable networks, digital platforms and syndicators of first-run programming, which license programs on a station-by-station basis and pay in cash or via barter (i.e., trade of programming for airtime).

Each of these platforms may acquire a mix of original and library programming.

After initial exhibition, we distribute programming to subsequent buyers, both domestically and internationally, including basic cable network, premium subscription services or digital platforms (known as “off-network syndicated programming”).

Off-network syndicated programming can be sold in successive cycles of sales which may occur on an exclusive or non-exclusive basis.

In addition, television programming is sold on home entertainment (packaged media and via digital delivery) and across all other applicable ancillary revenue streams including music publishing, touring and integration.

Similar to our film production practices, we leverage tax credits, subsidies, and other incentive programs to optimize our returns and maintain financially prudent production models for television content.

Television Production - Television

Lionsgate Television

We currently produce, syndicate and distribute 100 television shows on more than 50 networks.

For the fiscal year ended March 31, 2024, scripted and unscripted programming produced, co-produced or distributed by us and our affiliated entities (not including executive produced series by 3 Arts Entertainment, of which we own a majority interest), as well as programming syndicated by our wholly-owned subsidiary, Debmar-Mercury, included the following:

Scripted – Lionsgate

Black Mafia Family

The Continental

Peacock / Amazon

Extended Family

Power Book II:

Power Book III:

Raising Kanan

Serpent Queen

The Venery of Samantha Bird

Scripted – eOne

A Gentleman in Moscow

The Spencer Sisters

Yellowjackets

Unscripted – Lionsgate Alternative Television*

Adam Richman Eats Britain

All Creatures Great and Small Meets The Yorkshire Vet

Animal Care Club

At Home with the Greens

Investigation Discovery

Behind the Music

Bob Menendez Documentary

Brat Loves Judy

Brat Loves Judy:

The Baby Special

Britain's Islands:

Isle of Wight

Buried in the Backyard

Celebrity Ex On The Beach

Cruising with Susan Calman

Derbez Family Vacation

Investigation Discovery

Disappeared - Bradley Sisters Podcast

Investigation Discovery

Disappeared Special - Bradley Sisters

Investigation Discovery

Fletcher's Family Farm

Fletcher's Family Farm at Christmas

Good Cop, Bad Cop

Investigation Discovery

Harvest on the Farm

Hoffman Family Gold

How to Not Get Rid of a Body

Investigation Discovery

Icons that Changed America

Lincoln Log Masters

Lost U-Boats of WWII

Married to the Game

My Big Fat Fab Life

Naked and Afraid

Naked and Afraid XL

Naked and Afraid:

Last One Standing

Road to the Title

Royal Rules of Ohio

Secrets of the Christmas Factory

Seduced to Slay

Investigation Discovery

Selling Sunset

Selling the OC

The Viking Isles

Street Outlaws Australia

Street Outlaws Mega Cash Days

Street Outlaws New Orleans

Susan Calman:

Tales of the City

The Barnes Bunch

The Canary Islands with Jane McDonald

The Love Experiment

The Murder Tapes

Investigation Discovery

The Ultimate Fighter

The Yorkshire Vet

Toya & Reginae

Where is Wendy Williams?

National Geographic

Zombie House Flippers

Syndication – Debmar-Mercury

People Puzzler

Sherri Shepherd

* Lionsgate Alternative Television includes programming produced by Pilgrim Media Group (of which we own a majority interest), as well as by our wholly-owned subsidiaries, eOne’s U.S.

non-scripted group, Blackfin, Renegade and Daisybeck Studios (acquired in December 2023).

Starz Original Programming

For information regarding production of Starz original programming, see Media Networks - Starz Networks - Starz Original Programming.

Television Production- International

We license, sale and distribute original Lionsgate television series (including Lionsgate UK television programming), Starz original programming, third party television programming and format acquisitions to international markets via packaged media

and various digital platforms.

For the fiscal year ended March 31, 2024, Lionsgate UK television programming that was acquired, began production, was produced or was broadcast, included the following:

Television - Lionsgate UK

Title Network Partner(s)

Northern Lights TG4 Deadpan Pictures

Son of Critch 3 CBC & CW Project 10

Borderline ZDF & Roku Further South Productions and ShinAwil

The Burnings Girls Paramount+ and Roku Buccaneer Media

The Final Score Netflix Dynamo

The Cleaner Sky NZ Endevour Ventures

Prosper Stan Lingo Pictures

Population 11 Stan Jungle Entertainment

Pistol FX/Hulu and Disney+ Wiip

Endangered M-Net MOTD Entertainment

Television Production - Home Entertainment

For information regarding television production home entertainment revenue, see Motion Picture - Home Entertainment above.

Television Production - Other

Other revenues are derived from, among others, the licensing of our television programs to other ancillary distributors, the sales and licensing of music from the television broadcasts of our productions, and from our interest in 3 Arts Entertainment, a talent management company.

3 Arts Entertainment receives commission revenue from talent representation and are producers on a number of television shows and films where they receive an executive producer fee and back-end participations.

MEDIA NETWORKS

Media Networks - Starz Networks - United States

Starz Networks is a leading provider of premium subscription video programming to consumers in the U.S.

We sell our services on a direct-to-consumer basis and through various distributors, including OTT providers (such as Amazon, Apple, Google and Hulu) and MVPDs (such as Comcast, Charter, DIRECTV and DISH Network).

Our flagship premium service STARZ had 21.8 million subscribers as of March 31, 2024 (total North America not including subscribers who receive programming free as part of a promotional offer).

STARZ offers premium original series and recently released library movies without advertisements.

Our other services, STARZ ENCORE and MOVIEPLEX, offer theatrical and independent library movies as well as original and classic television series also without advertisements.

Our services include a stand-alone, direct-to-consumer app, 17 linear networks, and on-demand and online viewing platforms.

Our app and online viewing platforms offer thousands of monthly movies and series episodes from studio partners, including first-run content, along with a growing line-up of successful original programming.

Our services are offered directly to consumers via the STARZ app and via our website at www.starz.com as well as through our retail partners (such as Apple and Google) for a recurring fee, or by our distributors to their subscribers either at a recurring price as part of a programming tier, package or bundle with other products or services, or on an a la carte basis.

The table below depicts the STARZ app and our 17 existing linear services, their respective on-demand services, and highlights some of their key attributes.

Demographics and Strategy

Designed to complement any television offering for general audiences across both wholesale and retail OTT, as well as traditional MVPD distribution platforms, STARZ is a best-in-class subscription service delivering premium original series and hit movies with appeal to women and diverse audiences worldwide.

We are focused on developing and distributing authentic and engaging original programming that resonates with audiences that have been traditionally underrepresented in the premium television space.

Across our digital platforms, the STARZ app provides an alternative for subscribers looking for a competitively priced option.

Subscribers have access to a vast library of quality content and a top-rated user experience, along with the ability to download and watch STARZ original series, blockbuster theatricals and favorite classic TV series and movies.

We believe this strategy, combined with a proven management team, will ensure Starz Networks’ services remain a “must have” for subscribers and a meaningful profit center for our distributors.

Designed to complement any television offering for general audiences across both wholesale and retail

over-the-top, as well as traditional multichannel video programming distributor distribution platforms, STARZ is a best-in-class subscription service delivering premium original series and hit movies with appeal to women and diverse audiences.

Starz is focusing on developing and distributing authentic and engaging original programming that resonates with audiences that have been traditionally underrepresented in the premium television space.

The STARZ app is available across digital platforms (including but not limited to iOS, Android, Amazon Fire, and Roku) and offers a user experience that has received high user star ratings on both the iOS and Android store platforms and received Editor’s choice awards from both Apple and Google Play’s editorial team s .

Subscribers have access to thousands of hours of content across Starz’s library of quality programming, along with the ability to download and watch STARZ original series, blockbuster theatricals and favorite classic television series and movies.

Starz believes this strategy, combined with a proven management team, will ensure its services remain a “must have” for subscribers and a meaningful profit center for its distributors.

Affiliation Agreements

Our services are distributed pursuant to affiliation agreements with our distributors.

We earn revenue under these agreements either (i) based on amounts or rates tied to the total number of subscribers who receive our services or (ii) based on amounts or rates which are not tied solely to the total number of subscribers who receive our services.

Our affiliation agreements expire at various dates through 2027.

We work with our distributors to increase the number of subscribers to our services.

To accomplish this, we may help fund the distributors’ efforts to market our services or may permit distributors to offer limited promotional periods with discounted or no payment of subscriber fees.

We believe these efforts enhance our relationship with distributors, improve the awareness of our services and maximize subscribers and revenue over the term of these affiliation agreements.

Distributors report the number of subscribers to our services and pay for services, generally, on a monthly basis.

The agreements are generally structured to be multi-year agreements with staggered expiration dates and certain of the agreements provide for annual contractual rate increases.

The STARZ app is the single destination for both direct OTT subscribers and distributor authenticated subscribers to stream or download our original series and movie content.

Starz’s services are distributed pursuant to affiliation agreements with its distributors.

Starz earns revenue under these agreements either based on amounts or rates tied to the total number of subscribers who receive its services or on other metrics or factors.

Starz’s affiliation agreements expire at various dates through 2028, and Starz intends to renew these agreements as they expire on a rolling basis.

Typically, such negotiations would begin two to six months before the

agreement’s expiration date.

Occasionally, the parties decide to engage in early renewal conversations or agree to short-term extensions to provide additional time to negotiat e .

Starz works with its distributors to increase the number of subscribers to its services.

To accomplish this, Starz may help fund the distributors’ efforts to market its services or may offer discounts or waivers of license fees during limited-time promotional periods.

Starz believes these efforts enhance its relationship with distributors, improve the awareness of its services and maximize subscribers and revenue over the term of these affiliation agreements.

Distributors report the number of subscribers to Starz’s services and pay for services, generally, on a monthly basis.

The agreements are usually structured to be multi-year agreements with staggered expiration dates so agreements are renewed on a rolling basis, and certain of the agreements provide for annual contractual rate increases.

The STARZ app is the single destination for both direct over-the-top subscribers and distributor authenticated subscribers to stream or download Starz’s original series and movie content.

The STARZ app:

• Is available for purchase as a standalone OTT service for a recurring monthly fee;

• Is available for purchase as a standalone over-the-top service for a recurring monthly fee;

• Is available on a wide array of platforms and devices including Amazon Fire, iOS, Android and Roku, among others;

• Includes on-demand streaming and downloadable access for internet-free viewing;

• Offers instant access to thousands of selections each month (including STARZ original series and commercial free movies);

• Is available as an additional benefit to paying MVPD subscribers of the Starz Networks’ linear premium services.

• Offers instant access to thousands of hours of programming selections each month (including STARZ original series and commercial free movies);

• Is available as an additional benefit to multichannel video programming distributor subscribers of Starz's linear premium services.

Starz Original Programming

STARZ is a leader in high-quality, bold premium programming developed for women and underrepresented audiences.

Its slate is driven by critically-acclaimed and award-winning scripted original series with highly-engaged audiences.

STARZ Original Series like “Outlander” and “Power” have become tentpole franchises with multiple spinoff and derivative series to meet audience demand.

STARZ also has brought audiences groundbreaking new series including “P-Valley,” “BMF,” and “The Serpent Queen,” among many others.

Starz Networks contracts with Lionsgate’s Television Production segment and other independent studios and production companies to produce original programming that appears on our Starz services.

In fiscal 2024, STARZ premiered a strong lineup of original programming for women and underrepresented audiences including the highly-anticipated return of the time travel, fantasy series “Outlander” (Season 7), a new season of the gripping crime drama “BMF” (Season 3) and installments of the juggernaut “Power” cinematic universe, “Power Book III:

Raising Kanan” (Season 3) and “Power Book IV:

Force” (Season 2), among several other series and season premieres.

These original programming premieres, coupled with an increased volume of theatrical output titles drove subscription and engagement with key cohorts.

Starz is a leader in high-quality, bold premium programming developed for women and underrepresented audience s , with approximately 20% of content available on Starz’s services consisting of programming original to Starz.

Starz views it as its mandate to deliver programming for, by, and about women and underrepresented voices.

Starz is constantly seeking out material that reflects its mandate which can be acquired or developed into hit shows, with this mandate guiding the development process.

For example, Starz not only retains scouts to identify literary content that aligns with this mandate, but also actively engages with underrepresented communities to discover writers and producers to create shows in line with this focus.

Starz’s resulting slate is driven by critically acclaimed and award-winning scripted original series with highly engaged audiences (as measured by overall watch time and social media engagement ) .

STARZ Original Series like “Outlander” and “Power” have become tent-pole franchises with multiple spin-off and derivative series to meet audience demand.

STARZ also has brought audiences groundbreaking new series including “P-Valley” and “BMF,” among many others.

Starz contracts with studios and production companies to produce original programming that appears on its services.

For its fiscal year ended March 31, 2025, Starz delivered a strong lineup of original programming for women and underrepresented audiences including new seasons of the “Power” cinematic universe hit series “Power Book II:

Ghost” (Season 4) and “Power Book III:

Raising Kanan” (Season 4);

and the time travel, fantasy series “Outlander” (Season 7, Part 2), among several other series premieres.

These original programming premieres, coupled with recently acquired titles like “Mary & George” and “Three Women,” along with an increased volume of theatrical output titles, drive subscription and overall watch time across key cohort s , including movie lovers, women, and underrepresented minoritie s .

Output and Content License Agreements

The majority of acquired content on our services consists of movies that have been released theatrically.

Starz has an exclusive multiyear output licensing agreement with Lionsgate for Lionsgate label titles theatrically released in the U.S.

starting January 1, 2022, and for Summit label titles theatrically released in the U.S.

The majority of acquired content on Starz’s services consists of movies that have been released theatricall y , which make up approximately 80% of the content available on Starz’s service s .

Starz has an exclusive multiyear output licensing

agreement with New Lionsgate for Lionsgate label titles theatrically released in the U.S.

starting January 1, 2022, and for New Lionsgate’s Summit label titles theatrically released in the U.S.

starting January 1, 2023.

Starz also has an exclusive multiyear post pay-one output licensing agreement with Universal for live-action films theatrically released in the U.S.

Starz enjoys exclusivity vis-à-vis other services during all of its windows in this licensing agreement.

However, there are periods between Starz’s windows when New Lionsgate can license the content to third parties.

License fees paid by Starz to New Lionsgate for these licenses are based on a formula derived from domestic box office performanc e .

Starz also has an exclusive multiyear output licensing agreement with Universal for live-action films theatrically released in the U.S.

starting January 1, 2022.

The Universal agreement provides Starz with rights to exhibit these films immediately following their pay-one windows.

The Universal agreement provides Starz with rights to exhibit these films immediately following their initial windows.

Under these agreements, Starz has valuable exclusive rights to air these new movies on linear television services, on-demand or online during specific windows.

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The rights agreements for library content are of varying duration and generally permit Starz’s services to exhibit these movies, series and other programming during certain window periods.

A summary of significant output and library programming agreements (including a library agreement with Lionsgate) are as follows:

Significant output programming agreements Significant library programming agreements

Studio Studio

Lionsgate Lionsgate

Universal Universal

Twentieth Century Fox

Our output agreements generally require us to pay for movies at rates calculated on a pricing grid that is based on each film’s domestic box office performance (subject to maximum amounts payable per movie and a cap on the number of movies that can be put to Starz each year).

Our library deals with major studios are typically amended on a periodic basis to add new titles and windows, with some studios choosing to license library content on an annual basis.

As of June 16, 2025, we have windows through at least the following years in our significant output and library programming agreements:

Significant output programming agreements

Significant library programming agreements

Lionsgate (at least 2030 for the first window)

Universal (at least 2029 for the first window)

Lionsgate (at least 2028)

Universal (at least 2028)

Paramount (at least 2026)

Sony (at least 2026)

Twentieth Century Fox/Disney (at least 2025)

(at least 2026)

Starz’s output agreements generally require payment for movies at rates calculated on a pricing grid that is based on each film’s domestic box office performance (subject to maximum amounts payable per movie and a cap on the number of movies that can be put to Starz each year).

The amounts Starz pays for library content vary based on each specific agreement, but generally reflect an amount per movie, series or other programming commensurate with the quality (e.g., utility and perceived popularity) of the content being licensed.

We currently uplink our programming for our linear services to non-pre-emptible, protected transponders on two satellites positioned in geo-synchronous orbit.

These satellites feed our signals to various swaths of the Americas.

We lease these transponders under multi-year agreements.

We currently transmit to these satellites from our primary uplink facilities, which are provided by a third-party vendor.

We have made arrangements at a vendor’s facility to uplink our linear channels to these satellites in the event we are unable to do so from our primary uplink facilities.

Starz currently uplinks its programming for its linear services to non-pre-emptible, protected transponders on two satellites positioned in geo-synchronous orbit.

These satellites feed their signals to various swaths of the Americas.

Starz leases these transponders under multi-year agreements.

Starz currently transmits to these satellites from its uplink facilities provided by a third-party vendor.

Regulatory Matters

In the U.S., the Federal Communications Commission (the “FCC”) regulates several aspects of our and our distribution ecosystem’s operations and programming.

This includes FCC oversight in connection with communications satellites and related uplink/downlink equipment and transmissions, content-specific requirements such as closed captioning, loudness of commercials, and program access requirements in connection with certain distributors and programmer services with shared attributable interests.

To the extent that our programming services are distributed through online platforms, we must comply with various federal and state laws and regulations applicable to online communications and commerce.

Further material changes in the law and regulatory requirements that affect our business must be anticipated and there can be no assurance that we will not be materially adversely affected by future legislation, new regulation or deregulation.

Media Networks - International

Starz is available outside the U.S.

through STARZ in Canada;

LIONSGATE PLAY in India;

and through our STARZPLAY Arabia joint venture in the Middle East and North Africa.

Beginning in fiscal 2023, during the second quarter ended September 30, 2022, due to adverse macro and microeconomic conditions, including the competitive environment, continued inflationary trends and recessionary economies worldwide and its impact on the Company’s profitability, we made the strategic decision to wind down our international LIONSGATE+ branded service.

We expect the wind down to be completed during the first quarter of fiscal 2025.

Business Combination

On May 13, 2024, SEAC II Corp., a Cayman Islands exempted company (“New SEAC”), consummated a business combination among New SEAC, Screaming Eagle Acquisition Corp., a Cayman Islands exempted company and then parent of New SEAC (“SEAC”), and LG Orion Holdings ULC, a British Columbia unlimited liability company (“StudioCo”) and a wholly-owned subsidiary of the Company, pursuant to a Business Combination Agreement, dated as of December 22, 2023, by and among New SEAC, SEAC, the Company, LG Sirius Holdings ULC, a British Columbia unlimited liability company and a wholly-owned subsidiary of the Company (“Studio HoldCo”), StudioCo, SEAC MergerCo, a Cayman Islands exempted company and a wholly-owned subsidiary of New SEAC (“MergerCo”), and 1455941 B.C.

Unlimited Liability Company, a British Columbia unlimited liability company and a wholly-owned subsidiary of SEAC (“New BC Sub”).

In connection with the closing of the business combination, SEAC II Corp.

changed its name to “Lionsgate Studios Corp.” (referred to as “Lionsgate Studios”).

Lionsgate Studios has continued the existing business operations of StudioCo, which consists of the Studio Business of Lionsgate.

Lionsgate Studios became a separate publicly traded company and its common shares commenced trading on Nasdaq under the symbol “LION” on May 14, 2024.

The "Studio Business" consists of the businesses of Lionsgate's Motion Picture and Television Production segments, together with substantially all of Lionsgate's corporate general and administrative functions and costs.

In connection with the business combination, the Company and StudioCo entered into a separation agreement pursuant to which (i) the assets and liabilities of the Company’s Studio Business (including certain subsidiaries of the Company engaged in the Studio Business) were separated from the assets and liabilities of the Company’s Starz Business (meaning substantially all of the assets and liabilities constituting the Media Networks segment, and including certain subsidiaries of the Company engaged in the Company’s Starz Business) and transferred to StudioCo such that StudioCo holds, directly or indirectly, all of the assets and liabilities of the Studio Business, and (ii) all of the Company’s equity interests in StudioCo were transferred to Studio HoldCo.

As a result, approximately 87.2% of the total shares of Lionsgate Studios continue to be held by the Company, while former SEAC public shareholders and founders and common equity financing investors own approximately 12.8% of Lionsgate Studios.

In addition to establishing Lionsgate Studios as a standalone publicly-traded entity, the transaction resulted in approximately $350.0 million of gross proceeds to the Company, including $274.3 million in PIPE financing.

Of the total gross proceeds, approximately $330.0 million was received at or shortly after the closing of the Business Combination, with the remaining $20.0 million expected to be received shortly.

The Business Combination will be accounted for as a reverse recapitalization in accordance with U.S.

Under this method of accounting, Screaming Eagle will be treated as the acquired company and the Studio Business will be treated as the acquirer for financial reporting purposes.

Accordingly, for accounting purposes, the financial statements of New SEAC will represent a continuation of the financial statements of the Studio Business, with the Business Combination treated as the equivalent of the Studio Business issuing stock for the historical net assets of Screaming Eagle, accompanied by a recapitalization.

The net assets of Screaming Eagle will be stated at fair value, which approximates historical cost, with no goodwill or other intangible assets recorded.

Operations prior to the Business Combination will be those of the Studio Business.

The Studio Business will continue to be a consolidated subsidiary of the Company.

JOINT VENTURES, PARTNERSHIPS AND OWNERSHIP INTERESTS

Our joint ventures, partnerships and ownership interests support our strategy of being a multiplatform global industry leader in entertainment.

We actively assess our portfolio of properties, libraries, and assets to ensure they continue to enhance our competitive position in the industry, offer potential for significant long-term returns, optimize the use of our capital, and are aligned with our goals.

When appropriate, we discuss potential strategic transactions with third parties for purchase of our properties, libraries or other assets or businesses that factor into these evaluations.

As a result, we may, from time to time, determine to sell individual properties, libraries or other assets or businesses or enter into additional joint ventures, strategic transactions and similar arrangements for individual properties, libraries or other assets or businesses.

For specific details regarding our equity method investees and redeemable noncontrolling interests, please refer to Note 5 and Note 11 in our Audited Consolidated Financial Statements.

Intellectual Property

We currently use and own or license a number of trademarks, service marks, copyrights, domain names and similar intellectual property in connection with our businesses and own registrations and applications to register them both domestically and internationally.

We believe that ownership of, and/or the right to use, such trademarks, service marks, copyrights, domain names and similar intellectual property is an important factor in our businesses and that our success depends, in part, on such ownership.

The prevalence of motion picture and television piracy is widespread across various regions globally, notably in South America, Asia, and specific Eastern European countries.

This is exacerbated by technological advancements and the digital transformation of content, facilitating the unauthorized creation, distribution, and sharing of high-quality copies through physical media and digital platforms.

The proliferation of these unauthorized copies has had and will likely continue to have an adverse effect on our business, because these products may reduce the revenue we receive from our products.

Our ability to safeguard and enforce our intellectual property rights is subject to inherent risks, and we occasionally face disputes concerning rights and obligations related to intellectual property.

We cannot guarantee success in all intellectual property disputes that may arise.

In the U.S., the Federal Communications Commission (the “FCC”) regulates several aspects of Starz’s and its distribution ecosystem’s operations and programming.

This includes FCC oversight in connection with content-specific requirements such as closed captioning and program access requirements in connection with certain distributors and programmer services with shared attributable interests.

The regulation of programming services, cable television systems, direct broadcast satellite providers, broadcast television licensees and online services is subject to the political process and has been in constant flux historicall y , making it difficult to estimate the material effects that regulations may have on capital expenditures or earnings.

Like its competitors, to the extent that Starz’s programming services are distributed through online platforms, Starz must comply with various federal and state laws and regulations applicable to online communications and commerce.

For example, the continued growth and development of the market for online commerce has led to increasingly stringent consumer protection laws, such as the recent “click to cancel” regulations, and complying with those laws imposes additional burdens on Starz and its similarly positioned competitors, which may increase costs and reduce earnings.

Increased regulation of user data utilization practices, including self-regulation or findings under existing laws that limit Starz’s ability to collect, transfer and use user data, could increase cost of compliance with regulations and reduce earnings.

Changes in laws or regulations that adversely affect the growth, popularity or use of the internet, such as laws impacting net neutrality, could decrease the demand for Starz’s service and increase its cost of doing business.

Furthermore, to the extent that regulations and laws (including the imposition of potential tariffs impacting content or Starz’s business), either presently in force or proposed, hinder or stimulate the growth of the entertainment, cable television and satellite industries, Starz’s business may be affected.

Further material changes in the law and regulatory requirements that affect Starz’s business are likely to occur and there can be no assurance that Starz will not experience a material adverse effect due to future legislation, new regulation or deregulation.

Specialized Skill and Knowledge

Starz’s management team brings together strong complementary skills, expertise and experience in various aspects of the media and entertainment industry, including franchise content creation, data/analytics, technology, linear and digital wholesale distribution and direct to consumer business, as well as in strategic planning, financing, legal, sales, marketing and mergers and acquisitions.

Competitive Conditions

Our businesses operate in highly competitive markets.

We compete with companies within the entertainment and media business and from alternative forms of leisure entertainment, such as travel, sporting events, outdoor recreation and various cultural activities.

We compete with the major studios, numerous independent film and television production companies, television networks, pay television services and digital media platforms for the acquisition of literary, film and television properties, the services of performing artists, directors, producers and other creative and technical personnel and production financing, all of which are essential to the success of our businesses.

In addition, our motion pictures compete for audience acceptance and exhibition outlets with motion pictures produced and distributed by other companies.

Similarly, our television product faces significant competition from independent distributors as well as major studios.

Moreover, our networks compete with other programming networks for viewing and subscribership among each distributor’s customer base, as well as for carriage by such distributors.

As a result, the success of any of our motion picture, television or media networks business is dependent not only on the quality and acceptance of a particular film or program, but also on the quality and acceptance of other competing content released into the marketplace at or near the same time as well as on the ability to license and produce content for the networks that is adequate in quantity and quality and will generate satisfactory subscriber levels.

Human Capital Management

As of May 24, 2024, we had approximately 1,717 full-time employees in our worldwide operations.

We also utilize many consultants in the ordinary course of our business and hire additional employees on a project-by-project basis in connection with the production of our motion pictures and television programming.

Diversity, Equity and Inclusion

We are committed to embracing diversity, fostering an inclusive culture, and advancing the representation of women and historically marginalized groups within our workforce.

Our Chief Diversity Officer collaborates closely with our leadership team across all sectors of our organization to drive meaningful change in recruitment, hiring practices, promotions, policies, and overall corporate culture.

Together, we strive to address issues of inequality and workforce disparity on a company-wide scale.

We maintain the following recruitment and hiring initiatives:

• Internship Programs designed to increase inclusion across the entertainment industry.

All internship positions are posted publicly for equal access/opportunity and are filled on a rolling basis.

• Targeted Recruitment efforts involving partnerships with diverse organizations, engagement with college campus diversity groups representing underrepresented demographics, and collaboration with historically black colleges to attract new employees and interns.

• Hiring Practices ensuring that we attract top-tier talent through fair and accessible methods.

Key elements of this approach include bias free job descriptions, inclusive hiring training, external diversity partners, diverse candidate slates, and diverse, cross-functional interview panels.

The core principle of our hiring process is to seek out the

strongest candidate for every role, while also emphasizing diversity, equal access to roles, objective and unbiased hiring and a rigorous, competitive, and consistent hiring process.

• Supplier Diversity and Inclusion Program actively fostering relationships with diverse businesses and continually striving to increase spend with diverse suppliers, while prioritizing more competitive pricing, quality, service, innovation and creativity in procurement of services.

Qualifying suppliers must be at least 51% owned, operated and controlled by member(s) from one of the following enterprises or other businesses recognized by the Small Business Administration:

minority-owned business enterprise (Hispanic, African-American, Asian, Native America);

women-owned business enterprise;

Veteran-owned business enterprise;

Lesbian, Gay, Bisexual and Transgender business enterprise;

and disability-owned business enterprise.

We believe that this initiative increases the breadth of our vendor pool, while creating greater economic opportunity for diverse suppliers.

Where applicable, our Code of Business Conduct and Ethics, governs conduct with, and applies to, our suppliers, vendors, contractors and agents.

Starz operates in highly competitive markets.

The market for video programming is intensely competitive and subject to rapid change.

Starz competes with companies within the entertainment and media business and from alternative forms of leisure entertainment, such as travel, sporting events, outdoor recreation and other cultural-related activities.

Starz also competes with other programming services, including cable television, national broadcast television, and digital streaming services to secure desired programming.

Developments in technology and new content delivery products and services have also led to an increased amount of video content, as well as changes in consumers’ expectations regarding the availability of video content and their willingness to pay for access to such content.

These changes include the increase in the number of advertising-supported video on demand services or free, ad-supported streaming linear channels (also known as FAST channels).

As a result, the success of Starz’s business is dependent not only on the quality and acceptance of its programming, but also on its ability to successfully compete with current and new competitors in both retaining its existing subscriptions and attracting new ones.

Intellectual Property

Starz currently uses a number of trademarks, service marks, copyrights, patents, domain names and similar intellectual property in connection with Starz’s businesses.

Starz either licenses such intellectual property or owns it outright (including owning trademark and patent registrations and applications to register such trademarks and patents both domestically and internationally).

Starz believes that ownership of, and/or the right to use, such trademarks, service marks, copyrights, patents, domain names and similar intellectual property is an important factor in Starz’s businesses and that Starz’s success depends, in part, on such ownership or license rights.

Seasonality (Business Cycles)

Starz is generally not subject to cyclical or seasonal fluctuations, but may be significantly impacted by the risk factors set forth in the section entitled “Risk Factors—Risks Related to Starz and the Starz Business.

Changes in consumer behavior, as well as evolving technologies and distribution models, may negatively affect Starz’s business, financial condition, results of operations or cash flows."

Dependence on Key Contracts

Starz’s business is not dependent on any specific key customer contract.

In addition to distribution of programming on a direct-to-consumer basis, Starz’s business does depend, in part, on distributors that carry its programming, as set forth in the risk factor entitled “Risk Factors—Risks Related to Starz and the Starz Business.

Starz depends on distributors that carry its programming, and no assurance can be given that Starz will be able to maintain and renew these affiliation agreements on favorable terms or at all.”

Human Capital Matters

Starz employs 541 individuals as of June 16, 2025.

Starz also utilizes consultants in the ordinary course of its business.

Starz’s leadership team works across the organization to thoughtfully address matters related to inclusion, workforce representation and overall recruitment, hiring, promotions, policies and culture.

Starz has the following recruitment and hiring initiatives:

• Internship Programs:

Starz has implemented an internship program designed to increase inclusion across the entertainment industry.

• Hiring Process:

Starz has implemented hiring practices with the goal of ensuring that it is attracting the best talent in the industry through a fair and accessible approach.

• Strategic Supplier Engagement Program:

The mission of Starz’s Strategic Supplier Engagement Program is to actively establish relationships with diverse businesses, while seeking to deliver more competitive pricing, quality, service, innovation and creativity in procurement of services.

• Starz’s Code of Business Conduct and Ethics governs conduct with, and applies to, our suppliers, vendors, contractors and agents, as applicable.

Employee Resource Groups

We provide our employees with an array of Employee Resource Groups (“ERGs”) which offer them the chance to establish a greater presence at Lionsgate and an opportunity to enhance cross-cultural awareness, develop leadership skills and network across the Company’s various business units and levels.

The ERGs are voluntary, employee-led groups that foster a diverse, engaging, and inclusive workplace.

• Lionsgate Early Career Group aims to inspire curiosity and networking to foster growth for professionals in early stages of their careers.

• Lionsgate Multicultural Employee Resource Group advocates for a more inclusive workplace and entertainment landscape through programs that educate, activate and celebrate multicultural diversity and its global impact;

consists of resource groups for the Asian American Pacific Islander community, the Black community and the Latine community.

• Lionsgate Parents Group aims to bring together parents, expecting parents, caregivers, and allies to ensure our community fosters an environment that supports all families.

• Lionsgate Pride supports, develops and inspires future LGBTQIA+ leaders within the Company and the industry.

• Lionsgate Vets creates a community of veterans and their supporters working together to enhance veteran presence and engage the industry from the unique perspective of a military background.

• Lionsgate Women’s Empowerment Group creates a community that improves the prominence of female leaders and empowers women at all levels within the Company and the industry.

The group amplifies opportunities for women and strengthens their ability to succeed in their roles and workforce by providing relevant resources, tools, and programming while developing leadership skills through mentorship, networking, and professional development.

Starz provides its employees with the opportunity to form an array of Employee Resource Groups (“ERGs”) which offers employees the chance to build community and enhance cross-cultural presence and awareness, develop leadership skills and network across various business units and levels at Starz.

The ERGs are voluntary, employee-led groups that are open to everyone and help foster engaging and inclusive workplace and include:

• Starz Early Career Group aims to inspire curiosity and networking to foster growth for professionals in the early stages of their careers.

• Starz Ascend aims to foster inclusivity, empowerment, and pride in AAPI community within the workplace and entertainment landscape.

• Starz BLACC focuses on well-being, retention, and leadership development within the workplace and entertainment landscape.

• Starz Collective focuses on enhancing visibility, advocacy, and cultural celebration, with a focus on community, career, and culture for impactful support at Starz.

• Starz Parents and Caregivers Together Group aims to bring together parents, expecting parents, caregivers, and allies to ensure Starz’s community fosters an environment that supports all families.

• Starz Pride supports, develops and inspires future LGBTQIA+ leaders within Starz and the industry.

• Starz Vets is a community of veterans and their supporters working together engage the industry from the unique perspective of a military background.

• Starz Women’s Empowerment Group creates a community that supports female leaders and empowers women at all levels within Starz and the industry.

Community Involvement

We are committed to acting responsibly and making a positive difference in the local and global community through Lionshares , our volunteer program that seeks to provide opportunities for employees to partner with a diverse range of charitable organizations.

We maintain a Corporate Sponsorship Committee that prioritizes corporate philanthropic initiatives throughout Lionsgate, focusing particularly on organizations and activities related to diversity and poverty in order to increase our impact and to develop meaningful relationships with a core group of organizations and events.

Other Employee Benefits and Programs

We offer a comprehensive benefits package which includes health, dental and vision insurance, family forming benefits, mental health support, resources for caregiving (children and adult family), online fitness and meditation classes, and new parent coaching.

We offer programs to develop and enrich the employee experience with offerings such as tuition reimbursement, leadership development programs, mentorship, and additional programs to help support specific populations (e.g., minorities, women and LGBTQ).

We conduct annual employee training on anti-harassment, information technology security, the Foreign Corrupt Practices Act, as well as manager, diversity, equity and inclusion trainings.

We also provide training and development to all employees, focusing on career development, professional development and industry knowledge.

Corporate, Environmental and Social Responsibility

We protect our social, financial, informational, environmental, and reputational assets and make it a priority to operate our business in a responsible and sustainable manner.

Engaging in such responsibility not only helps us manage risks and maximize

opportunities, but also helps us understand and manage our social, environmental, and economic impact that enables us to contribute to society’s wider goal of sustainable development.

This includes, but is not limited to, conducting business in a socially responsible and ethical manner, supporting human rights, and committing to environmental sustainability.

In all our offices, we prioritize efforts to prevent pollution, and to conserve, recover, and recycle materials, water and energy wherever possible.

Our productions distribute documents electronically to minimize paper consumption and waste and limit the use of single-use plastics.

Our productions follow best practices featured in the Producers Guild of America and Sustainable Production Alliance’s Green Production Guide, which are designed to reduce the film, television, and streaming industry’s carbon footprint and environmental impact.

productions encourage the employment of green vendors that provide sustainable goods and services for film, television and streaming productions.

We also prioritize vendors whose dedication to operating business in a responsible and sustainable manner directly aligns with those of Lionsgate.

Management Succession Planning

The Nominating and Corporate Governance Committee of the Board of Directors, with the assistance of an independent outside consultant, has established short-term and long-term management succession plans, which it reviews and updates periodically.

The plans identify critical positions and potential replacements for the Company’s senior executives (including the Chief Executive Officer and the Vice Chair), should one of these critical positions become vacant.

The plans are designed to anticipate both expected successions, such as those arising from anticipated retirements, as well as unexpected transitions (i.e., “black swan events”), such as those occurring when executives leave for positions at other companies, or due to death, disability or other unforeseen events.

Starz is committed to act responsibly and to seek to make a positive difference in the local and global community through Starz’s volunteer program that seeks to provide opportunities for employees to partner with a diverse range of charitable organizations.

Starz has a Corporate Sponsorship Committee that prioritizes corporate philanthropic initiatives throughout Starz, to increase Starz’s impact and to develop meaningful relationships with a core group of organizations and events.

Starz encourages employees to volunteer for and serve on boards of non-profit organizations and to be committed to the philanthropic contributions of Starz’s employees and provides corporate matching to eligible non-profit organizations.

Starz conducts an annual employee engagement survey through an independent third party.

Starz employees complete performance management conversations at set points throughout the year focusing on goals, development, feedback and well-being.

Starz offers a confidential, voluntary Self-ID initiative, allowing employees the opportunity to voluntarily share parts of their identity so that Starz can better understand its workforce and continuously improve the experiences for all employees.

Training and Development

Starz conducts annual employee trainings on anti-harassment, privacy and information technology security, the Foreign Corrupt Practices Act, as well as manager training.

Starz provides training and development to all employees, focusing on career development, professional development and industry knowledge.

Employee Benefits and Programs

Starz offers a comprehensive benefits package which includes health, dental and vision insurance, disability and life insurance family forming benefits, mental health support, resources for caregiving (children and adult family), online fitness and meditation classes, and new parent coaching.

Starz offers programs to develop and enrich the employee experience with offerings such as tuition reimbursement, leadership development programs, mentorship, and additional programs to help support specific populations.

Ernst & Young LLP, an independent registered public accounting firm, is Starz’s auditor.

Corporate History

We are a corporation organized under the laws of the Province of British Columbia, resulting from the merger of Lions Gate Entertainment Corp.

and Beringer Gold Corp.

on November 13, 1997.

Beringer Gold Corp.

was incorporated under the Business Corporation Act (British Columbia) on May 26, 1986 as IMI Computer Corp.

Lions Gate Entertainment Corp.

was incorporated under the Canada Business Corporations Act using the name 3369382 Canada Limited on April 28, 1997, amended its articles on July 3, 1997 to change its name to Lions Gate Entertainment Corp., and on September 24, 1997, continued under the Business Corporations Act (British Columbia).

We are a corporation organized under the laws of the Province of British Columbia, taking the name Starz Entertainment Corp.

on May 6, 2025, in connection with the Separation.

Starz Entertainment Corp.

was incorporated under the Canada Business Corporations Act using the name 3369382 Canada Limited on April 28, 1997, amended its articles on July 3, 1997, to change its name to Lions Gate Entertainment Corp., on September 24, 1997, continued under the Business Corporations Act (British Columbia), and on May 6, 2025, amended its articles and changed its name to Starz Entertainment Corp.

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Exchange Act, are available, free of charge, on our website at investors.lionsgate.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (the “SEC”).

The Company's Disclosure Policy, Corporate Governance Guidelines, Standards for Director Independence, Code of Business Conduct and Ethics for Directors, Officers and Employees, Policy on Shareholder Communications, Related Person Transaction Policy, Charter of the Audit & Risk Committee, Charter of the Compensation Committee and Charter of the Nominating and Corporate Governance Committee and any amendments thereto are also available on the Company's website, as well as in print to any shareholder who requests them.

Our Annual Report on Form 10-K, and future Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Exchange Act, are available, free of charge, on our website at https://investors.starz.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (the “SEC”) and file such material with the Canadian Securities Administrators (the “CSA”) where it is made available under our profile at www.sedarplus.ca.

The Company’s Disclosure Policy, Corporate Governance Guidelines, Standards for Director Independence, Code of Business Conduct and Ethics, Related Person Transaction Policy, Charter of the Audit & Risk Committee, Charter of the Compensation Committee and Charter of the Nominating and Corporate Governance Committee and any amendments thereto are also available on the Company's website, https://investors.starz.com, as well as in print to any shareholder upon request to Starz’s Corporate Secretary, at either of its principal executive offices .

The information posted on our website is not incorporated into this Annual Report on Form 10-K.

We will disclose on our website waivers of, or amendments to, our Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or persons performing similar functions.

We will disclose on our website any waivers of, or amendments to, our Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Financial Officer, or persons performing similar functions.

The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business