LIONSGATE STUDIOS CORP., 10-K filed on 5/27/2026
Annual Report
v3.26.1
Cover Page - USD ($)
 12 Months Ended
Mar. 31, 2026
May 18, 2026
Sep. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 31, 2026    
Current Fiscal Year End Date --03-31    
Document Transition Report false    
Entity File Number 001-42635    
Entity Registrant Name Lionsgate Studios Corp.    
Entity Incorporation, State or Country Code A1    
Entity Address, Address Line One 250 Howe Street    
Entity Address, Address Line Two 20th Floor    
Entity Address, City or Town Vancouver    
Entity Address, State or Province BC    
Entity Address, Postal Zip Code V6C 3R8    
City Area Code 877    
Local Phone Number 848-3866    
Title of 12(b) Security Common Shares, no par value per share    
Trading Symbol LION    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,664,728,093
Entity Common Stock, Shares Outstanding (in shares)   290,633,610  
Documents Incorporated by Reference Portions of the Registrant’s definitive proxy statement relating to its 2026 annual meeting of shareholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of Annual Report on Form 10-K where indicated    
Entity Central Index Key 0002052959    
Document Fiscal Year Focus 2026    
Document Fiscal Period Focus FY    
Amendment Flag false    
Principal Executive Offices      
Document Information [Line Items]      
Entity Address, Address Line One 2700 Colorado Avenue    
Entity Address, City or Town Santa Monica    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 90404    
v3.26.1
Audit Information
 12 Months Ended
Mar. 31, 2026
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Los Angeles, California
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Current assets:    
Cash and cash equivalents $ 341.5 $ 212.5
Accounts receivable, net 784.8 585.6
Other current assets 362.4 362.1
Assets of discontinued operations - current 0.0 75.8
Total current assets 1,488.7 1,236.0
Investment in films and television programs, net 2,128.4 1,994.2
Property and equipment, net 34.9 34.1
Investments 41.1 77.8
Intangible assets, net 25.8 20.8
Goodwill 846.8 808.5
Other noncurrent assets 761.4 827.1
Assets of discontinued operations - noncurrent 0.0 1,823.6
Total assets 5,327.1 6,822.1
Total current liabilities:    
Accounts payable 213.4 256.5
Content related payables - current 38.0 35.2
Accrued expenses and other current liabilities 354.0 228.8
Participations and residuals 615.6 642.5
Film related obligations - current 1,293.4 1,617.8
Debt - current 162.1 134.0
Deferred revenue - current 370.4 201.7
Liabilities of discontinued operations - current 0.0 350.8
Total current liabilities 3,046.9 3,467.3
Debt - noncurrent 1,778.1 1,838.9
Participations and residuals 485.2 409.3
Film related obligations - noncurrent 656.5 365.1
Other noncurrent liabilities 308.1 417.3
Deferred revenue - noncurrent 87.6 169.1
Deferred tax liabilities 14.1 12.9
Liabilities of discontinued operations - noncurrent 0.0 401.2
Total liabilities 6,376.5 7,081.1
Commitments and contingencies (Note 18)
Redeemable noncontrolling interest 114.1 93.7
EQUITY (DEFICIT)    
Common shares 2,496.6  
Accumulated deficit (3,732.9) (3,534.1)
Accumulated other comprehensive income 43.4 72.6
Total Lionsgate Studios Corp. shareholders’ equity (deficit) (1,192.9) (264.7)
Noncontrolling interests 29.4 (88.0)
Total equity (deficit) (1,163.5) (352.7)
Total liabilities, redeemable noncontrolling interests and equity (deficit) $ 5,327.1 6,822.1
Class A Voting Shares    
EQUITY (DEFICIT)    
Common shares   674.7
Class B Non-Voting Shares    
EQUITY (DEFICIT)    
Common shares   $ 2,522.1
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - Old Lionsgate
shares in Millions
Mar. 31, 2025
shares
Class A Voting Shares  
Common shares, shares issued (in shares) 83.7
Class B Non-Voting Shares  
Common shares, shares issued (in shares) 156.8
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]      
Revenues $ 2,631.8 $ 2,584.7 $ 2,450.2
Expenses:      
Direct operating 1,584.4 1,740.3 1,469.0
Distribution and marketing 483.8 398.6 465.2
General and administration 398.0 357.8 384.8
Depreciation and amortization 17.6 17.8 15.6
Restructuring and other 50.9 88.3 130.1
Total expenses 2,534.7 2,602.8 2,464.7
Operating income (loss) 97.1 (18.1) (14.5)
Interest expense (259.7) (261.7) (246.6)
Interest and other income 17.9 15.0 18.5
Other loss, net (19.6) (11.9) (19.3)
Gain (loss) on extinguishment of debt (2.2) (4.9) 10.2
Gain on investments, net 10.5 0.0 3.5
Equity interests income (loss) (3.3) 4.3 8.7
Loss from continuing operations before income taxes (159.3) (277.3) (239.5)
Income tax provision (16.2) (17.2) (21.7)
Net loss from continuing operations, net of income taxes (175.5) (294.5) (261.2)
Net loss from discontinued operations, net of income taxes (16.5) (79.1) (855.1)
Net loss (192.0) (373.6) (1,116.3)
Net (income) loss attributable to noncontrolling interests (6.3) 11.6 13.4
Net loss attributable to Lionsgate Studios Corp. shareholders (198.3) (362.0) (1,102.9)
Amounts attributable to Lionsgate Studios Corp. shareholders:      
Net loss from continuing operations (181.8) (282.9) (247.8)
Net loss from discontinued operations, net of tax (16.5) (79.1) (855.1)
Net loss attributable to Lionsgate Studios Corp. shareholders $ (198.3) $ (362.0) $ (1,102.9)
Per share information attributable to Lionsgate Studios Corp. shareholders:      
Basic net loss per common share - continuing operations (in dollars per share) $ (0.64) $ (1.12) $ (1.07)
Basic net loss per common share - discontinued operations (in dollars per share) (0.06) (0.31) (3.51)
Basic net loss per common share (in dollars per share) (0.70) (1.43) (4.58)
Diluted net loss per common share - continuing operations (in dollars per share) (0.64) (1.12) (1.07)
Diluted net loss per common share - discontinued operations (in dollars per share) (0.06) (0.31) (3.51)
Diluted net loss per common share (in dollars per share) $ (0.70) $ (1.43) $ (4.58)
Weighted average number of common shares outstanding:      
Basic (in shares) 285.4 248.9 243.6
Diluted (in shares) 285.4 248.9 243.6
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]      
Net loss from continuing operations, net of tax $ (175.5) $ (294.5) $ (261.2)
Foreign currency translation adjustments, net of tax 12.1 (6.7) (1.1)
Net unrealized loss on cash flow hedges, net of tax (29.9) (28.9) (3.8)
Comprehensive loss from continuing operations (193.3) (330.1) (266.1)
Net loss from discontinued operations, net of tax (16.5) (79.1) (855.1)
Comprehensive loss (209.8) (409.2) (1,121.2)
Net (income) loss attributable to noncontrolling interests (6.3) 11.6 13.4
Comprehensive loss attributable to Lionsgate Studios Corp. shareholders $ (216.1) $ (397.6) $ (1,107.8)
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($)
shares in Millions, $ in Millions
Total
Total Shareholders' Equity (Deficit)
Common Shares
Common Shares
Class A Voting Shares
Common Shares
Class B Non-Voting Shares
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
 [1]
Beginning balance (in shares) at Mar. 31, 2023       83.5 145.9      
Beginning balance at Mar. 31, 2023 $ 786.0 $ 784.5   $ 672.3 $ 2,430.9 $ (2,439.6) $ 120.9 $ 1.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options 0.5 0.5     $ 0.5      
Share-based compensation, net of share cancellations for taxes (in shares)         5.8      
Share-based compensation, net of share cancellations for taxes 43.3 43.3   $ 0.8 $ 42.5      
Issuance of common shares related to acquisitions and other (in shares)       0.1        
Issuance of common shares related to acquisitions and other 1.0 1.0   $ 0.5 $ 0.5      
Noncontrolling interests (0.8)             (0.8)
Net income (loss) (1,101.4) (1,102.9)       (1,102.9)   1.5
Other comprehensive income (loss) (4.9) (4.9)         (4.9)  
Redeemable noncontrolling interests adjustments (34.2) (34.2)       (34.2)    
Ending balance (in shares) at Mar. 31, 2024       83.6 151.7      
Ending balance at Mar. 31, 2024 (310.5) (312.7)   $ 673.6 $ 2,474.4 (3,576.7) 116.0 2.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares)         0.1      
Exercise of stock options 0.7 0.7     $ 0.7      
Share-based compensation, net of share cancellations for taxes (in shares)         5.0      
Share-based compensation, net of share cancellations for taxes 47.7 47.7   $ 0.9 $ 46.8      
Issuance of common shares (in shares)       0.1        
Issuance of common shares related to acquisitions and other 0.4 0.4   $ 0.2 $ 0.2      
Sale of noncontrolling interest in Legacy Lionsgate Studios (see Note 3) 278.2 378.4       389.7 (11.3) (100.2)
Distributions to noncontrolling interests (10.2)             (10.2)
Noncontrolling interests 33.6             33.6
Net income (loss) (371.9) (362.0)       (362.0)   (9.9)
Other comprehensive income (loss) (35.6) (32.1)         (32.1) (3.5)
Redeemable noncontrolling interests adjustments 14.9 14.9       14.9    
Ending balance (in shares) at Mar. 31, 2025     0.0 83.7 156.8      
Ending balance at Mar. 31, 2025 (352.7) (264.7) $ 0.0 $ 674.7 $ 2,522.1 (3,534.1) 72.6 (88.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares)     0.1          
Exercise of stock options 0.4 0.4 $ 0.4          
Share-based compensation, net of share cancellations for taxes (in shares)         0.1      
Share-based compensation, net of share cancellations for taxes 6.9 6.9   0.1 $ 6.8      
Issuance of common shares related to acquisitions and other, post Starz separation 0.4 0.4 $ 0.4 $ 0.2 $ 0.2      
Issuance of Lionsgate common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and spin off of the Starz Business (in shares)     250.8 (83.7) (156.9)      
Issuance of Lionsgate common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and spin off of the Starz Business (661.2) (661.2) $ 2,562.1 $ (675.0) $ (2,529.1)   (19.2)  
Issuance of Lionsgate common shares for LG Studios Flip and acquisition of noncontrolling interest in Lionsgate Studios (in shares)     34.9          
Issuance of Lionsgate common shares for LG Studios Flip and acquisition of noncontrolling interest in Lionsgate Studios 0.0 (116.8) $ (124.6)       7.8 116.8
Share-based compensation post Starz separation, net of share cancellations for taxes (in shares)     4.5          
Share-based compensation post Starz separation, net of share cancellations for taxes 58.3 58.3 $ 58.3          
Issuance of common shares related to acquisitions and other, post Starz separation (in shares)     0.1          
Distributions to noncontrolling interests (5.3)             (5.3)
Net income (loss) (192.4) (198.3)       (198.3)   5.9
Other comprehensive income (loss) (17.8) (17.8)         (17.8)  
Redeemable noncontrolling interests adjustments (0.5) (0.5)       (0.5)    
Ending balance (in shares) at Mar. 31, 2026     290.4          
Ending balance at Mar. 31, 2026 $ (1,163.5) $ (1,192.9) $ 2,496.6     $ (3,732.9) $ 43.4 $ 29.4
[1] Excludes redeemable noncontrolling interests, which are reflected in temporary equity (see Note 12).
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Operating Activities:      
Net loss $ (192.0) $ (373.6) $ (1,116.3)
Less: Net loss from discontinued operations, net of tax (16.5) (79.1) (855.1)
Net loss from continuing operations, net of tax (175.5) (294.5) (261.2)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 17.6 17.8 15.6
Amortization of films and television programs 1,022.6 1,172.7 929.8
Amortization of debt financing costs and other non-cash interest 7.8 25.4 26.8
Non-cash share-based compensation 78.0 57.0 70.2
Other non-cash items 58.5 38.8 49.2
Non-cash charge from modification of an equity award 0.0 0.0 49.2
Content and other impairments 17.1 34.8 12.8
(Gain) loss on extinguishment of debt 2.2 4.9 (10.2)
Equity interests (income) loss 3.3 (4.3) (8.7)
Gain on investments, net (10.5) 0.0 (3.5)
Deferred income taxes 2.9 (0.4) 0.6
Changes in operating assets and liabilities:      
Accounts receivable, net 28.7 182.8 96.3
Investment in films and television programs, net (1,183.8) (1,196.6) (697.5)
Other assets 56.7 (65.6) 5.5
Accounts payable and accrued liabilities (72.5) (115.4) (36.7)
Participations and residuals 46.6 (34.5) 26.8
Content related payables (3.0) (12.6) (24.6)
Deferred revenue 50.3 87.5 (6.3)
Net Cash Flows Provided By (Used In) Operating Activities - Continuing Operations (53.0) (102.2) 234.1
Net Cash Flows Provided By (Used In) Operating Activities - Discontinued Operations 77.8 (63.8) 162.7
Net Cash Flows Provided By (Used In) Operating Activities 24.8 (166.0) 396.8
Investing Activities:      
Acquisition of businesses, net of cash acquired (29.4) 0.0 (331.1)
Net proceeds from purchase price adjustments for eOne acquisition 0.0 12.0 0.0
Proceeds from the sale of equity method and other investments 37.0 1.5 5.2
Investments in equity method investees and other (2.0) (2.0) (12.5)
Asset acquisition (film library and related assets) 0.0 (35.0) 0.0
Repayment (increase) of loans receivable, net 0.6 1.6 (3.7)
Capital expenditures (13.4) (13.5) (9.9)
Net Cash Flows Used In Investing Activities - Continuing Operations (7.2) (35.4) (352.0)
Net Cash Flows Used In Investing Activities - Discontinued Operations (1.5) (17.6) (24.8)
Net Cash Flows Used in Investing Activities (8.7) (53.0) (376.8)
Financing Activities:      
Debt - borrowings, net of debt issuance and redemption costs 2,950.1 4,235.0 3,145.0
Debt - repurchases and repayments (3,001.0) (4,443.3) (2,672.8)
Film related obligations - borrowings 2,509.7 1,985.8 1,820.9
Film related obligations - repayments (2,564.2) (1,959.5) (1,942.9)
Cash settlement in connection with Starz Separation refinancing (see Note 8) 262.8 0.0 0.0
Sale of noncontrolling interest in Legacy Lionsgate Studios Corp. (see Note 3) (3.5) 281.7 0.0
Purchase of noncontrolling interest 0.0 (7.4) (194.6)
Distributions to noncontrolling interest (7.2) (10.3) (1.7)
Exercise of stock options 0.4 0.7 0.5
Tax withholding required on equity awards (14.0) (29.1) (32.0)
Net Cash Flows Provided By Financing Activities - Continuing Operations 133.1 53.6 122.4
Net Cash Flows Provided By (Used In) Financing Activities - Discontinued Operations (22.3) 90.6 (82.8)
Net Cash Flows Provided By Financing Activities 110.8 144.2 39.6
Net Change In Cash, Cash Equivalents and Restricted Cash 126.9 (74.8) 59.6
Foreign Exchange Effects on Cash, Cash Equivalents and Restricted Cash 1.3 (5.0) (1.2)
Cash, Cash Equivalents and Restricted Cash - Beginning Of Period 291.6 371.4 313.0
Cash, Cash Equivalents and Restricted Cash - End Of Period $ 419.8 $ 291.6 $ 371.4
v3.26.1
Description of Business, Basis of Presentation and Significant Accounting Policies
 12 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business, Basis of Presentation and Significant Accounting Policies Description of Business, Basis of Presentation and Significant Accounting Policies
Description of Business

Lionsgate Studios Corp. (NYSE: LION) (the “Company,” “Lionsgate,” “New Lionsgate,” “we,” “us” or “our”) is one of the world’s leading standalone, pure play content companies. It brings together diversified motion picture and television production and distribution businesses, a world-class portfolio of valuable brands and franchises, a talent management and production powerhouse and a more than 20,000-title film and television library, all driven by Lionsgate’s bold and entrepreneurial culture.

Prior to the Starz Separation, as further discussed below, Lions Gate Entertainment Corp. (formerly listed on the New York Stock Exchange (“NYSE”): LGF.A, LGF.B) (“Old Lionsgate”) encompassed the motion picture and television studio operations (formerly referred to as the “Studio Business”) and following the Studio Separation, as discussed in Note 3, Lionsgate Studios Corp. (formerly listed on the NASDAQ Global Select Market (“NASDAQ”): LION) (“Legacy Lionsgate Studios”), and the STARZ premium global subscription platform.

The continuing operations of Lionsgate consists of the Motion Picture and Television Production reportable segments. Motion Picture consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired. Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series, and non-fiction programming. Television Production includes the domestic and international licensing of Starz original productions to Starz Entertainment Corp. (“Starz” and formerly the “Starz Business” of Old Lionsgate), and the ancillary market distribution of Starz original productions and licensed product. Additionally, the Television Production segment includes the results of operations of 3 Arts Entertainment, a talent management company.

Starz Separation

On May 6, 2025, through a series of transactions contemplated by a certain arrangement agreement, dated as of January 29, 2025, as amended by an amending agreement, dated as of March 12, 2025 (collectively, the “Arrangement Agreement”), the separation of the businesses of Legacy Lionsgate Studios, of which Old Lionsgate owned approximately 87.8%, and the Starz Business (the “Starz Separation”) was completed. As a result of the Arrangement Agreement, the pre-transaction shareholders of Old Lionsgate own shares in two separately traded public companies: (1) New Lionsgate, which was renamed “Lionsgate Studios Corp.” and holds, directly and through subsidiaries, the Studio Business previously held by Old Lionsgate, and is owned by Old Lionsgate shareholders and Legacy Lionsgate Studios shareholders, and (2) Old Lionsgate, which was renamed “Starz Entertainment Corp.” and holds, directly and through subsidiaries, the Starz Business that was previously held by Old Lionsgate.

Notwithstanding the legal form of the Starz Separation, for accounting and financial reporting purposes, in accordance with United States generally accepted accounting principles (“U.S. GAAP”), due to the relative significance of the Studio Business as compared to the Starz Business and the continued involvement of Old Lionsgate’s senior management with the Company following the completion of the Starz Separation, Old Lionsgate is considered the accounting spinnor or divesting entity and Starz is considered the accounting spinnee or divested entity. As a result, Old Lionsgate is the accounting predecessor to the Company, and the pro rata distribution of the Starz Business has been recorded through equity with no gain or loss recorded. Accordingly, the assets and liabilities of the Starz Business were separately reported as assets and liabilities from discontinued operations as of March 31, 2025. The results of operations and cash flows of the Starz Business for the years ended March 31, 2026, 2025 and 2024 are separately reported as discontinued operations. See Note 2 for further information.
In connection with the completion of the Starz Separation and related transactions, pre-transaction Old Lionsgate shareholders holding Class A voting shares (“Old Lionsgate Class A Shares”) received one and twelve one-hundredths (1.12) Lionsgate new common shares (“Lionsgate Common Shares”) and one and twelve one-hundredths (1.12) Starz Entertainment Corp. common shares (“Starz Common Shares”) per Class A voting share held and pre-transaction Old Lionsgate shareholders holding Class B non-voting shares (“Old Lionsgate Class B Shares”) received one Lionsgate Common Share and one Starz Common Share per Class B non-voting share held. Pre-transaction Legacy Lionsgate Studios shareholders, other than Old Lionsgate, received, in exchange for each Legacy Lionsgate Studios common share (“Legacy Lionsgate Studios Common Shares”), they held, a number of Lionsgate Common Shares equal to the product of the LG Studios Consideration Shares (as defined below) divided by the total number of Legacy Lionsgate Studios Common Shares issued and outstanding immediately prior to the Starz Separation and held by Legacy Lionsgate Studios shareholders other than Old Lionsgate (such shares, the “LG Studios Flip Shares” and such ratio, the “LG Studios Reorganization Ratio”). The LG Studios Consideration Shares equals the aggregate number of Legacy Lionsgate Studios Common Shares obtained when the LG Studios Flip Percentage (as defined below) is multiplied by the quotient of (a) the aggregate number of Lionsgate Common Shares issued to Lionsgate shareholders divided by (b) 1 minus the LG Studios Flip Percentage. The LG Studios Flip Percentage equals the quotient, expressed as a percentage, of (1) the LG Studios Flip Shares divided by (2) the total number of Legacy Lionsgate Studios Common Shares issued and outstanding immediately prior to the Starz Separation. Such transactions by Legacy Lionsgate Studios shareholders are collectively referred to as the “LG Studios Flip.”

Each of Lionsgate and Starz Entertainment Corp. have a single class of “one share, one vote” common shares.

Following completion of the Starz Separation, Lionsgate Common Shares began trading under the symbol “LION” on the NYSE and Starz Common Shares began trading under the symbol “STRZ” on NASDAQ. Old Lionsgate Class A Shares and Old Lionsgate Class B Shares were withdrawn from listing on NYSE and Legacy Lionsgate Studios Common Shares were withdrawn from listing on NASDAQ.

Basis of Presentation

Generally Accepted Accounting Principles

The consolidated financial statements have been prepared in accordance with U.S. GAAP.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries. The Company reviews its relationships with other entities to identify whether it is the primary beneficiary of a variable interest entity (“VIE”). If the determination is made that the Company is the primary beneficiary, then the entity is consolidated.

All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs used for the amortization of investment in films and television programs; estimates related to the revenue recognition of sales or usage-based royalties; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies and assets acquired; income taxes including the assessment of valuation allowances for deferred tax assets; accruals for contingent liabilities; and impairment assessments for investment in films and television programs and goodwill. Actual results could differ from such estimates.

Reclassifications

Certain amounts presented in prior years have been reclassified to conform to the current period presentation.
Significant Accounting Policies

Revenue Recognition

The Company’s Motion Picture and Television Production segments generate revenue principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television, and international marketplaces.

Revenue is recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services or goods. Revenues do not include taxes collected from customers on behalf of taxing authorities such as sales tax and value-added tax.

Licensing Arrangements. The Company’s content licensing arrangements include fixed fee and minimum guarantee arrangements, and sales or usage-based royalties.

•Fixed Fee or Minimum Guarantees: The Company’s fixed fee or minimum guarantee licensing arrangements may, in some cases, include multiple titles, multiple license periods (windows) with a substantive period in between the windows, rights to exploitation in different media, or rights to exploitation in multiple territories, which may be considered distinct performance obligations. When these performance obligations are considered distinct, the fixed fee or minimum guarantee in the arrangement is allocated to the title, window, media right or territory as applicable, based on estimates of relative standalone selling prices. The amounts related to each performance obligation (i.e., title, window, media or territory) are recognized when the content has been delivered, and the window for the exploitation right in that territory has begun, which is the point in time at which the customer is able to begin to use and benefit from the content.

•Sales or Usage-Based Royalties: Sales or usage-based royalties represent amounts due to the Company based on the “sale” or “usage” of the Company’s content by the customer, and revenues are recognized at the later of when the subsequent sale or usage occurs, or the performance obligation to which some or all the sales or usage-based royalty has been allocated and satisfied (or partially satisfied). Generally, when the Company licenses completed content with standalone functionality (such as a movie, or television show), its performance obligation will be satisfied prior to the sale or usage. When the Company licenses intellectual property that does not have stand-alone functionality (e.g., brands, themes, logos, etc.), its performance obligation is generally satisfied in the same period as the sale or usage. The actual amounts due to the Company under these arrangements are generally not reported to the Company until after the close of the reporting period. The Company records revenue under these arrangements for the amounts due and not yet reported to the Company based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. Such estimates are based on information from the Company’s customers, historical experience with similar titles in that market or territory, the performance of the title in other markets, and/or data available in the industry.

Revenues by Market or Product Line. The following describes the revenues generated by market or product line. Theatrical revenues are included in the Motion Picture segment; home entertainment, television, international and other revenues are applicable to both the Motion Picture and Television Production segments.

•Theatrical: Theatrical revenues are derived from the domestic theatrical release of motion pictures licensed to theatrical exhibitors on a picture-by-picture basis (distributed by the Company directly in the United States and through a sub-distributor in Canada). Revenue from the theatrical release of feature films is treated as sales or usage- based royalties, are recognized as revenue starting at the exhibition date and are based on the Company’s participation in box office receipts of the theatrical exhibitor. Theatrical revenues also include revenues from certain licenses to direct-to-platform customers where the initial license of a motion picture is to a direct-to-platform customer.

•Home Entertainment: Home entertainment consists of Digital Media and Packaged Media.

◦Digital Media. Digital media includes digital transaction revenue sharing arrangements (pay-per-view and video-on-demand platforms, electronic sell through (“EST”), and digital rental) and licenses of content to digital platforms for a fixed fee.
◦Digital Transaction Revenue Sharing Arrangements: Primarily represents revenue sharing arrangements with certain digital media platforms which generally provide that, in exchange for a nominal or no upfront sales price, the Company shares in the rental or sales revenues generated by the platform on a title-by-title basis. These digital media platforms generate revenue from rental and EST arrangements, such as download-to-own, download-to-rent, and video-on-demand. These revenue sharing arrangements are recognized as sales or usage-based royalties based on the performance of these platforms and pursuant to the terms of the contract, as discussed above.
◦Licenses of Content to Digital Platforms: Primarily represents the licensing of content to subscription-video-on-demand (“SVOD”) or other digital platforms for a fixed fee. As discussed above, revenues are recognized when the content has been delivered and the window for the exploitation right in that territory has begun.

◦Packaged Media. Packaged media revenues represent the sale of motion pictures and television shows (produced or acquired) on physical discs (DVD’s, Blu-ray, 4K Ultra HD, referred to as “Packaged Media”) in the retail market. Revenues are recognized, net of an allowance for estimated returns and other allowances, on the later of receipt by the customer or “street date” (when it is available for sale by the customer).
•Television: Television revenues are derived from the licensing to domestic markets (linear pay, basic cable, free television markets, syndication) of motion pictures (including theatrical productions and acquired films) and scripted and unscripted television series, television movies, mini-series, and non-fiction programming. Television revenues also include revenue from licenses to SVOD platforms in which the initial license of a television series is to an SVOD platform or the traditional pay window for a motion picture is licensed to an SVOD platform. Television revenues include fixed fee arrangements as well as arrangements in which the Company earns advertising revenue from the exploitation of certain content on television networks. Revenues associated with a title, right, or window from television licensing arrangements are recognized when the feature film or television program is delivered (on an episodic basis for television product) and the window for the exploitation right has begun.

•International: International revenues are derived from (1) licensing of the Company’s productions, acquired films, catalog product and libraries of acquired titles to international distributors, on a territory-by-territory basis; (2) the direct distribution of the Company’s productions, acquired films, and the Company’s catalog product and libraries of acquired titles in the United Kingdom; and (3) licensing to international markets of scripted and unscripted series, television movies, mini-series and non-fiction programming. License fees and minimum guarantee amounts associated with title, window, media or territory, are recognized when access to the feature film or television program has been granted or delivery has occurred, as required under the contract, and the right to exploit the feature film or television program in that window, media or territory has commenced. Revenues are also generated from sales or usage-based royalties received from international distributors based on their distribution performance pursuant to the terms of the contracts after the recoupment of certain costs in some cases, and the initial minimum guarantee, if any, and are recognized when the sale by the Company’s customer generating a royalty due to the Company has occurred.

•Other: Other revenues are derived from the licensing of the Company’s film and television and related content (games, music, location-based entertainment royalties, etc.) to other ancillary markets and from commissions and executive producer fees earned related to talent management.

Revenues from the licensing of film and television content and the sales and licensing of music are recognized when the content has been delivered and the license period has begun, as discussed above. Revenues from the licensing of symbolic intellectual property (i.e., licenses of motion pictures or television characters, brands, storylines, themes or logos) is recognized over the corresponding license term. Commissions are recognized as such services are provided.
Prints, Advertising and Marketing Expenses

The costs of prints, advertising and marketing expenses are expensed as incurred. Advertising expenses for the year ended March 31, 2026 were $360.7 million (2025 - $296.3 million, 2024 - $347.8 million) which were recorded as distribution and marketing expenses in the accompanying consolidated statements of operations.

Share-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value is recognized in earnings over the period during which an employee is required to provide service. The Company estimates forfeitures for share-based awards that are not expected to vest. See Note 14 for further discussion of the Company’s share-based compensation.

Income Tax Provision

Income taxes are accounted for using an asset and liability approach for financial accounting and reporting for income taxes and recognition and measurement of deferred tax assets are based upon the likelihood of realization of tax benefits in future years. Under this method, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are established when management determines that it is more-likely-than-not that some portion or all of the deferred tax asset, on a jurisdiction-by-jurisdiction basis, will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment.

From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty and judgment is required in assessing and estimating the tax consequences of these transactions. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions unless such positions are determined to be more-likely-than-not of being sustained upon examination, based on their technical merits. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense.

Net Loss Per Share

Basic net loss per share is calculated based on the weighted average common shares outstanding for the period. As a result of the Starz Separation, weighted average common shares outstanding, basic and dilutive, for all periods prior to the Starz Separation, reflect pre-transaction Old Lionsgate Class A Shares multiplied by one and twelve one-hundredths (1.12) and pre-transaction Old Lionsgate Class B Shares. The LG Studios Flip is reflected as of close of the Starz Separation, May 6, 2025. Basic and diluted net loss per share for the years ended March 31, 2026, 2025 and 2024 is presented below:
Year Ended March 31,
202620252024
 (Amounts in millions, except per share amounts)
Basic and Diluted Net Loss Per Common Share:
Numerator:
Net loss from continuing operations$(181.8)$(282.9)$(247.8)
Less: recovery (accretion) of redeemable noncontrolling interest(0.6)5.0 (11.9)
Net loss from continuing operations after recovery (accretion) of redeemable noncontrolling interest(182.4)(277.9)(259.7)
Net loss from discontinued operations(16.5)(79.1)(855.1)
Net loss attributable to Lionsgate Studios Corp. shareholders after recovery (accretion) of redeemable noncontrolling interest$(198.9)$(357.0)$(1,114.8)
Denominator:
Weighted average common shares outstanding285.4 248.9 243.6 
Basic and diluted net loss per common share - continuing operations$(0.64)$(1.12)$(1.07)
Basic and diluted net loss per common share - discontinued operations(0.06)(0.31)(3.51)
Basic and diluted net loss per common share$(0.70)$(1.43)$(4.58)

As a result of the net loss in the fiscal years ended March 31, 2026, 2025 and 2024, the dilutive effect of the share purchase options, restricted share units (“RSUs”) and restricted stock, and contingently issuable shares were considered anti-dilutive and, therefore, excluded from diluted net loss per share. The weighted average anti-dilutive shares excluded from the calculation due to the net loss for the fiscal years ended March 31, 2026, 2025 and 2024 totaled 4.0 million, 2.7 million and 2.9 million, respectively.

Additionally, for the years ended March 31, 2026, 2025 and 2024, the outstanding common shares issuable presented below were excluded from diluted net loss per common share because their inclusion would have had an anti-dilutive effect regardless of net income or loss in the period.
Year Ended March 31,
202620252024
 (Amounts in millions)
Anti-dilutive shares issuable
Share purchase options15.4 16.8 17.1 
Restricted share units1.0 3.0 1.9 
Other issuable shares3.9 4.2 4.2 
Total weighted average anti-dilutive shares issuable excluded from diluted net loss per common share20.3 24.0 23.2 

Cash and Cash Equivalents

Cash and cash equivalents consist of cash deposits at financial institutions and investments in money market mutual funds.

Restricted Cash

As of March 31, 2026, the Company had restricted cash of $78.3 million, primarily representing amounts related to required cash reserves for interest payments associated with certain corporate debt and film related obligations (March 31, 2025 - $67.9 million). Restricted cash is included within “other current assets” and “other noncurrent assets” on the consolidated balance sheets (see Note 20).
Accounts Receivable

Payment terms vary by location and type of customer and the nature of the licensing arrangement. However, other than certain multi-year license arrangements, payments are generally due within 60 days after revenue is recognized. For certain multi-year licensing arrangements primarily in the television, digital media, and international markets, payments may be due over a longer period. When the Company expects the period between fulfillment of its performance obligation and the receipt of payment to be greater than a year, a significant financing component may be present. In these cases, such payments are discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Company, at contract inception. The significant financing component is recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. The Company does not assess contracts with deferred payments for significant financing components if, at contract inception, the Company expects the period between fulfillment of the performance obligation and subsequent payment to be one year or less.

Transfers of Financial Assets

The Company enters into arrangements to sell certain financial assets (i.e., monetize its trade accounts receivables). For a transfer of financial assets to be considered a sale, the asset must be legally isolated from the Company and the purchaser must have control of the asset. Determining whether all the requirements have been met includes an evaluation of legal considerations, the extent of the Company’s continuing involvement with the assets transferred and any other relevant considerations. When the true sales criteria are met, the Company derecognizes the carrying value of the financial asset transferred and recognizes a net gain or loss on the sale. The proceeds from these arrangements with third party purchasers are reflected as cash provided by operating activities in the consolidated statements of cash flows. If the sales criteria are not met, the transfer is considered a secured borrowing and the financial asset remains on the consolidated balance sheets with proceeds from the sale recognized as debt and recorded as cash flows from financing activities in the consolidated statements of cash flows. See Note 20 for discussion of the Company’s accounts receivable monetization.

Investment in Films and Television Programs

General. Investment in films and television programs includes the unamortized costs of films and television programs, which are monetized individually (i.e., through domestic theatrical, home entertainment, television, international or other ancillary-market distribution).

Ultimate Revenue. For motion pictures, ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture. The most sensitive factor affecting the Company’s estimate of ultimate revenues for a film intended for theatrical release is the film's theatrical performance, as subsequent revenues from the licensing and sale in other markets have historically been highly correlated to its theatrical performance. After a film is released, the Company’s estimates of revenue from succeeding markets are revised based on historical relationships and an analysis of current market trends.

For an episodic television series, the period over which ultimate revenues are estimated cannot exceed ten years following the date of delivery of the first episode, or, if still in production, five years from the date of delivery of the most recent episode, if later. The most sensitive factors affecting the Company’s estimate of ultimate revenues for a television series is whether the series will be ordered for a subsequent season and estimates of revenue in secondary markets other than the initial license fee, which may depend on a number of factors, including, among others, the ratings or viewership the program achieves on the customers’ platforms. The initial estimate of ultimate revenue may include estimates of revenues outside of the initial license window (i.e., international, home entertainment and other distribution platforms) and are based on historical experience for similar programs (genre, duration, etc.) and the estimated number of seasons of the series. Ultimate revenue beyond the initial license fee is generally higher for programs that have been or are expected to be ordered for multiple seasons. The Company regularly monitors the performance of each season, and evaluates whether impairment indicators are present (i.e., low viewership, cancellations or the series is not reordered), and will revise its estimates as needed and perform an impairment assessment if impairment indicators are present.

For titles included in acquired libraries, ultimate revenue includes estimates over a period not to exceed twenty years following the date of acquisition.
Due to the inherent uncertainties involved in making such estimates of ultimate revenues and expenses, these estimates have differed in the past from actual results and are likely to differ to some extent in the future from actual results. In addition, in the normal course of the Company’s business, some films and titles are more successful or less successful than anticipated. Management regularly reviews and revises, when necessary, its ultimate revenue and cost estimates, which may result in a change in the rate of amortization of film costs and participations and residuals and/or a write-down of all or a portion of the unamortized costs of the film or television program to its estimated fair value. See Impairment Assessment below.

Capitalized Costs. Costs of acquiring and producing films and television programs and of acquired libraries are capitalized when incurred. For films and television programs produced by the Company, capitalized costs include all direct production and
financing costs, capitalized interest and production overhead. For the years ended March 31, 2026, 2025 and 2024, total capitalized interest was $10.0 million, $37.9 million and $21.0 million, respectively. For acquired films and television programs, capitalized costs consist of minimum guarantee payments to acquire the distribution rights.

Amortization. Film cost amortization, as well as participations and residuals expense, is based on management’s estimate of ultimate revenues. The amount of capitalized film and production costs amortized and the amount of participations and residual costs to be recognized as expense in the period are determined using the individual-film-forecast method. Under this method, the amortization of capitalized costs and the accrual of participations and residuals are based on the proportion of the current period’s revenue recognized to management’s estimated remaining ultimate revenues. An increase in the estimate of ultimate revenue will generally result in a lower amortization rate and, therefore, less film and television program amortization expense, while a decrease in the estimate of ultimate revenue will generally result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically results in an impairment requiring a write-down of the film cost to the title’s fair value. These write-downs are included in amortization expense within direct operating expenses in the Company’s consolidated statements of operations. See further discussion under Impairment Assessment below.

Impairment Assessment. An individual film or television program is evaluated for impairment when events or changes in circumstances indicate that the fair value of an individual film or television program is less than its unamortized cost. Pre-release impairment assessments require significant judgment, including estimated box office performance and downstream licensing revenues. If the result of the impairment test indicates that the carrying value exceeds the estimated fair value, an impairment charge will then be recorded for the amount of the difference.

Estimate of Fair Value. The fair value is determined based on a discounted cash flow (“DCF”) analysis of the cash flows directly attributable to the title. For motion pictures intended for theatrical release, the DCF analysis used in the impairment evaluation prior to theatrical release is subjective and the key inputs include estimates of future anticipated revenues and estimates of box office performance, which may differ from future actual results. These estimates are based in part on the historical performance of similar films, test audience results when available, information regarding competing film releases, and critic reviews. For television programs, the DCF analysis used in the impairment evaluation includes key inputs such as estimates of future anticipated revenue, as discussed above. See further discussion of Valuation Assumptions below.

Valuation Assumptions. The DCF analysis includes cash flows estimates of ultimate revenue and costs as well as a discount rate (a Level 3 fair value measurement, see Note 11 to the consolidated financial statements). The discount rate utilized in the DCF analysis is based on the weighted average cost of capital of the Company plus a risk premium representing the risk associated with producing a particular film or television program. Estimates of future revenue involve measurement uncertainty and it is therefore possible that reductions in the carrying value of investment in films and television programs may be required as a consequence of changes in management’s future revenue estimates.

Property and Equipment, net

Property and equipment is carried at cost less accumulated depreciation. Depreciation is accounted for on a straight line basis over the following useful lives:
Computer equipment and software
3 — 5 years
Furniture and equipment
3 — 5 years
Leasehold improvementsLease term or the useful life, whichever is shorter
LandNot depreciated
The Company periodically reviews and evaluates the recoverability of property and equipment. Where applicable, estimates of net future cash flows, on an undiscounted basis, are calculated based on future revenue estimates. If appropriate and where deemed necessary, a reduction in the carrying amount is recorded based on the difference between the carrying amount and the fair value based on discounted cash flows.

Investments

Investments include investments accounted for under the equity method of accounting and equity investments with and without readily determinable fair value.

Equity Method Investments: The Company uses the equity method of accounting for investments in companies in which it has a minority equity interest and the ability to exert significant influence over operating decisions of the companies. Significant influence is generally presumed to exist when the Company owns between 20% and 50% of the voting interests in the investee, holds substantial management rights or holds an interest of less than 20% in an investee that is a limited liability partnership or limited liability corporation that is treated as a flow-through entity.

Under the equity method of accounting, the Company’s share of the investee’s earnings (losses) is included in the “equity interests income (loss)” line item in the consolidated statements of operations. The Company records its share of the net income or loss of most equity method investments on a one quarter lag and, accordingly, during the years ended March 31, 2026, 2025, and 2024, the Company recorded its share of the income or loss generated by these entities for the years ended December 31, 2025, 2024 and 2023, respectively.

Dividends and other distributions from equity method investees are recorded as a reduction of the Company’s investment. Distributions received up to the Company’s interest in the investee's retained earnings are considered returns on investments and are classified within cash flows from operating activities in the consolidated statements of cash flows. Distributions from equity method investments in excess of the Company’s interest in the investee's retained earnings are considered returns of investments and are classified within cash flows provided by investing activities in the consolidated statements of cash flows.

Other Equity Investments: Investments in nonconsolidated affiliates in which the Company owns less than 20% of the voting common stock or does not exercise significant influence over operating and financial policies, are recorded at fair value using quoted market prices if the investment has a readily determinable fair value. If an equity investment's fair value is not readily determinable, the Company will recognize it at cost less any impairment, adjusted for observable price changes in orderly transactions in the investees' securities that are identical or similar to the Company’s investments in the investee. The unrealized gains and losses and the adjustments related to the observable price changes are recognized in net income (loss).

Impairments of Investments: The Company regularly reviews its investments for impairment, including when the carrying value of an investment exceeds its market value. If the Company determines that an investment has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings. Factors that are considered by the Company in determining whether an other-than-temporary decline in value has occurred include (i) the market value of the security in relation to its cost basis, (ii) the financial condition of the investee, and (iii) the Company’s intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment.

For investments accounted for using the equity method of accounting or equity investments without a readily determinable fair value, the Company evaluates information available (e.g., budgets, business plans, financial statements, etc.) in addition to quoted market prices, if any, in determining whether an other-than-temporary decline in value exists. Factors indicative of an other-than-temporary decline include recurring operating losses, credit defaults and subsequent rounds of financing at an amount below the cost basis of the Company’s investment.

Intangible Assets

Finite-Lived. As of March 31, 2026, the carrying value of the Company’s finite-lived intangible assets was $25.8 million. The Company’s finite-lived intangible assets primarily relate to customer relationships associated with 3 Arts Entertainment LLC (“3 Arts”) and its associated acquisition as discussed in Note 3, with a carrying value of $22.6 million as of March 31, 2026. The total carrying value also includes trade names related to the acquisition of eOne.
Identifiable intangible assets with finite lives are amortized to depreciation and amortization expense over their estimated useful lives, ranging from 5 to 15 years.

Amortizable intangible assets are tested for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of the asset may not be recoverable. If a triggering event has occurred, an impairment analysis is required. The impairment test first requires a comparison of undiscounted future cash flows expected to be generated over the remaining useful life of an asset to the carrying value of the asset. The impairment test is performed at the lowest level of identifiable cash flows associated with the asset. If the carrying value of the asset exceeds the undiscounted future cash flows, the asset would not be deemed to be recoverable. Impairment would then be measured as the excess of the asset’s carrying value over its fair value.

The Company monitors its finite-lived intangible assets and changes in the underlying circumstances each reporting period for indicators of possible impairments or a change in the useful life or method of amortization of our finite-lived intangible assets.

Indefinite-Lived Intangibles Other Than Goodwill. As of March 31, 2026 and 2025, the Company did not have any indefinite-lived intangible assets.

Goodwill

As of March 31, 2026, the carrying value of goodwill was $846.8 million. Goodwill is allocated to the Company’s reporting units, which are its operating segments or one level below its operating segments (component level). Reporting units are determined by the discrete financial information available for the component and whether that information is regularly reviewed by segment management. Components are aggregated into a single reporting unit if they share similar economic characteristics. The Company’s reporting units for purposes of goodwill impairment testing as of March 31, 2026, 2025 and 2024 were Motion Picture and the Television and Talent Management businesses, both of which are part of the Television Production segment. Goodwill balances as of March 31, 2026 by reporting unit were $396.9 million for Motion Picture, $318.9 million for Television and $131.0 million for Talent Management.

Goodwill is not amortized but is reviewed for impairment each fiscal year or between the annual tests if an event occurs or circumstances change that indicates it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. The Company performs its annual impairment test as of January 1 of each fiscal year. A goodwill impairment loss would be recognized for the amount that the carrying amount of a reporting unit exceeds its fair value. An entity may perform a qualitative assessment of the likelihood of the existence of a goodwill impairment. The qualitative assessment evaluates, based on all identified events and circumstances that affect the fair value of the reporting unit, whether it is more-likely-than-not that the fair value is less than the carrying value of the reporting unit. If it is determined that it is more-likely- than-not that the fair value of a reporting unit is greater than its carrying amount, a quantitative impairment test is not required but may be performed at the option of the Company.

A quantitative assessment requires determining the fair value of the Company’s reporting units. The determination of the fair value of each reporting unit utilizes DCF analyses and market-based valuation methodologies, which represent Level 3 fair value measurements. Fair value determinations require considerable judgment and require assumptions and estimates of many factors, including revenue and market growth, operating margins and cash flows, market multiples and discount rates, and are sensitive to changes in these underlying assumptions and factors.

Goodwill Impairment Assessments:

For the Company’s annual goodwill impairment test for fiscal 2026, the Company performed a qualitative goodwill impairment assessment for all reporting units (Motion Picture, and the Television and Talent Management businesses, both of which are part of the Television Production segment). The Company’s qualitative assessment considered the market price of the Company’s common shares, the recent performance of these reporting units, and updated forecasts of performance and cash flows, as well as the current micro and macroeconomic environments in relation to the current and expected performance of these reporting units, and industry considerations, and determined that since the date of the most recent quantitative assessment performed over these reporting units, there were no events or circumstances that rise to a level that would more-likely-than-not reduce the fair value of these reporting units below their carrying values; therefore a quantitative goodwill impairment analysis was not required for these reporting units. See Note 7 for further information.
Fiscal 2025. For the Company’s annual goodwill impairment test for fiscal 2025, given the length of time since the Company’s last quantitative assessment and considering the separation of the Studio Business from the Starz Business, the Company performed quantitative goodwill impairment assessments for all of its reporting units, based on the most recent data and expected growth trends, using a combination of DCF analyses and market-based valuation methodologies to estimate the fair value of the Company’s reporting units. Based on the quantitative impairment assessment, the Company determined that the fair value of the Company’s reporting units significantly exceeded the carrying values for all of the Company’s reporting units.

Management will continue to monitor all of its reporting units for changes in the business environment that could impact the recoverability of goodwill in future periods. The recoverability of goodwill is dependent upon the continued growth of revenue and cash flows from the Company’s business activities. Examples of events or circumstances that could result in changes to the underlying key assumptions and judgments used in the Company’s goodwill impairment tests, and ultimately impact the estimated fair value of the Company’s reporting units may include the global economy; consumer consumption levels of the Company’s content; adverse macroeconomic conditions related to higher inflation and interest rates and currency rate fluctuations, and the impact on the global economy from wars, terrorism and multiple international conflicts, and future bank failures; volatility in the equity and debt markets which could result in higher weighted-average cost of capital; capital market transactions; the duration and potential impact of strikes of unions on our ability to produce, acquire and distribute our content; the commercial success of the Company’s television programming and motion pictures; the Company’s continual contractual relationships with its customers; and changes in consumer behavior. If management's assumptions are not realized, it is possible that impairment charges may need to be recorded in the future.

Leases

The Company determines if an arrangement is a lease at its inception. The expected term of the lease used for computing the lease liability and right-of-use (“ROU”) asset and determining the classification of the lease as operating or financing may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to separate lease components from non-lease components across all lease categories. Instead, each separate lease component and non-lease component are accounted for as a single lease component.

Operating Leases. Operating lease ROU assets, representing the Company’s right to use the underlying asset for the lease term, are included in the “Other noncurrent assets” line item on the Company’s consolidated balance sheets. Operating lease liabilities, representing the present value of the Company’s obligation to make payments over the lease term, are included in the “Accrued expenses and other current liabilities” and “Other noncurrent liabilities” line items on the Company’s consolidated balance sheets. The Company has entered into various short-term operating leases which have an initial term of 12 months or less. These short-term leases are not recorded on the Company’s consolidated balance sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

Finance Leases. The Company did not have any finance leases during the years ended March 31, 2026 and 2025.

The present value of the lease payments is calculated using a rate implicit in the lease, when readily determinable. However, as most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments for the majority of its leases.

Variable lease payments that are based on an index or rate are included in the measurement of ROU assets and lease liabilities at lease inception. All other variable lease payments are expensed as incurred and are not included in the measurement of ROU assets and lease liabilities.

Deferred Revenue

Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation.
Deferred revenue also relates to customer payments that are made in advance of when the Company fulfills its performance obligation and recognizes revenue. This primarily occurs under television production contracts, in which payments may be received as the production progresses, international motion picture contracts, where a portion of the payments are received prior to the completion of the movie and prior to license rights start dates, and pay television contracts with multiple windows with a portion of the revenues deferred until the subsequent exploitation windows commence. These arrangements do not contain significant financing components because the reason for the payment structure is not for the provision of financing to the Company, but rather to mitigate the Company’s risk of customer non-performance and incentivize the customer to exploit the Company’s content. See Note 13 for further information.

Government Assistance

The Company has access to government programs that are designed to promote film and television production and distribution in certain foreign countries. The Company also has access to similar programs in certain states within the U.S. that are designed to promote film and television production in those states.

Tax credits earned with respect to expenditures on qualifying film and television productions are recorded as a reduction to investment in films and television programs when the qualifying expenditures have been incurred provided that there is reasonable assurance that the credits will be realized (see Note 4 and Note 20).

Foreign Currency Translation

Monetary assets and liabilities denominated in currencies other than the functional currency are translated at exchange rates in effect at the balance sheet date. Resulting unrealized and realized gains and losses are included in the consolidated statements of operations.

Foreign company assets and liabilities in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date. Foreign company revenue and expense items are translated at the average rate of exchange for the fiscal year. Gains or losses arising on the translation of the accounts of foreign companies are included in accumulated other comprehensive income or loss, a separate component of shareholders’ equity.

Derivative Instruments and Hedging Activities

Derivative financial instruments are used by the Company in the management of its foreign currency and interest rate exposures. The Company’s policy is not to use derivative financial instruments for trading or speculative purposes.

The Company uses derivative financial instruments to hedge its exposures to foreign currency exchange rate and interest rate risks. All derivative financial instruments are recorded at fair value in the consolidated balance sheets (see Note 11). The effective changes in fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income or loss and included in unrealized gains (losses) on cash flow hedges until the underlying hedged item is recognized in earnings. The effective changes in the fair values of derivatives designated as cash flow hedges are reclassified from accumulated other comprehensive income or loss to net income or net loss when the underlying hedged item is recognized in earnings. If the derivative is not designated as a cash flow hedge, changes in the fair value of the derivative are recognized in earnings. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within net cash provided by (used in) operating activities from continuing operations on the consolidated statements of cash flows. See Note 19 for further discussion of the Company’s derivative financial instruments.
Recent Accounting Pronouncements

Accounting Guidance Adopted in Fiscal 2026

Income Taxes: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires all entities to disaggregate disclosures by jurisdiction on the amount of income taxes paid (net of refunds received), income or loss from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024, and therefore is effective with the Company’s financial statements for the fiscal year ended March 31, 2026. The disclosures required under the ASU have been applied retrospectively for all periods presented in the financial statements. See Note 15 for further information.

Accounting Guidance Not Yet Adopted

Financial Instruments: In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses for Accounts Receivable and Contract Assets, providing all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. In addition, it allows entities to consider collection activity after the balance sheet date when developing estimates of expected credit losses. The provisions differ from current U.S. GAAP as current guidance requires an entity to consider adjustments to historical credit loss experience to reflect the extent to which management expects current conditions to differ from the conditions that existed for the period over which historical information was evaluated. This ASU is effective for interim periods within annual reporting periods beginning after December 15, 2025, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2027 interim reporting periods, with early adoption permitted. Entities should apply the practical expedient, if elected, prospectively to financial statements issued for reporting periods after the effective date. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2026, and does not expect it to have a material effect on its consolidated financial statements and disclosures.

Income Statement: In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (Subtopic 220-40), requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending March 31, 2028 and interim reporting periods beginning in fiscal 2029, with early adoption permitted. The disclosures required under the ASU can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

Business Combinations: In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”). This standard clarifies the guidance in determining the acquirer in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. This ASU is effective for interim periods within annual reporting periods beginning after December 15, 2026, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2028 interim reporting periods, with early adoption permitted. ASU 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the initial application date. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2027, and the Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
Interim Reporting: In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. This update is effective for interim periods within annual reporting periods beginning after December 15, 2027, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2029 interim reporting periods, with early adoption permitted. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2028, and does not expect it to have a material effect on its condensed consolidated financial statements and disclosures.

Government Grants: In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2030 interim reporting periods, with early adoption permitted. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2029. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
v3.26.1
Discontinued Operations
 12 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
As described in Note 1, on May 6, 2025, the Starz Separation was completed. The Starz Business, previously presented as the Media Networks segment of Old Lionsgate, is presented as discontinued operations within these consolidated financial statements as the Starz Separation represented a strategic shift that has a major effect on the Company’s operations and financial results.

Income (loss) from discontinued operations of the Starz Business consisted of the following:

Year Ended March 31,
202620252024
 (Amounts in millions)
Revenues$127.3 $1,363.2 $1,566.7 
Expenses:
Direct operating71.7 611.8 720.2 
Distribution and marketing26.3 378.2 446.2 
General and administration10.0 87.8 105.7 
Depreciation and amortization19.6 170.3 176.6 
Restructuring and other15.1 165.2 378.3 
Goodwill and intangible asset impairment— — 663.9 
Total expenses142.7 1,413.3 2,490.9 
Operating loss(15.4)(50.1)(924.2)
Interest expense(0.4)(21.9)(23.1)
Interest and other income— 0.1 3.6 
Other income (loss), net(0.6)(7.0)(7.6)
Gain (loss) on extinguishment of debt— (2.6)9.6 
Loss from discontinued operations before income taxes(16.4)(81.5)(941.7)
Income tax benefit (provision)(0.1)2.4 86.6 
Net loss from discontinued operations, net of income taxes$(16.5)$(79.1)$(855.1)
Financial results of the Starz Business for the year ended March 31, 2026 are through the date of the Starz Separation, May 6, 2025.

General and administrative corporate overhead costs previously allocated to the Starz Business following the Studio Separation in the year ended March 31, 2025 of $8.8 million do not meet the criteria to be presented as discontinued operations and are therefore excluded from amounts presented above. No general and administrative corporate overhead costs were allocated to the Starz Business in the year ended March 31, 2024. Expenses incurred directly attributable to the Starz Separation, including legal, accounting and tax advisory services, are reflected as discontinued operations, which were $7.9 million for the year ended March 31, 2026 (2025 - $37.9 million, 2024 – $5.9 million).

During fiscal 2024, due to the continuing difficult macro and microeconomic conditions, industry trends, and their impact on the performance and projected cash flows of the Media Networks segment, including its growth in subscribers and revenue worldwide, and the expanded restructuring activities, along with recent market valuation multiples, based on Old Lionsgate’s quantitative impairment assessment, it was determined that the fair value of the Media Networks reporting unit was less than its carrying value. The analysis resulted in a goodwill impairment charge of $493.9 million. In addition, an impairment charge of $170.0 million was recorded for the indefinite-lived trade names related to the Media Networks reporting unit.

Discontinued operations include only interest and related expenses associated with debt obligations that were directly attributable to the Starz Business or remained with Starz following the completion of the Starz Separation. This includes the Existing Notes which were issued by a Starz entity, and to the extent not exchanged for Senior Notes, as further described in Note 8, remained with Starz, along with any other film related and other obligations directly related to the Starz Business. No other interest expense was allocated to discontinued operations.

Lionsgate has separately reported the assets and liabilities of the discontinued operations of the Starz Business in its consolidated balance sheet as of March 31, 2025. These assets and liabilities consisted of the following:
March 31,
2025
(Amounts in millions)
ASSETS
Current assets:
Cash and cash equivalents$11.2 
Accounts receivable, net50.9 
Other current assets13.7 
Total current assets - discontinued operations75.8 
Investment in films and television programs and program rights, net918.9 
Property and equipment, net48.6 
Intangible assets, net816.0 
Other assets40.1 
Total assets - discontinued operations$1,899.4 
LIABILITIES
Current liabilities:
Accounts payable$53.6 
Content related payables99.3 
Other accrued liabilities40.9 
Residuals27.7 
Film related obligations90.9 
Deferred revenue38.4 
Total current liabilities - discontinued operations350.8 
Debt318.3 
Other liabilities75.7 
Deferred tax liabilities7.2 
Total liabilities - discontinued operations$752.0 

Continuing involvement with Starz Entertainment Corp.

Transition Services Agreement. In connection with the Starz Separation, the Company and Starz entered into a transition services agreement pursuant to which the Company and Starz provide to each other, on an interim, transitional basis, various services, such as services related to production (such as music creative/supervision), finance, accounting, legal, information technology, human resources, investor relations, employee benefits and other services, for periods generally up to thirteen (13) months following the completion of the Starz Separation. During the year ended March 31, 2026, the Company recognized $1.0 million of transition services agreement reimbursement as a reduction to general and administration expense within these consolidated financial statements.
Content Licensing. Following the Starz Separation, the Company and Starz will continue to be parties to certain commercial agreements, including: (i) master originals content licensing agreements that will license subscription video on demand (“SVOD”) and pay television rights to Starz for certain of the Company’s owned first-run original series for the U.S. and Canada; (ii) library license agreements that will license SVOD and pay television rights to Starz for certain of the Company’s owned library series and film content for the U.S. and Canada; (iii) a multiyear pay-one television output arrangement, granting Starz an exclusive U.S. pay television/SVOD license for Lionsgate- or Summit-branded films theatrically released in the U.S.; and (iv) a distribution agreement authorizing the Company to globally distribute on an exclusive basis off-platform linear, on-demand, and transactional rights to certain original series owned by Starz (subject to holdbacks to preserve periods of exclusivity for Starz’s platforms). The agreements have varying terms, with certain library license agreements currently extending through at least 2028 and the pay television/SVOD license for Lionsgate- or Summit-branded films theatrically released in the U.S. running through at least 2036. The Company’s net loss from continuing operations for the year ended March 31, 2026 includes $200.0 million of revenue from licensing agreements with Starz. Following the Starz Separation, the Company received $305.0 million, respectively, from Starz related to the licensing agreements during the year ended March 31, 2026.
v3.26.1
Acquisitions
 12 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
A & A Acquisition

On May 30, 2025, 3 Arts, the Company’s talent management and television/film production company, purchased a 51% ownership in A & A Management Group LLC, (“A & A”), a full service sports and entertainment management company for $24.5 million of cash consideration and up to $6.8 million of additional consideration based on specified EBITDA thresholds through the fiscal year ending March 31, 2027. The acquisition was accounted for under the acquisition method of accounting, with the results of A & A included in the Company’s consolidated results from May 30, 2025. During the year ended March 31, 2026, based upon management's estimates, the Company finalized the valuation of the acquisition and allocated $31.0 million to goodwill, with the remainder primarily allocated to the fair values of intangible assets, cash and cash equivalents, accounts receivables and other liabilities, and $19.6 million was recorded as a redeemable noncontrolling interest, representing the noncontrolling interest holders’ 49% equity interest in A & A (see Note 12). The goodwill recorded as part of this acquisition arises from the key relationships in the sports and entertainment industry and is included in the Television Production segment (see Note 7). The goodwill will not be amortized for financial reporting purposes but will be deductible for federal tax purposes.

Acquired Library

On June 5, 2024, the Company invested approximately $35.0 million for a 51% members’ interest in a newly formed limited liability company, CP LG Library Holdings, LLC (“CP LG”), with the Company designated as the managing member of CP LG. CP LG used the funds received from the Company, along with funds invested by the 49% member, to acquire a library of 46 films for approximately $68.6 million. Also on June 5, 2024, the Company entered into a distribution agreement with CP LG to distribute the titles in the acquired library. CP LG’s purchase included the film library (of which $48.3 million of the purchase price was allocated to investment in film and television programs for the film library), accounts receivable and certain liabilities associated with the film library, most notably participations and residuals liabilities.

The Company determined that CP LG is a VIE for which it is the primary beneficiary and is consolidated under the applicable accounting guidance as the Company has the power to direct the significant activities and the right to receive benefits and obligation to absorb losses of CP LG. The Company concluded that the acquired library and related assets and liabilities was not a business and therefore, accounted for the acquisition as an initial consolidation of a VIE that is not a business under the applicable accounting guidance. There was no gain or loss recognized upon initial consolidation of the VIE as the sum of the fair value of the consideration paid and noncontrolling interest equaled the fair value of the net assets on the acquisition date. See Note 12 for the noncontrolling interest recorded related to CP LG.

As of March 31, 2026, the consolidated balance sheet includes assets and liabilities of CP LG totaling $58.9 million (which is primarily comprised of investment in film and television programs) and $2.4 million, respectively. The assets and liabilities of CP LG primarily consist of accounts receivable, investment in film and television programs, and participations and residuals.
Prior Period Business Combination Agreement

On May 13, 2024, Old Lionsgate consummated the business combination agreement (the “Business Combination Agreement”) with Screaming Eagle Acquisition Corp., a Cayman Islands exempted company (“SEAC”), SEAC II Corp., a Cayman Islands exempted company and a wholly-owned subsidiary of SEAC (“New SEAC”), LG Sirius Holdings ULC, a British Columbia unlimited liability company and a wholly-owned subsidiary of Old Lionsgate (“Studio HoldCo”), LG Orion Holdings ULC, a British Columbia unlimited liability company and a wholly-owned subsidiary of Old Lionsgate (“StudioCo”) and other affiliates of SEAC (the “Closing”). Pursuant to the terms and conditions of the Business Combination Agreement, the Studio Business was combined with SEAC through a series of transactions, including an amalgamation of StudioCo and New SEAC under a Canadian plan of arrangement (the “Business Combination”). In connection with the closing of the Business Combination, New SEAC changed its name to “Lionsgate Studios Corp.” (referred to as “Legacy Lionsgate Studios”) and continued the existing business operations of StudioCo, which consisted of the Studio Business of Old Lionsgate. The “Studio Business” consists of the businesses of Old Lionsgate’s Motion Picture and Television Production segments, together with substantially all of Old Lionsgate’s corporate general and administrative functions and costs. Legacy Lionsgate Studios became a separate publicly-traded company, and its common shares commenced trading on NASDAQ under the symbol “LION” on May 14, 2024.

In connection with and prior to the Business Combination, Old Lionsgate and StudioCo entered into a separation agreement pursuant to which the assets and liabilities of the Studio Business were transferred to StudioCo such that StudioCo held, directly or indirectly, all of the assets and liabilities of the Studio Business (the “Studio Separation”).

Immediately following the Business Combination through immediately prior to the Starz Separation, approximately 87.8% of the total shares of Legacy Lionsgate Studios were held by Old Lionsgate, while 12.2% were owned by former SEAC public shareholders, SEAC founders and common equity financing investors. In addition to establishing Legacy Lionsgate Studios as a standalone publicly-traded entity, the transaction resulted in approximately $330.0 million of gross proceeds to Old Lionsgate. Net proceeds of $278.2 million, inclusive of transaction costs that remained accrued at March 31, 2025 and which were paid during the year ended March 31, 2026 totaling $3.5 million, were used to partially pay down amounts outstanding under Old Lionsgate's corporate debt. See Note 8 for further detail.

The Company recorded a reduction of noncontrolling interest in shareholders’ equity (deficit) and a reduction of accumulated other comprehensive income for the issuance of the Legacy Lionsgate Studios common shares, which was based upon the 12.2% ownership interest in the carrying value of Legacy Lionsgate Studios. The reduction in noncontrolling interest was due to the negative carrying value of Legacy Lionsgate Studios as of May 13, 2024, partially offset by an amount allocated to certain options described below. The difference between the net cash proceeds and the amounts recorded as noncontrolling interest and accumulated other comprehensive income was reflected as a reduction of accumulated deficit in the consolidated statement of shareholders’ equity (deficit). As described in Note 1, in connection with the Starz Separation, the LG Studios Flip occurred, resulting in the pre-transaction shareholders of Legacy Lionsgate Studios Common Shares, other than Old Lionsgate, receiving, in exchange for each Legacy Lionsgate Studios Common Share they held, a number of Lionsgate Common Shares, and therefore the noncontrolling interest in Legacy Lionsgate Studios was eliminated, see Note 12.

In connection with the Business Combination, 2,200,000 options (the “Sponsor Options”) to receive Legacy Lionsgate Studios common shares, were issued to certain noncontrolling interest holders, with an exercise price of $0.0001 per share. The Sponsor Options would become exercisable (i) on or after the date on which the trading price of Legacy Lionsgate Studios common shares (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) equals or exceeds $16.05 per share or (ii) if a Change of Control (as defined in the sponsor option agreement) occurs, subject to certain conditions. The Company recorded the Sponsor Options as part of the noncontrolling interest.

In connection with the Starz Separation, Legacy Lionsgate Studios amended the sponsor option agreement to include the Company as a party to the agreement and converted the Sponsor Options into options to purchase the Company’s common shares, see Note 14.
v3.26.1
Investment in Films and Television Programs
 12 Months Ended
Mar. 31, 2026
Investment in Films And Television Programs [Abstract]  
Investment in Films and Television Programs Investment in Films and Television Programs
The predominant monetization strategy for all of the Company’s investments in films and television programs is on an individual film basis. Total investment in films and television programs was as follows:
March 31,
2026		March 31,
2025
 (Amounts in millions)
Investment in Films and Television Programs:
Released, net of accumulated amortization$1,040.5 $992.4 
Completed and not released(1)
249.8 135.1 
In progress(1)
743.1 779.5 
In development95.0 87.2 
Investment in films and television programs and program rights, net(2)
$2,128.4 $1,994.2 
 ______________________
(1)As of March 31, 2026, the unamortized balance related to completed and not released and in progress theatrical films was $685.7 million.
(2)Production tax credits reduced total investment in films and television programs by $151.4 million and $243.6 million during the years ended March 31, 2026 and 2025, respectively, which resulted in a reduction of direct operating expense related to the amortization of investment in films and television programs cost of approximately $82.5 million and $112.0 million for the years ended March 31, 2026 and 2025, respectively.

At March 31, 2026, acquired film and television libraries have remaining unamortized costs of $207.0 million, which are monetized individually and are being amortized on a straight-line basis or the individual-film-forecast method over a weighted average remaining period of approximately 12.5 years (March 31, 2025 - unamortized costs of $235.7 million).

Amortization of investment in film and television programs was $1,022.6 million, $1,172.7 million and $929.8 million for the years ended March 31, 2026, 2025 and 2024, respectively, and was included in direct operating expense in the consolidated statements of operations.

The table below summarizes estimated future amortization expense for the Company’s investment in film and television programs as of March 31, 2026:
Year Ended March 31,
202720282029
 (Amounts in millions)
Estimated future amortization expense:
Released investment in films and television programs$322.5 $161.8 $158.0 
Completed and not released investment in films and television programs$185.9  n/a  n/a

Impairments. Investment in films and television programs includes write-downs to fair value. The following table are the impairments by segment and the line item in the Company’s consolidated statements of operations recorded for the fiscal years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture$0.8 $19.7 $34.6 
Television Production1.4 6.7 8.4 
Impairments not included in segment operating results(2):
Included in restructuring and other13.2 7.2 12.8 
Total impairments$15.4 $33.6 $55.8 
 ______________________
(1)Impairments included in direct operating expense are included in the amortization expense amounts disclosed above.
(2)Impairments included in restructuring and other represent write-downs in connection with the restructuring of the Motion Picture and Television Production businesses. See Note 16 for further information.
v3.26.1
Property and Equipment
 12 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
March 31,
2026		March 31,
2025
 (Amounts in millions)
Leasehold improvements$34.2 $33.9 
Property and equipment20.9 17.5 
Computer equipment and software105.3 96.6 
Total property and equipment160.4 148.0 
Less accumulated depreciation and amortization(126.7)(115.1)
 33.7 32.9 
Land1.2 1.2 
Total property and equipment, net$34.9 $34.1 

During the year ended March 31, 2026, depreciation expense amounted to $12.7 million (2025 - $12.9 million; 2024 - $10.3 million).
v3.26.1
Investments
 12 Months Ended
Mar. 31, 2026
Equity Method Investments, and Investments in Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s investments consisted of the following:
March 31,
2026		March 31,
2025
 (Amounts in millions)
Investments in equity method investees$31.4 $68.1 
Other investments(1)
9.7 9.7 
Total investments$41.1 $77.8 
 ______________________
(1)Other investments represent equity investments without readily determinable fair values.

Equity Method Investments:

The Company has investments in various equity method investees with ownership percentages ranging from approximately 13% to 49%. These investments include:

STARZPLAY Arabia. STARZPLAY Arabia (Playco Holdings Limited) offers a STARZ-branded online subscription video-on-demand service in the Middle East and North Africa.

Roadside Attractions. Roadside Attractions is an independent theatrical distribution company.

Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S.

42. 42 is a fully integrated management and production company, producing film, television and content, representing actors, writers, directors, comedians, presenters, producers, casting directors and media book rights; with offices in London and Los Angeles.

Other. In addition to the equity method investments discussed above, the Company holds ownership interests in other immaterial equity method investees.
Sale of Equity Method Investment

On April 17, 2025, the Company sold its equity method ownership interest in Spyglass, a global premium content company, for $31.9 million, resulting in a $3.1 million gain recorded within gain on investments on the Company’s consolidated statement of operations during the year ended March 31, 2026. The Company received proceeds of $28.9 million upon closing on May 17, 2025, and received the remaining amount due to the Company in March 2026.
v3.26.1
Goodwill and Intangible Assets
 12 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

Changes in the carrying value of goodwill by reporting segment were as follows:
Motion
Picture		Television
Production		Total
 (Amounts in millions)
Balance as of March 31, 2024$398.6 $412.6 $811.2 
Measurement period adjustments(1)
(1.7)(1.0)(2.7)
Balance as of March 31, 2025$396.9 $411.6 $808.5 
Business acquisitions (2)
— 35.6 35.6 
Measurement period adjustments(3)
— 2.7 2.7 
Balance as of March 31, 2026$396.9 $449.9 $846.8 
 ______________________
(1)Measurement period adjustments in fiscal 2025 for the acquisition of eOne reflect a decrease to goodwill of $2.7 million resulting from an adjustment to the purchase price related to a settlement of certain working capital items of $12.0 million partially offset by a net decrease in the estimated fair value of the net assets acquired. The decrease in the estimated fair value of the net assets acquired consisted of a net decrease to accounts receivable of $5.6 million, a net decrease in investment in films and television programs of $1.6 million, net increases to content related payables of $3.4 million, participations and residuals of $1.0 million, and accrued and other liabilities of $1.9 million, partially offset by a net increase to other assets of $4.2 million.
(2)In addition to the acquisition of A & A (see Note 3), during the year ended March 31, 2026, the Company acquired a controlling equity interest in OManagement, a talent agent firm, resulting in a $7.3 million allocation to goodwill.
(3)Measurement period adjustments in fiscal 2026 for the acquisition of A & A reflect an increase to goodwill of $2.7 million resulting from a net decrease in the estimated fair value of the net assets acquired.

Intangible Assets

Finite-Lived Intangible Assets. Finite-lived intangible assets consisted of the following:
March 31,
2026		March 31,
2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
 (Amounts in millions)
Finite-lived intangible assets subject to amortization:
Customer relationships(1)
$40.2 $17.6 $22.6 $31.0 $14.1 $16.9 
Trademarks and trade names5.6 3.0 2.6 7.6 4.0 3.6 
Other15.1 14.5 0.6 23.9 23.6 0.3 
Total intangible assets$60.9 $35.1 $25.8 $62.5 $41.7 $20.8 
 ______________________
(1)Amounts as of March 31, 2026 and 2025 represent talent relationships related to 3 Arts. See Note 3.
Amortization expense associated with the Company’s intangible assets for the years ended March 31, 2026, 2025 and 2024 was approximately $4.8 million, $4.9 million and $5.3 million, respectively.

Year Ending March 31,
20272028202920302031Thereafter
 (Amounts in millions)
Estimated future amortization expense$4.8 $4.8 $4.5 $3.9 $3.3 $4.5 

As of March 31, 2026 and 2025, the Company did not have any indefinite-lived intangible assets.
v3.26.1
Debt
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Total debt of the Company, excluding film related obligations, was as follows:
 March 31,
2026		March 31,
2025
 (Amounts in millions)
Corporate debt:
Term Loan A(1)
$— $314.4 
Revolving Credit Facility— — 
Senior Notes389.9 389.9 
eOne IP Credit Facility371.3 323.0 
LG IP Credit Facility1,187.5 978.8 
3 Arts Credit Facility30.7 — 
Total corporate debt1,979.4 2,006.1 
Unamortized debt issuance costs(39.2)(33.2)
Total corporate debt, net1,940.2 1,972.9 
Less current portion(162.1)(134.0)
Total corporate debt - noncurrent$1,778.1 $1,838.9 
 ______________________
(1)As further described below and in Note 1, in connection with the Starz Separation, all outstanding principal, interest and fees under the Old Credit Agreement (comprised of the previous Revolving Credit Facility and Term Loan A) were repaid in full.

Future annual contractual principal payment commitments of debt as of March 31, 2026 are as follows:
 
 Maturity DateYear Ending March 31,
Debt Type20272028202920302031ThereafterTotal
  (Amounts in millions)
Senior NotesApril 2030$— $— $— $— $389.9 $— $389.9 
eOne IP Credit FacilityJuly 202937.1 37.1 37.1 260.0 — — 371.3 
LG IP Credit FacilitySeptember 2029125.0 125.0 125.0 812.5 — — 1,187.5 
3 Arts Credit FacilityMay 2029— — — 30.7 — — 30.7 
$162.1 $162.1 $162.1 $1,103.2 $389.9 $— $1,979.4 
Less unamortized debt issuance costs(39.2)
$1,940.2 
Starz Separation:

On May 6, 2025, in connection with the Starz Separation, the Company fully repaid all outstanding principal, interest and fees under the credit and guarantee agreement dated December 8, 2016, as amended (the “Old Credit Agreement”). This included the repayment of $314.4 million in principal under Term Loan A and $255.0 million in principal under the previous revolving credit facility. All commitments thereunder were terminated. These repayments were made in part using net proceeds from a new Starz credit agreement that was entered into by Starz just prior to the closing of the Starz Separation.

In addition, the Company entered into a new credit agreement (the “Credit Agreement”) with Lions Gate Television Inc. (“LGTV”), a wholly-owned subsidiary of the Company, as borrower, the guarantors referred to therein, the lenders referred to therein, and JPMorgan Chase Bank, N.A., as administrative agent. See Credit Agreement (Revolving Credit Facility) below for further information. Further, LGTV assumed senior notes by way of supplemental indenture (the “Supplemental Indenture”). See Senior Notes below for further information.

Credit Agreement (Revolving Credit Facility)

Revolving Credit Facility Availability of Funds & Commitment Fee. The Credit Agreement provides for an $800.0 million senior secured revolving credit facility, which may be increased up to $1,200.0 million, subject to the terms and conditions set forth therein. Borrowing availability is limited by a borrowing base. As of March 31, 2026, $800.0 million of borrowing capacity was available. LGTV is required to pay a commitment fee of 0.375% per annum on the unused portion of the revolving facility.

Maturity Date. The Credit Agreement and commitments thereunder will mature on May 6, 2030.

Interest. Borrowings under the Credit Agreement bear interest at LGTV’s option, at either (i) Term SOFR (subject to a 0.00% floor) or (ii) a base rate, in each case plus a margin. The applicable margin is 2.50% for SOFR loans and 1.50% for base rate loans. As of March 31, 2026, the effective interest rate on outstanding borrowings was 6.16% before the impact of interest rate swaps. See Note 19 for interest rate swap detail.

Security and Guarantees. LGTV’s obligations under the Credit Agreement are guaranteed by the Company and substantially all of its wholly-owned restricted subsidiaries and secured by substantially all assets of LGTV and the guarantors, in each case subject to certain customary exceptions.

Covenants. The Credit Agreement contains customary affirmative and negative covenants that, subject to certain significant exceptions, limit the ability of the Company and its restricted subsidiaries to incur additional indebtedness or liens, make investments, engage in mergers, consolidations, asset sales or acquisitions, pay dividends or other restricted payments and enter into certain affiliate transactions. In addition, the Credit Agreement requires the Company to maintain a Liquidity Ratio (as defined in the Credit Agreement) of no less than 1.10 to 1.00 as of the last day of each fiscal quarter. As of March 31, 2026, the Company was in compliance with all applicable covenants.

Events of Default. The Credit Agreement includes customary events of default, including a change in control. Upon an event of default, lenders may terminate any remaining commitments and declare all outstanding principal and accrued interest immediately due and payable. In addition, the administrative agent may require the Company to provide cash collateral, equal to the full amount available under any letters of credit, regardless of whether any draws or other demands for payment have been made.

Senior Notes

On May 8, 2024, an indirect, wholly-owned subsidiary of Old Lionsgate issued $389.9 million aggregate principal amount of 5.5% senior notes due on April 15, 2029 (the “Senior Notes”) in exchange for an equivalent principal amount of the existing 5.5% senior notes due 2029 (the “Existing Notes”).

In connection with the completion of the Starz Separation, LGTV assumed the Senior Notes pursuant to a Supplemental Indenture. Under the Supplemental Indenture, LGTV became the primary obligor under the Senior Notes and assumed all obligations of the original issuer. The initial issuer was released and discharged from all obligations under the Senior Notes.
Certain Existing Notes that were not exchanged having an aggregate principal amount of $325.1 million as of March 31, 2025 remained with Starz following the Starz Separation and are therefore presented as discontinued operations.

Maturity Date. Following completion of the Starz Separation, the Senior Notes mature on April 15, 2030.

Interest. Following completion of the Starz Separation, the Senior Notes bear interest at 6.00% per annum payable semi-annually.

Security. LGTV’s obligations under the original and Supplemental Indenture are guaranteed by the Company and affiliated grantors. The Company and grantors have pledged substantially all existing and future owned assets, in each case subject to certain customary exceptions.

Covenants. The Senior Notes contain covenants that, subject to specified exceptions, restrict the Company’s ability to incur additional indebtedness, declare dividends or repurchase its common shares, make certain loans or investments, and dispose of certain assets, among other limitations. As of March 31, 2026, the Company was in compliance with all applicable covenants.

Optional Redemption. The Company may redeem the Senior Notes, in whole or in part, at any time at the applicable redemption price plus accrued and unpaid interest, if any, to the redemption date. The redemption prices (expressed as a percentage of the principal amount) are as follows: (i) prior to the first anniversary of the Separation Closing Date - 103.0%; (ii) on or after the first anniversary and prior to the second anniversary - 102.0%; (iii) on or after the second anniversary and prior to the third anniversary - 101.0%; (iv) on or after the third anniversary - 100%.

Change in Control. A change of control constitutes a triggering event requiring the Company to offer to purchase all outstanding Senior Notes, at 101% of the principal amount, plus accrued and unpaid interest, if any, to the purchase date. In addition, certain asset dispositions may require the Company to apply excess proceeds to an offer to purchase the Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any.

Capacity to Pay Dividends

As of March 31, 2026, the capacity to pay dividends under the Lionsgate Credit Agreement and the Senior Notes significantly exceeded the Company’s accumulated deficit balance or net loss from continuing operations. Accordingly, the Company’s net loss from continuing operations, net of income tax for the year ended March 31, 2026 of $175.5 million and accumulated deficit as of March 31, 2026 of $3,732.9 million did not impose restrictions on its ability to pay dividends as of March 31, 2026.

eOne IP Credit Facility:

In July 2024, certain subsidiaries of the Company entered into a $340.0 million senior secured amortizing term credit facility (the “eOne IP Credit Facility”) based on and secured by the Company’s intellectual property rights primarily associated with certain titles acquired as part of the eOne acquisition. In March 2026, the Company closed an amendment which increased the principal amount of the eOne IP Credit Facility to $371.3 million and continues to be subject to the amount of collateral available, which is based on the valuation of unsold rights from the libraries. The eOne IP Credit Facility was subject to quarterly required principal payments of $8.5 million, beginning November 14, 2024, and was amended to $9.3 million quarterly required payments, beginning with the quarter ended March 31, 2026, with the balance payable at maturity. Advances under the eOne IP Credit Facility bear interest at a rate equal to Term SOFR plus 2.25% per annum (effective interest rate of 5.91% as of March 31, 2026, before the impact of interest rate swaps). As of March 31, 2026, there was no available borrowing capacity under the eOne IP Credit Facility. The eOne IP Credit Facility matures on July 3, 2029.

LG IP Credit Facility:

In September 2024, certain subsidiaries of the Company entered into a $455.0 million senior secured amortizing term credit facility (the “LG IP Credit Facility”) based on and secured by the Company’s intellectual property rights primarily associated with certain titles. In November 2024 and December 2024, the Company closed amendments which increased the maximum principal amount of the LG IP Credit Facility to $850.0 million, and in March 2025, the Company closed an amendment which increased the maximum principal amount of the LG IP Credit Facility to $1.0 billion. On September 26, 2025, the Company closed an amendment which increased the maximum principal amount of the LG IP Credit Facility to $1.25 billion, which continues to be subject to the amount of collateral available, which is based on the valuation of unsold rights from the libraries.
The Company is subject to quarterly required principal payments of 2.50% of the applicable aggregate outstanding principal amount, with the balance payable at maturity. Advances under the LG IP Credit Facility bear interest at a rate equal to Term SOFR plus 2.25% per annum (effective interest rate of 5.91% as of March 31, 2026, before the impact of interest rate swaps). As of March 31, 2026, there was no available borrowing capacity under the LG IP Credit Facility. A portion of the proceeds were used to fully repay and terminate the Film Library Facility. The LG IP Credit Facility matures on September 30, 2029.

3Arts Credit Facility:

On May 29, 2025 in preparation for the A & A purchase (see Note 3), 3 Arts entered into a $50.0 million senior secured credit facility (the “3 Arts Credit Facility”) based on and secured by a security interest in substantially all of the assets of 3 Arts and guarantors as defined in the 3 Arts Credit Facility, subject to certain exceptions. The 3 Arts Credit Facility also contains certain customary affirmative and negative covenants that are customary for similar financings. Payable at maturity, advances under the 3 Arts Credit Facility bear interest at a rate per annum equal to, at the borrower’s option, either Term SOFR or a base rate, in each case plus a margin of 2.50% for SOFR loans and 1.50% for base rate loans (effective interest rate of 6.16% as of March 31, 2026, before the impact of interest rate swaps). The borrower will pay a commitment fee equal to 0.35% per annum in respect of unutilized commitments thereunder. As of March 31, 2026, there was $19.3 million of borrowing capacity available under the 3 Arts Credit Facility. The 3 Arts Credit Facility matures on May 29, 2029.

Other Prior Period Debt Transactions:

During the year ended March 31, 2025, the Company used proceeds from the Business Combination to prepay $84.9 million of Term Loan A and $214.1 million of Term Loan B principal amounts, including accrued and unpaid interest on both loans. In addition, the Company used the proceeds from the LG IP Credit Facility to pay the remaining Term Loan B outstanding principal and unpaid interest balance of $605.1 million.

During the year ended March 31, 2024, the Company repurchased $85.0 million principal amount of the 5.5% Senior Notes for $61.4 million, together with accrued and unpaid interest.

Gain (Loss) on Extinguishment of Debt

During the fiscal years ended March 31, 2026, 2025 and 2024, the Company recorded a gain (loss) on extinguishment of debt related to the transactions described above as summarized in the table below:
Year Ended March 31,
202620252024
(Amounts in millions)
Gain (Loss) on Extinguishment of Debt:
Senior Notes exchange and repurchases (1)
$— $(3.1)$11.5 
Term Loan A and B prepayments(2)
— (1.8)— 
Revolving Credit Facility (3)
(1.0)— — 
Film Related Obligations prepayment (4)
(1.2)— (1.3)
Total gain (loss) on extinguishment of debt$(2.2)$(4.9)$10.2 
 ______________________
(1)The 5.5% Senior Notes exchange that occurred during the year ended March 31, 2025 was considered a modification of terms since the present value of the cash flows after the amendment differed by less than a 10% change from the present value of the cash flows on a creditor-by-creditor basis prior to the amendment. Accordingly, the unamortized debt issuance costs are being amortized over the applicable term of the debt and the third-party costs attributable to continuing operations of $3.1 million were expensed as a loss on extinguishment of debt in the year ended March 31, 2025. As discussed in Note 2, discontinued operations include interest and other related expenses associated with debt positions that remained with Starz following the completion of the Starz Separation, specifically the Existing Notes that were not exchanged for Senior Notes.
(2)    The prepayments during the year ended March 31, 2025 were voluntary prepayments, allowable under the agreement with no penalty. The repayments were treated as extinguishments and all unamortized debt issuance costs were written off as losses on extinguishment.
(3)    As discussed above, in connection with the Starz Separation, the previous revolving credit facility under the Old Credit Agreement was terminated and a new revolving credit facility was entered into under the Credit Agreement. The associated costs were accounted for as follows: (i) if the borrowing capacity (measured as the amount available under the revolving credit facility multiplied by the remaining term) was less than it was prior to the termination and issuance, measured on a creditor-by-creditor basis, the unamortized debt issuance costs were written off as a loss on extinguishment of debt in proportion to the decrease in borrowing capacity, and (ii) all fees paid to third-parties (i.e., new debt issuance costs) are being amortized over the term of the new revolving credit facility under the Credit Agreement.
(4)    Represent issuance costs written off in connection with the early prepayment and termination of certain production loans (see Note 9).
v3.26.1
Film Related Obligations
 12 Months Ended
Mar. 31, 2026
Film Related Obligations [Abstract]  
Film Related Obligations Film Related Obligations 
March 31,
2026		March 31,
2025
 (Amounts in millions)
Film related obligations:
Production Loans$1,283.9 $1,395.4 
Production Tax Credit Facility368.0 280.0 
Backlog Facility and Other307.2 238.9 
Film Library Facility— 75.9 
Total film related obligations1,959.1 1,990.2 
Unamortized issuance costs(9.2)(7.3)
Total film related obligations, net1,949.9 1,982.9 
Less current portion(1,293.4)(1,617.8)
Total film related obligations - noncurrent $656.5 $365.1 
 
Future annual repayments of film related obligations as of March 31, 2026 are as follows:
Year Ending March 31,
Debt Type20272028202920302031ThereafterTotal
 (Amounts in millions)
Production Loans$952.6 $331.3 $— $— $— $— $1,283.9 
Production Tax Credit Facility71.2 296.8 — — — — 368.0 
Backlog Facility and Other269.6 6.9 — 30.7 — — 307.2 
$1,293.4 $635.0 $— $30.7 $— $— $1,959.1 
Less unamortized issuance costs(9.2)
$1,949.9 

Production Loans:

Production loans represent individual and multi-title loans for the production of film and television programs that the Company produces. The majority of the Company’s production loans have contractual repayment dates either at or near the expected completion or release dates, with the exception of certain loans containing repayment dates on a longer term basis and incur primarily SOFR-based interest at a weighted average rate of 5.43% (before the impact of interest rate swaps). Production loans amounting to $1,118.9 million are secured by collateral which consists of the underlying rights related to the intellectual property (i.e., film or television show), and $165.0 million are unsecured.

Production Tax Credit Facility:

In January 2021, as amended in May 2025, the Company entered into a non-recourse senior secured revolving credit facility (the “Production Tax Credit Facility”) based on and secured by collateral consisting solely of certain of the Company’s tax credit receivables.
As of March 31, 2026, the maximum principal amount of the Production Tax Credit Facility was $380.0 million, subject to the amount of collateral available, which is based on specified percentages of amounts payable to the Company by governmental authorities pursuant to the tax incentive laws of certain eligible jurisdictions that arise from the production or exploitation of motion pictures and television programming in such jurisdiction. Cash collections from the underlying collateral (tax credit receivables) are used to repay outstanding borrowings under the facility. As of March 31, 2026, $443.1 million in tax credit receivables served as collateral and $12.0 million remained available for borrowing. Advances under the facility bear interest at either (i) SOFR plus 0.10% plus 1.50% per annum or (ii) the base rate plus 0.50% per annum (effective interest rate of 5.26% at March 31, 2026). The Production Tax Credit Facility matures on January 27, 2028.

Film Library Facility:

In July 2021, as amended in September 2022, certain subsidiaries of the Company entered into a senior secured amortizing term credit facility (the “Film Library Facility”). The facility was collateralized exclusively by the Company’s rights in certain acquired film library titles. The maximum principal amount available under the Film Library Facility was $161.9 million, subject to the valuation of eligible collateral, which was based on projected cash flows from the libraries. Repayment of the facility was funded through cash flows generated from the exploitation of these rights and was subject to cumulative minimum guaranteed payment amounts. During September 2025, the remaining outstanding balance of $59.7 million was fully repaid and all commitments were terminated.

Backlog Facility and Other:

Backlog Facility. In March 2022, as amended in June 2025, certain subsidiaries of the Company entered into a committed secured revolving credit facility (the “Backlog Facility”) based on and secured by collateral consisting solely of certain of the Company’s fixed fee or minimum guarantee contracts where cash will be received in the future. The maximum principal amount of the Backlog Facility as of March 31, 2026 is $175.0 million, subject to the amount of eligible collateral contributed to the facility. Advances under the Backlog Facility bear interest at a rate equal to Term SOFR plus 0.10% to 0.25% depending on the SOFR term (i.e., one, three or six months), plus an applicable margin amounting to 1.15% per annum. The applicable margin is subject to a potential increase to either 1.25% or 1.50% based on the weighted average credit quality rating of the collateral contributed to the facility (effective interest rate of 4.91% at March 31, 2026). The Backlog Facility revolving period ends on May 30, 2028, at which point cash collections from the underlying collateral is used to repay the facility. The facility maturity date is up to 2 years, 90 days after the revolving period ends, currently August 28, 2030. As of March 31, 2026, there was $175.0 million outstanding under the Backlog Facility, resulting in no available borrowing capacity under the Backlog Facility (as of March 31, 2025, $135.7 million was outstanding).

Other. The Company has other loans, which are secured by accounts receivable and contracted receivables which are not yet recognized as revenue under certain licensing agreements. Outstanding loan balances under these “other” loans must be repaid with any cash collections from the underlying collateral if and when received by the Company and may be voluntarily repaid at any time without prepayment penalty fees. As of March 31, 2026, there was $132.2 million outstanding (as of March 31, 2025, $103.2 million was outstanding) under the “other” loans, incurring SOFR-based interest at a weighted average rate of 5.22%, with remaining contractual repayment dates in April 2026, July 2026 and December 2027. As of March 31, 2026, accounts receivable amounting to $80.2 million and contracted receivables not yet reflected as accounts receivable on the balance sheet as of March 31, 2026 amounting to $73.4 million represented collateral related to the “other” loans.
v3.26.1
Leases
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company has operating leases primarily for office space, studio facilities, and other equipment. The Company’s leases have remaining lease terms of up to approximately 10.25 years.

Total lease cost components were as follows:
Year Ended March 31,
202620252024
(Amounts in millions)
Operating lease cost(1)
$67.6 $66.5 $48.7 
Short-term lease cost(2)
74.5 161.2 96.2 
Variable lease cost(3)
3.3 4.3 3.0 
Total lease cost$145.4 $232.0 $147.9 
 ______________________
(1)Operating lease costs primarily represent the amortization of right-of-use assets and are included in the “other non-cash items” line on the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.
(2)Short-term lease costs primarily consist of facilities and equipment leases associated with film and television productions and are capitalized when incurred.
(3)Variable lease costs primarily consist of insurance, taxes, maintenance and other operating costs.

Supplemental balance sheet information related to leases was as follows:
CategoryBalance Sheet LocationMarch 31,
2026		March 31,
2025
(Amounts in millions)
Operating Leases
Right-of-use assetsOther noncurrent assets$262.9 $294.1 
Lease liabilities (current)Accrued expenses and other current liabilities$39.8 $44.0 
Lease liabilities (noncurrent)Other noncurrent liabilities261.4 290.7 
$301.2 $334.7 
March 31,
2026		March 31,
2025
Operating leases
Weighted average remaining lease term (in years)8.28.5
Weighted average discount rate5.57 %5.36 %

The expected future payments related to the Company’s lease liabilities as of March 31, 2026 were as follows:
Operating
Leases
(Amounts in millions)
Year ending March 31,
2027$52.7 
202850.8 
202947.4 
203040.2 
203132.9 
Thereafter153.9 
Total lease payments377.9 
Less imputed interest(76.7)
Total lease payments, net$301.2 

As of March 31, 2026, the Company has entered into certain leases that have not yet commenced primarily related to studio facilities, for which construction related to those leases has not yet been completed. The leases are for terms up to 12.25 years, commencing upon completion of construction (currently expected to be ranging from calendar years 2026 to 2027). The leases include an option to extend the initial term for an additional 10 years to 12 years. The total minimum lease payments under these leases in aggregate are approximately $247.4 million.
Leases Leases
The Company has operating leases primarily for office space, studio facilities, and other equipment. The Company’s leases have remaining lease terms of up to approximately 10.25 years.

Total lease cost components were as follows:
Year Ended March 31,
202620252024
(Amounts in millions)
Operating lease cost(1)
$67.6 $66.5 $48.7 
Short-term lease cost(2)
74.5 161.2 96.2 
Variable lease cost(3)
3.3 4.3 3.0 
Total lease cost$145.4 $232.0 $147.9 
 ______________________
(1)Operating lease costs primarily represent the amortization of right-of-use assets and are included in the “other non-cash items” line on the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.
(2)Short-term lease costs primarily consist of facilities and equipment leases associated with film and television productions and are capitalized when incurred.
(3)Variable lease costs primarily consist of insurance, taxes, maintenance and other operating costs.

Supplemental balance sheet information related to leases was as follows:
CategoryBalance Sheet LocationMarch 31,
2026		March 31,
2025
(Amounts in millions)
Operating Leases
Right-of-use assetsOther noncurrent assets$262.9 $294.1 
Lease liabilities (current)Accrued expenses and other current liabilities$39.8 $44.0 
Lease liabilities (noncurrent)Other noncurrent liabilities261.4 290.7 
$301.2 $334.7 
March 31,
2026		March 31,
2025
Operating leases
Weighted average remaining lease term (in years)8.28.5
Weighted average discount rate5.57 %5.36 %

The expected future payments related to the Company’s lease liabilities as of March 31, 2026 were as follows:
Operating
Leases
(Amounts in millions)
Year ending March 31,
2027$52.7 
202850.8 
202947.4 
203040.2 
203132.9 
Thereafter153.9 
Total lease payments377.9 
Less imputed interest(76.7)
Total lease payments, net$301.2 

As of March 31, 2026, the Company has entered into certain leases that have not yet commenced primarily related to studio facilities, for which construction related to those leases has not yet been completed. The leases are for terms up to 12.25 years, commencing upon completion of construction (currently expected to be ranging from calendar years 2026 to 2027). The leases include an option to extend the initial term for an additional 10 years to 12 years. The total minimum lease payments under these leases in aggregate are approximately $247.4 million.
v3.26.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.
•Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (fewer active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

Assets and liabilities required to be carried at fair value on a recurring basis as of March 31, 2026 and 2025 were as follows:
March 31, 2026March 31, 2025
Level 1Level 2TotalLevel 1Level 2Total
(Amounts in millions)
Assets:
Forward exchange contracts (see Note 19)— — $— — 1.8 $1.8 
Liabilities:
Forward exchange contracts (see Note 19)— 2.7 $2.7 — — $— 
Interest rate swaps (see Note 19)— 1.6 $1.6 — 3.1 $3.1 
The carrying values and fair values of the Company’s outstanding debt and film related obligations as of March 31, 2026 and 2025 were as follows:
 
March 31, 2026March 31, 2025
Carrying
Value
Fair Value(1)
Carrying
Value
Fair Value(1)
 (Level 2)(Level 2)
(Amounts in millions)
Term Loan A$— $— $313.4 $312.9 
Revolving Credit Facility— — — — 
Senior Notes383.1 359.6 381.6 360.9 
eOne IP Credit Facility366.7 371.3 317.6 323.0 
LG IP Credit Facility1,172.5 1,187.5 962.9 978.8 
3 Arts Credit Facility30.1 30.7 — — 
Production Loans1,280.5 1,283.9 1,393.9 1,395.4 
Production Tax Credit Facility364.8 368.0 276.2 280.0 
Backlog Facility and Other304.6 307.2 238.4 238.9 
Film Library Facility— — 74.4 75.9 
 ______________________
(1)The Company measures the fair value of its outstanding debt and interest rate swaps using discounted cash flow techniques that use observable market inputs, such as SOFR-based yield curves, swap rates, and credit ratings (Level 2 measurements).

The Company’s financial instruments also include cash and cash equivalents, accounts receivable, accounts payable, content related payables, other accrued liabilities and other liabilities. The carrying values of these financial instruments approximated their fair values as of March 31, 2026 and 2025.
Financial and nonfinancial assets and liabilities measured on a non-recurring basis that are adjusted to fair value when a significant event occurs include the Company’s goodwill, intangible assets, equity method investments and film and television costs.
v3.26.1
Noncontrolling Interests
 12 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Redeemable Noncontrolling Interests

Redeemable noncontrolling interests as of March 31, 2026 and 2025 (included in temporary equity on the consolidated balance sheets) primarily relate to 3 Arts Entertainment. In addition, redeemable noncontrolling interests included Pilgrim Media Group prior to the purchase of additional interest in July 2024 and includes A & A after the acquisition in May 2025. See further information below.

Redeemable noncontrolling interests are measured at the greater of (i) the redemption amount that would be paid if settlement occurred at the balance sheet date less the amount attributed to unamortized noncontrolling interest discount if applicable, or (ii) the historical value resulting from the original acquisition date value plus or minus any earnings or loss attribution, plus the amount of amortized noncontrolling interest discount, less the amount of cash distributions that are not accounted for as compensation, if any. The amount of the redemption value in excess of the historical values of the noncontrolling interest, if any, is recognized as an increase to redeemable noncontrolling interest and a charge to retained earnings or accumulated deficit.

The table below presents the reconciliation of changes in redeemable noncontrolling interests:
Year Ended March 31,
202620252024
(Amounts in millions)
Beginning balance$93.7 $123.3 $343.6 
Net income (loss) attributable to redeemable noncontrolling interests0.4 (1.7)(14.9)
Adjustments to redemption value0.5 (5.0)83.4 
Cash (distributions) contributions(1.9)0.5 (1.0)
Noncontrolling interest related to acquisitions21.4 — — 
Purchase of additional interest(1)
— (23.4)(194.6)
Other(2)
— — (93.2)
Ending balance$114.1 $93.7 $123.3 
_______________________
(1)In fiscal 2024, the Company closed on the acquisition of an additional 25% of 3 Arts Entertainment representing approximately half of the noncontrolling interest.
(2)In fiscal 2024, amounts represent the reclassification of a portion of the 3 Arts Entertainment redeemable noncontrolling interest from mezzanine equity to a liability.
3 Arts Entertainment. The Company has a noncontrolling interest in 3 Arts Entertainment, of which a portion is reflected as a redeemable noncontrolling interest and a portion is reflected as a liability as “accrued expenses and other current liabilities” on the consolidated balance sheets.

•    Redeemable noncontrolling interest: The redeemable noncontrolling interest balance related to 3 Arts Entertainment of $87.5 million as of March 31, 2026 reflects the fully vested equity portion of the noncontrolling interest, which is classified as redeemable noncontrolling interest outside of shareholders’ equity on the Company’s consolidated balance sheets due to the purchase and sale rights beginning in 2027 which were determined to be embedded in the noncontrolling interest, and are outside the control of the Company. The redeemable noncontrolling interest is being adjusted to its redemption value through accumulated deficit through the sale or purchase right date in January 2027. The noncontrolling interest holders have the right to sell to the Company and the Company has the right to purchase the noncontrolling interest holders remaining 24% interest beginning in January 2027.

Changes in the carrying value of the redeemable noncontrolling interest are reflected in the calculation of basic and diluted net income or loss per common share attributable to Lionsgate Studios Corp. shareholders, if dilutive, or to the extent the adjustments represent recoveries of amounts previously reflected in the computation of basic and diluted net income or loss per common share attributable to Lionsgate Studios Corp. shareholders (see Note 1).

•    Noncontrolling interest reflected as a liability: A portion of the 3 Arts Entertainment noncontrolling interest is considered compensatory, as it is subject to forfeiture provisions upon termination of employment under certain circumstances. The noncontrolling interest holders’ right to sell their interest to the Company, and the Company’s right to purchase the noncontrolling interest, are formula-based amounts (i.e., a fixed EBITDA multiple), subject to a minimum purchase price, rather than being based on fair value. Since the redemption features described above are based on a formula using a fixed multiple, the compensatory portion of the noncontrolling interest is considered a liability award and remeasured at each reporting period, with any changes in estimated redemption value recognized as a charge or benefit in general and administrative expense in the consolidated statements of operations over the vesting period (i.e., the period from January 2, 2024 to the sale or purchase right date in January 2027).

As of March 31, 2026, approximately $88.9 million is reflected as “accrued expenses and other current liabilities” on the consolidated balance sheet based on the estimated redemption amount recalculated at the current quarter end.

Earned distributions are accounted for as compensation since such amounts are allocated to the holders based on performance and are being expensed within general and administrative expense as incurred.
A & A. On May 30, 2025, 3 Arts acquired a 51% ownership in A & A (see Note 3 for additional details). The noncontrolling interest balance as of March 31, 2026 of $20.1 million reflects the fully vested equity portion of the remaining 49% equity interest in A & A and is presented as a redeemable noncontrolling interest outside of shareholders’ equity on the Company’s consolidated balance sheet, due to put option rights embedded in the noncontrolling interest that are determined to be outside of the Company’s control.

Other. The Company has other immaterial redeemable noncontrolling interests.

Prior Period Redeemable Noncontrolling Interest

Pilgrim Media Group. In July 2024, the Company purchased the noncontrolling interest holder’s remaining 12.5% of Pilgrim Media Group for approximately $13.5 million, and recorded a reduction to redeemable noncontrolling interest of $23.4 million, representing the carrying value of the noncontrolling interest purchased, with the difference between the carrying value of the noncontrolling interest purchased and the cash paid for the remaining interest recorded as a reduction to accumulated deficit of $9.9 million. Prior to the Company’s purchase of the remaining interest, the noncontrolling interest was presented as a redeemable noncontrolling interest outside of shareholders’ equity on the Company’s consolidated balance sheets, due to put option rights embedded in the noncontrolling interest that were determined to be outside of the Company's control.

Non-Redeemable Noncontrolling Interests

The Company has other noncontrolling interests that are not redeemable, which are classified in shareholder's equity on the Company's consolidated balance sheets. These noncontrolling interests include:

Legacy Lionsgate Studios. In connection with the Business Combination discussed in Note 3, on May 13, 2024, the Company recorded a noncontrolling interest representing approximately 12.2% of Legacy Lionsgate Studios amounting to a reduction of noncontrolling interest in shareholders' equity (deficit) of $100.2 million, due to the negative carrying value of Legacy Lionsgate Studios at May 13, 2024, partially offset by an amount allocated to certain options. See Note 3 for further information.

As described in Note 1, in connection with the Starz Separation, the LG Studios Flip occurred, resulting in the pre-transaction shareholders of Legacy Lionsgate Studios Common Shares, other than Old Lionsgate, receiving, in exchange for each Legacy Lionsgate Studios Common Share they held, a number of Lionsgate Common Shares, and therefore the noncontrolling interest in Legacy Lionsgate Studios was eliminated.

Other. In connection with the Company’s investment in CP LG and acquisition of the acquired library and related assets and liabilities discussed in Note 3, on June 5, 2024, the Company recorded a noncontrolling interest representing approximately 49% of CP LG amounting to $33.6 million ($27.7 million as of March 31, 2026). See Note 3 for further information.

In addition, the Company has other immaterial noncontrolling interests that are not redeemable.
v3.26.1
Revenue
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue by Segment, Market or Product Line

The table below presents revenues by segment, market or product line for the fiscal years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
Revenue by Type:
Motion Picture
Theatrical$176.9 $154.1 $226.5 
Home Entertainment
Digital Media668.7 598.2 652.3 
Packaged Media44.7 60.0 84.0 
Total Home Entertainment713.4 658.2 736.3 
Television226.9 347.3 274.4 
International (1)
457.1 410.4 400.7 
Other42.8 28.6 28.1 
Total Motion Picture revenues1,617.1 1,598.6 1,666.0 
Television Production
Television517.2 1,069.4 788.5 
International261.9 248.2 228.8 
Home Entertainment
Digital Media171.7 184.0 240.6 
Packaged Media2.9 4.1 2.0 
Total Home Entertainment174.6 188.1 242.6 
Other90.9 100.1 70.2 
Total Television Production revenues1,044.6 1,605.8 1,330.1 
Intersegment eliminations (2)
(29.9)(619.7)(545.9)
Total revenues$2,631.8 $2,584.7 $2,450.2 
 ______________________
(1)During the first quarter of fiscal 2026, the Company began reflecting the results of operations of its streaming platform in India within the Motion Picture segment as such operations are not a part of the disposal group of the Starz Business. Accordingly, revenue of $8.9 million and $9.7 million was reclassified from the former Media Networks - Programming Revenues to Motion Picture - International in the years ended March 31, 2025 and 2024, respectively, to conform to the current period presentation. Additionally, the Company sold its streaming platform in India in December 2025, see Note 16.
(2)    Amounts reflect the impact of intersegment revenue from the Motion Picture and Television Production segments’ licensing motion pictures or television programming to the former Media Networks segment prior to the Starz separation on May 6, 2025. Following the Starz Separation, the Company and Starz will continue to be parties to certain commercial agreements. As a result, the impacts of licensing motion pictures or television programming to Starz following the Starz Separation are not eliminated in consolidation and are reflected in the consolidated results from continuing operations, see Note 2.

Remaining Performance Obligations

Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2026 are as follows:
Year Ending March 31,
202720282029ThereafterTotal
(Amounts in millions)
Remaining Performance Obligations$1,314.8 $268.3 $71.1 $102.2 $1,756.4 
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration.

Revenues of $317.9 million, including variable and fixed fee arrangements, were recognized during the year ended March 31, 2026 from performance obligations satisfied prior to March 31, 2025. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and video-on-demand formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods.

Accounts Receivable, Contract Assets and Deferred Revenue

The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue (see Note 1). See the consolidated balance sheets or Note 20 for accounts receivable and contract assets and deferred revenue balances as of March 31, 2026 and 2025.

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

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

Changes in the allowance for credit losses were as follows:
March 31, 2025Provision for doubtful accountsUncollectible accounts written-offMarch 31,
2026
(Amounts in millions)
Provision for credit losses$5.6 $2.4 $(1.7)$6.3 

Contract Assets. Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases in which the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company’s customers’ audit rights to expire. See Note 20 for contract assets as of March 31, 2026 and 2025.

Deferred Revenue. Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Deferred revenue as of March 31, 2026 increased as compared to March 31, 2025 due to the receipt of customers’ payments for certain motion pictures and television programs prior to the Company satisfying the corresponding performance obligation (i.e., completion and delivery of the motion pictures and television programs, and the start of the customers’ exploitation rights). Revenues of $217.7 million were recognized during the year ended March 31, 2026, related to the balance of deferred revenue as of March 31, 2025.
v3.26.1
Capital Stock
 12 Months Ended
Mar. 31, 2026
Equity and Share-based Compensation [Abstract]  
Capital Stock Capital Stock
(a) Common Shares

As described in Note 1, in connection with the completion of the Starz Separation and related transactions, pre-transaction Old Lionsgate Class A shareholders received one and twelve one-hundredths (1.12) Lionsgate Common shareholders for each Class A share held and pre-transaction Old Lionsgate Class B Shares received one Lionsgate Common Share for each Class B Share held. Pre-transaction Legacy Lionsgate Studios shareholders, other than Old Lionsgate, received, in exchange for each Legacy Lionsgate Studios Common Share they held, LG Studios Flip Shares.
As of March 31, 2026, the Company has an unlimited number of authorized shares to issue.

As of March 31, 2025, the Company had 500 million authorized Class A voting shares, of which 83.7 million had been issued and 500 million authorized Class B non-voting shares, of which 156.8 million had been issued.

(b) Preferred Shares

The Company has 200 million authorized shares of preferred stock with no par value. No shares have been issued as of March 31, 2026.

(c) Shareholder Rights Agreement

On May 6, 2025, the Company’s Board of Directors declared a dividend of one common share purchase right (a “Right”) for each outstanding Lionsgate Common Share, and adopted a shareholder rights plan, as set forth in the Shareholder Rights Agreement dated as of May 7, 2025 (the “Rights Agreement”), by and between the Company and Computershare Investor Services, Inc., as rights agent. The Rights may be exercised only when a holder has acquired 15% or more of the Company’s outstanding common shares. Each Right entitles the holder to purchase one common share at an exercise price of $32.00. The Board of Directors may redeem the Rights at any time, before the Rights are exercisable or expired, for $0.001 per Right. As of March 31, 2026, no rights have been exercised or redeemed. All Rights expired on May 7, 2026.

(d) Share-based Compensation

Incentive Plans. Prior to the Starz Separation, the Company maintained the Lions Gate Entertainment Corp. 2023 Performance Incentive Plan (the “2023 Plan”) which provided for the granting of stock options, share appreciation rights, restricted stock, restricted share units, stock bonuses and other forms of equity awards, as well as certain cash bonus awards. Persons eligible to receive awards under the 2023 Plan included directors of the Company, officers or employees of the Company or any of its subsidiaries, and certain consultants and advisors to the Company or any of its subsidiaries.

On May 6, 2025, as part of the Starz Separation, the Company assumed the 2023 Plan, and the plan was amended and restated as the Lionsgate Studios Corp. 2025 Performance Incentive Plan (the “Lionsgate 2025 Plan”), and became effective, with respect to 58 million Lionsgate Common Shares. On May 6, 2025, the Company became the sponsor of the Lionsgate 2025 Plan. All awards outstanding immediately prior to the completion of the Starz Separation under the equity plans of Old Lionsgate and held by employees or directors who became employees or directors of Lionsgate after the Starz Separation, or by former employees (regardless of the division in which such former employee served), were converted into awards of the Company under the Lionsgate 2025 Plan, except that awards of individuals who will be serving as non-employee directors of both the Company and Starz were only partially converted into awards under the Lionsgate 2025 Plan.

The table below presents common shares reserved for future issuance:
March 31,
2026
 (Amounts in millions)
Stock options and share appreciation rights (“SARs”) outstanding16.9 
Restricted share units (“RSUs”) - unvested15.9 
Common shares available for future issuance16.5 
Shares reserved for future issuance49.3 

Share-based Compensation Expense. The measurement of all share-based awards uses a fair value method and the recognition of the related share-based compensation expense in the consolidated financial statements is recorded over the requisite service period. As share-based compensation expense recognized in the Company’s consolidated financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures that are not expected to vest.
The Company recognized the following share-based compensation expense during the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Share-Based Compensation Expense:
Stock options$1.0 $0.8 $2.2 
Restricted share units and other share-based compensation71.0 50.6 58.5 
Share appreciation rights0.5 0.7 1.5 
72.5 52.1 62.2 
Impact of accelerated vesting on equity awards (1)
5.5 4.9 8.0 
Total share-based compensation expense$78.0 $57.0 $70.2 
Tax impact(2)
(12.9)(9.8)(13.7)
Reduction in net income$65.1 $47.2 $56.5 
_______________________
(1)Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.
(2)Represents the income tax benefit recognized in the statements of operations for share-based compensation arrangements prior to the effects of changes in the valuation allowance.

Share-based compensation expense, by expense category, consisted of the following:
Year Ended March 31,
202620252024
 (Amounts in millions)
Share-Based Compensation Expense:
General and administration$72.5 $52.1 $62.2 
Restructuring and other5.5 4.9 8.0 
    Total share-based compensation expense$78.0 $57.0 $70.2 

Stock Options and SARs

Stock options and SARs are generally granted at exercise prices equal to or exceeding the market price of the Company’s Common Shares at the date of grant. Substantially all stock options vest ratably over one to five years from the grant date based on continuous service and expire seven to ten years from the date of grant. The Company satisfies stock option exercises with newly issued shares.
The following table presents the stock option and SARs activity that occurred during the year ended March 31, 2026:
Stock Options and SARs
Old Lionsgate
Class A Voting Shares		Old Lionsgate
Class B Non-Voting Shares		Lionsgate
Number of SharesWeighted Average Exercise PriceNumber of SharesWeighted Average Exercise PriceNumber of
 Shares		Weighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
(Amounts in millions, except for weighted average exercise price and years)
Outstanding at March 31, 20252.3 $23.10 14.8 $13.86 — $— 
Granted— $— — $— — $— 
Options exercised— $— — 
(1)
$7.13 — $— 
Forfeited or expired— 
(1)
$7.70 — 
(1)
$11.29 — $— 
Outstanding at May 6, 20252.3 $23.09 14.8 $13.86 —$— 
Conversion(2.3)$— (14.8)$— 17.1 $15.09 
Granted — $— — $— 0.2 $8.38 
Options exercised— $— — $— — 
(1)
$7.98 

Forfeited or expired— $— — $— (0.4)$29.34 
Outstanding at March 31, 2026— $— — $— 16.9$14.67 2.96$7.60 
Vested or expected to vest at March 31, 2026— $— — $— 16.9$14.67 2.96$7.60 
Exercisable at March 31, 2026— $— — $— 16.8$14.69 2.94$7.60 
_______________________
(1)Represents less than 0.1 million shares.

The total intrinsic value of options exercised during the year ended March 31, 2026 was $0.1 million (2025 - $0.2 million, 2024 - $0.2 million).

During the year ended March 31, 2026, less than 0.1 million shares (2025 - less than 0.1 million shares, 2024 - less than 0.1 million shares) were cancelled to fund withholding tax obligations upon exercise of options.

The fair value of each option award is estimated on the date of grant using the Black-Scholes Merton (“BSM”) valuation model. The following table presents the weighted average grant-date fair value of options granted in the years ended March 31, 2026, 2025 and 2024, and the weighted average applicable assumptions used in the BSM model for stock options and SARs granted during the years then ended:
Year Ended March 31,
202620252024
Weighted average fair value of grants$2.86$3.87$4.63
Weighted average assumptions:
Risk-free interest rate(1)
3.7%
4.2%
4.3 - 4.5%
Expected term(2)
7 years7 years
3.3 - 7 years
Expected volatility for options(3)
47%47%
46 - 47%
Expected dividend yield(4)
0%0%0%
_______________________
(1)The risk-free rate assumed in valuing the options is based on the U.S. Treasury Yield curve based on the expected term of the option at the time of the grant.
(2)The expected term of options granted represent the period of time that options granted are expected to be outstanding.
(3)Expected volatilities are based on implied volatilities from traded options on the Company’s shares, historical volatility of the Company’s shares and other factors.
(4)The expected dividend yield is estimated by dividing the expected annual dividend by the market price of the Company’s shares at the date of grant.

Restricted Share Units

RSUs generally vest ratably over one to three years based on continuous service. The Company satisfies vesting of RSUs with newly issued shares.

The following table presents the RSU activity during the year ended March 31, 2026:
Restricted Share Units
Old Lionsgate
Class A Voting Shares		Old Lionsgate
Class B Non-Voting Shares		Lionsgate
Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair Value
(Amounts in millions, except for weighted-average exercise price and years)
Outstanding at March 31, 20250.1 $8.39 11.1 $8.17 — $— 
Granted— $— 0.1 

$7.29 — $— 
RSUs vested— 
(1)
$8.41 — 
(1)
$7.55 — $— 
Forfeited or expired— 

$— — 
(1)
$7.97 — $— 
Outstanding at May 6, 20250.1 $8.39 11.2 $8.16 —$— 
Conversion(0.1)$— (11.2)$— 11.0 $8.16 
Granted — $— — $— 13.7 $6.46 
RSUs vested— $— — $— (6.9)$8.06 
Forfeited or expired— $— — $— (1.9)$7.33 
Outstanding at March 31, 2026— $— — $— 15.9$6.83 
_______________________
(1)Represents less than 0.1 million shares.

The fair values of RSUs are determined based on the market value of the shares on the date of grant. The total fair value of RSUs on the date of vesting during the year ended March 31, 2026 was $31.9 million (2025 - $37.9 million, 2024 - $39.6 million).

The following table summarizes the total remaining unrecognized compensation cost at March 31, 2026 related to non-vested stock options and restricted share units and the weighted average remaining years over which the cost will be recognized:
Total
Unrecognized
Compensation
Cost		Weighted
Average
Remaining
Years
 (Amounts in millions) 
Stock Options$0.2 0.6
Restricted Share Units44.6 1.1
Total unrecognized share-based compensation$44.8  

Under the Company’s incentive plans, the Company withholds shares to satisfy minimum statutory federal, state and local tax withholding obligations arising from the vesting of RSUs. During the year ended March 31, 2026, 2.5 million shares (2025 - 3.3 million shares, 2024 - 3.0 million shares) were withheld upon the vesting of RSUs.

The Company becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of stock options and RSUs when vesting or exercise occurs, the restrictions are released and the shares are issued. RSUs are forfeited if the employees are terminated prior to vesting.
The Company recognized excess tax deficiencies of $4.9 million associated with its equity awards in its tax provision for the year ended March 31, 2026 (2025 - deficiencies of $2.4 million, 2024 - deficiencies of $7.4 million).

SEAC Sponsor Options

In connection with the Business Combination, the Sponsor Options to receive Legacy Lionsgate Studios common shares were issued to certain noncontrolling interest holders, with an exercise price of $0.0001 per share. The Sponsor Options would become exercisable (i) on or after the date on which the trading price of Legacy Lionsgate Studios common shares (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) equals or exceeds $16.05 per share or (ii) if a Change of Control (as defined in the sponsor option agreement) occurs, subject to certain conditions.

In connection with the Starz Separation, Legacy Lionsgate Studios amended the sponsor option agreement to include the Company as a party to the agreement and convert the Sponsor Options into options to purchase the Company’s common shares.

Other Share-Based Compensation

Pursuant to the terms of certain employment agreements, during the year ended March 31, 2026, the Company granted the equivalent of $2.3 million (2025 - $2.3 million, 2024 - $2.3 million) in shares to certain employees through the term of their employment contracts, which were recorded as compensation expense in the applicable period. Pursuant to this arrangement, for the year ended March 31, 2026, the Company issued 0.3 million shares (2025 - 0.2 million shares, 2024 - 0.3 million shares), net of shares withheld to satisfy minimum tax withholding obligations.
v3.26.1
Income Taxes
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of pretax income (loss) from continuing operations, net of intercompany eliminations, are as follows:
Year Ended March 31,
202620252024
 (Amounts in millions)
Canada$(10.6)$(2.4)$12.3 
Foreign(148.7)(274.9)(251.8)
 $(159.3)$(277.3)$(239.5)

The Company’s current and deferred income tax provisions are as follows:

Year Ended March 31,
202620252024
(Amounts in millions)
Current provision:
Canada$0.4 $4.2 $0.5 
Canada Provincial0.2 — — 
Foreign12.7 13.4 20.6 
Total current provision$13.3 $17.6 $21.1 
Deferred provision:
Foreign2.9 (0.4)0.6 
Total deferred provision2.9 (0.4)0.6 
Total provision for income taxes$16.2 $17.2 $21.7 

The Company’s income tax provision differs from the 15% Canadian federal statutory income tax rate applied to income (loss) before taxes primarily due to the mix of earnings generated across the various jurisdictions in which operations are conducted.
The differences between income taxes expected at Canadian federal statutory income tax rates and the tax provision are as set forth below:
Year Ended March 31,
202620252024
 (Amounts in millions, except percentages)
Canadian federal statutory tax rate$(23.9)15.0 %$(41.6)15.0 %$(35.9)15.0 %
Provincial income taxes(1)
0.2 (0.1)%— — %— — %
Foreign tax effects:
Australia
Effect of cross-border tax laws:
Withholding taxes1.2 (0.8)%1.2 (0.4)%1.2 (0.5)%
Other adjustments:
Other0.2 (0.1)%— — %0.1 — %
Brazil
Effect of cross-border tax laws:
Withholding taxes1.6 (1.0)%0.2 (0.1)%0.9 (0.4)%
India
Statutory tax rate difference between India and Canada(0.8)0.5 %(3.1)1.1 %(1.1)0.5 %
Changes in valuation allowance1.5 (0.9)%6.3 (2.3)%2.3 (1.0)%
Other adjustments:
Other0.8 (0.5)%0.5 (0.2)%0.9 (0.4)%
Luxembourg
Statutory tax rate difference between Luxembourg and Canada— — %(0.8)0.3 %0.1 — %
Changes in valuation allowance(0.5)0.3 %518.5 (187.0)%3.0 (1.3)%
Nontaxable and nondeductible items:
Nondeductible dividend expense— — %5.8 (2.1)%23.5 (9.8)%
Other adjustments:
Statutory loss on investment in subsidiaries— — %(519.6)187.4 %(27.3)11.4 %
Other0.4 (0.3)%0.2 (0.1)%0.3 (0.1)%
United Kingdom
Statutory tax rate difference between the United Kingdom and Canada9.4 (5.9)%5.7 (2.1)%7.9 (3.3)%
Changes in valuation allowance5.2 (3.3)%(2.6)0.9 %0.4 (0.2)%
Nontaxable and nondeductible items:
Nontaxable intercompany profit eliminations(2.4)1.5 %— — %— — %
Other adjustments:
Return to provision adjustments(2.8)1.8 %0.8 (0.3)%(1.0)0.4 %
Statutory adjustment to basis of film assets(15.0)9.4 %(6.3)2.3 %(8.1)3.4 %
Other(0.4)0.3 %(0.3)0.1 %(0.3)0.1 %
United States
Statutory tax rate difference between the United States and Canada(15.9)10.0 %(15.4)5.6 %(19.5)8.1 %
State and local income taxes(2), net of U.S. federal effect
2.2 (1.4)%0.4 (0.1)%1.4 (0.6)%
Changes in valuation allowance36.1 (22.7)%43.5 (15.7)%39.7 (16.6)%
Nontaxable and nondeductible items:
Nontaxable intercompany profit eliminations(1.9)1.2 %4.5 (1.6)%— — %
Nontaxable dividend income(2.3)1.4 %— — %— — %
Nontaxable U.S. branch income (loss)9.8 (6.1)%2.1 (0.8)%1.9 (0.8)%
Nondeductible officer compensation expense11.8 (7.4)%4.2 (1.5)%7.7 (3.2)%
Nondeductible meals & entertainment expense1.7 (1.1)%2.4 (0.9)%0.9 (0.4)%
Other adjustments:
Noncontrolling interest in partnerships(1.3)0.8 %2.8 (1.0)%18.6 (7.8)%
Other(1.0)0.6 %0.9 (0.3)%1.1 (0.5)%
Other foreign jurisdictions5.1 (3.2)%3.4 (1.2)%4.6 (1.9)%
Effect of cross-border tax laws:
Foreign income inclusion1.6 (1.0)%0.3 (0.1)%0.1 — %
Withholding taxes0.2 (0.1)%3.1 (1.1)%0.3 (0.1)%
Changes in valuation allowance(0.3)0.2 %1.1 (0.4)%(1.8)0.8 %
Nontaxable and nondeductible items:
Other0.5 (0.3)%(1.0)0.4 %(0.2)0.1 %
Changes in unrecognized tax benefits(4.8)3.0 %— — %— — %
Total provision for income taxes$16.2 (10.2)%$17.2 (6.2)%$21.7 (9.1)%
_______________________
(1)Provincial taxes in British Columbia made up a majority (greater than 50%) of the tax effect in this category.
(2)State taxes in California and Texas made up a majority (greater than 50%) of the tax effect in this category.

The income tax effects of temporary differences between the book value and tax basis of assets and liabilities are as follows:
March 31, 2026March 31, 2025
 (Amounts in millions)
Deferred tax assets:  
Net operating losses$1,215.3 $1,194.1 
Foreign tax credits33.8 36.6 
Investment in film and television programs15.9 — 
Accrued compensation39.6 34.8 
Operating leases - liabilities69.0 76.3 
Other assets28.2 45.8 
Reserves14.8 19.1 
Interest145.9 172.4 
Total deferred tax assets1,562.5 1,579.1 
Valuation allowance(1,478.5)(1,477.5)
Deferred tax assets, net of valuation allowance$84.0 $101.6 
Deferred tax liabilities:
Intangible assets(3.0)(2.0)
Investment in film and television programs— (13.2)
Operating leases - assets(61.4)(68.6)
Unrealized gains on derivative contracts(18.7)(25.4)
Other(15.0)(5.3)
Total deferred tax liabilities$(98.1)$(114.5)
Net deferred tax liabilities$(14.1)$(12.9)

The Company has recorded valuation allowances for certain deferred tax assets, which are primarily related to Canadian, U.S. and other foreign net operating loss carryforwards (“NOLs”), U.S. federal foreign tax credit carryforwards, and carryforwards of U.S. federal and state interest expenses limited in their deduction under the Internal Revenue Code and similar state and local statutes. In its assessment, the Company has concluded there to be sufficient uncertainty regarding the future realization of these deferred tax assets.
The table below presents the changes in the deferred tax valuation allowances:

Year Ended March 31,
202620252024
(Amounts in millions)
Beginning balance$1,477.5 $852.2 $644.8 
Changes in valuation allowance8.1 583.3 22.2 
Other (1)
(7.1)42.0 185.2 
Ending balance$1,478.5 $1,477.5 $852.2 
_______________________
(1)Valuation allowance adjustments recorded in other comprehensive income are primarily associated with hedging activity. Amounts for the years ended March 31, 2025 and March 31, 2024 also include opening balances of $23.0 million and $187.0 million, respectively, due to the acquisition of eOne on December 27, 2023.

As of March 31, 2026, the Company had Canadian NOLs of $380.6 million which will expire beginning in 2030, U.S. federal NOLs of approximately $1,203.0 million available to reduce future U.S. federal income taxes, certain of which will expire in 2037 through 2038, state NOLs of approximately $831.5 million available to reduce future state income taxes which expire in varying amounts beginning in 2027, Luxembourg NOLs of $3,352.8 million which will expire beginning in 2036, U.K. NOLs of $28.5 million with no expiration and other foreign jurisdiction NOLs of $19.6 million which will expire beginning in 2028. In addition, as of March 31, 2026, the Company had U.S. federal credit carryforwards related to foreign taxes paid of approximately $33.8 million to offset future U.S. federal income taxes that will expire beginning in 2027.

The unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year are classified as “other noncurrent liabilities” in the consolidated balance sheets. The aggregate changes in the Company’s gross amount of unrecognized tax benefits, exclusive of interest and penalties, are summarized as follows (amounts in millions):
Gross unrecognized tax benefits at March 31, 2023 (liability as of March 31, 2023)$0.3 
Increases related to current year tax position— 
Increases related to prior year tax positions5.3 
Decreases related to prior year tax positions— 
Settlements— 
Lapse in statute of limitations(0.3)
Gross unrecognized tax benefits at March 31, 2024 (liability as of March 31, 2024)5.3 
Increases related to current year tax position— 
Increases related to prior year tax positions5.6 
Decreases related to prior year tax positions(2.0)
Settlements— 
Lapse in statute of limitations(0.8)
Gross unrecognized tax benefits at March 31, 2025 (liability as of March 31, 2025)8.1 
Increases related to current year tax position— 
Increases related to prior year tax positions2.4 
Decreases related to prior year tax positions— 
Settlements— 
Lapse in statute of limitations(0.5)
Gross unrecognized tax benefits at March 31, 2026 (liability as of March 31, 2026)$10.0 

The Company records interest and penalties on unrecognized tax benefits as part of its income tax provision. For the years ended March 31, 2026, 2025, and 2024, the Company recognized insignificant amounts of interest and penalties related to uncertain tax positions. The liability for accrued interest and penalties amounted to $1.8 million and $2.0 million as of March 31, 2026 and 2025, respectively.
The Company is subject to taxation in Canada and the U.S., in addition to several other foreign jurisdictions. To the extent allowed by law, the taxing authorities may have the right to examine prior periods where NOLs were generated and carried forward and make adjustments up to the amount of the NOLs. While the Company is in various stages of inquiry and examination with certain taxing authorities and believes that its tax positions will more-likely-than-not be sustained, it is nonetheless possible that future obligations related to these matters could arise. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from an examination.

The amounts of cash income taxes paid, net of refunds were as follows:
Year Ended March 31,
202620252024
 (Amounts in millions)
Federal (Canada)$0.2 $0.1 $0.3 
Australia1.2 1.2 1.2 
Brazil1.6 0.2 1.0 
India0.8 0.5 0.9 
Mexico0.9 0.4 0.9 
United Kingdom3.2 11.0 12.7 
Other Foreign Jurisdictions6.2 6.7 5.1 
Income taxes, net of refunds$14.1 $20.1 $22.1 

On July 4, 2025, H.R. 1, commonly referred to as the One Big Beautiful Bill Act, was enacted in the U.S. H.R. 1 includes significant provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the U.S. international tax framework, and the restoration of favorable tax treatment for certain business provisions. This legislation has multiple effective dates, with certain provisions becoming effective beginning in 2025 and others implemented through 2027. The legislation did not have a material impact on the Company’s fiscal 2026 effective tax rate or consolidated financial statements.
v3.26.1
Restructuring and Other
 12 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Other Restructuring and Other
Restructuring and other includes restructuring and severance costs and certain transaction and other costs, when applicable. During the years ended March 31, 2026, 2025 and 2024, the Company also incurred certain other unusual charges or benefits, which are included in direct operating expense in the consolidated statements of operations and are described below.

The following table presents restructuring and other, other unusual charges or benefits and the statement of operations line items they are included in for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Restructuring and other:
Content and other impairments(1)
$17.1 $34.8 $12.8 
Severance(2)
27.0 37.0 35.4 
Transaction and other costs(3)
6.8 16.5 81.9 
Total restructuring and other50.9 88.3 130.1 
Other unusual charges not included in restructuring and other or the Company’s operating segments:
COVID-19 related expense (benefit) included in direct operating expense(4)
1.0 (2.0)(1.0)
Unallocated rent cost included in direct operating expense(5)
27.3 18.6 — 
Total restructuring and other and other unusual charges not included in restructuring and other $79.2 $104.9 $129.1 
_______________________
(1)Content and other impairments primarily reflect $13.2 million in content impairment charges and development cost write-offs recorded during the year ended March 31, 2026 in connection with the restructuring of the Motion Picture and Television Production businesses. In addition, the amounts in the years ended March 31, 2026 and 2025 include impairment charges related to certain operating lease right-of-use assets and leasehold improvements within the Television Production segment. These impairments were recognized as a result of facilities that are no longer expected to be utilized by the Company, primarily related to the integration of eOne. In the fiscal year ended March 31, 2025, content and other impairments also included content impairments of $7.7 million related to the Motion Picture and Television Production segments associated with exiting local production in certain international territories. Amounts in the year ended March 31, 2024 included $12.8 million of development costs written off in connection with the restructuring of the Television Production segment as a result of the acquisition of eOne.
(2)Severance costs were primarily related to workforce reduction actions undertaken in connection with restructuring and acquisition integration activities, as well as other cost-reduction initiatives. During the fiscal year ended March 31, 2026, the Company restructured its Lionsgate Alternative Television division in addition to departures of senior executives in both the Motion Picture and Television Production segments. During the fiscal year ended March 31, 2025, in connection with the Company’s restructuring plan, approximately 8% of its eligible U.S. employees elected to take advantage of voluntary severance and early retirement packages. A total of approximately $26.0 million in severance expense was incurred under the voluntary severance program and was recognized in restructuring and other in the fiscal year ended March 31, 2025. In the fiscal year ended March 31, 2024, amounts were due to restructuring activities of the Motion Picture and Television Production segments, including integration of the eOne acquisition.
(3)Transaction and other costs in the fiscal years ended March 31, 2026, 2025 and 2024 reflect transaction, integration and legal costs associated with certain strategic transactions, and restructuring activities and also include costs associated with certain legal matters. For the years ended March 31, 2026, 2025 and 2024, transaction costs associated with the Starz Separation are excluded, as such amounts were classified within discontinued operations. In addition, the year ended March 31, 2026 included a gain of $2.6 million from the sale of the Company’s streaming platform in India that was not a part of the disposal group of the Starz Business.
In fiscal 2025 and fiscal 2024, amounts included acquisition and integration costs related to the acquisition of eOne. In fiscal 2024, amounts also included $49.2 million associated with the acquisition of additional interest in 3 Arts Entertainment. Due to the new arrangement representing a modification of terms of the compensation element under the previous arrangement which resulted in the reclassification of the equity award to a liability award, the Company recognized incremental compensation expense of $49.2 million, representing the excess of the fair value of the modified award over amounts previously expensed. In addition, transaction and other costs in fiscal 2024 included approximately $16.6 million of a loss associated with a theft at a production of a 51% owned consolidated entity. In the quarter ended March 31, 2025, the Company recognized a benefit of $3.1 million for insurance recoveries related to the loss. The Company also expects to recover a portion of the loss from the noncontrolling interest holders of this entity.
(4)Amounts in the years ended March 31, 2025 and 2024 include insurance recoveries recognized in connection with certain COVID-19-related circumstances.
(5)Amounts represent rent cost for production facilities that were unutilized due to lower demand following the industry strikes and, as such, were not allocated to the Company’s segments.

Changes in the severance liability were as follows for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Severance liability
Beginning balance$23.6 $19.4 $3.8 
Accruals21.5 35.2 27.7 
Severance payments(33.1)(31.0)(12.1)
Ending balance(1)
$12.0 $23.6 $19.4 
_______________________
(1)As of March 31, 2026, the remaining severance liability of approximately $12.0 million is expected to be paid in the next 12 months.
v3.26.1
Segment Information
 12 Months Ended
Mar. 31, 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. The Company’s Chief Executive Officer (“CEO”) is the CODM.

Following the Starz Separation, the Company no longer reports the Media Networks segment and currently has two reportable business segments: (1) Motion Picture and (2) Television Production.

(1) Motion Picture. Motion Picture consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired.
(2) Television Production. Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series and non-fiction programming. Television Production includes the licensing of Starz original series productions to Starz, and the ancillary market distribution of Starz original productions and licensed product (prior to the Starz Separation, licensing to the former Media Networks segment). Additionally, the Television Production segment includes the results of operations of 3 Arts Entertainment.

In the ordinary course of business, the Company’s reportable segments enter into transactions with one another. The most common types of intersegment transactions, prior to the Starz Separation, included licensing motion pictures or television programming (including Starz original productions) from the Motion Picture and Television Production segments to the former Media Networks segment. While intersegment transactions, prior to the Starz Separation, were treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses) were eliminated in consolidation and, therefore, did not affect consolidated results from operations. Following the Starz Separation, the Company and Starz continue to be parties to certain commercial agreements. As a result, the impacts of licensing motion pictures or television programming to Starz following the Starz Separation are not eliminated in consolidation and are reflected in the consolidated results from continuing operations, see Note 2.

Segment information for the years ended March 31, 2026, 2025 and 2024 is presented in the table below:
Year Ended March 31,
202620252024
 (Amounts in millions)
Segment revenues
Studio Business:
Motion Picture (1)
$1,617.1 $1,598.6 $1,666.0 
Television Production1,044.6 1,605.8 1,330.1 
Total Studio Business2,661.7 3,204.4 2,996.1 
Intersegment eliminations(29.9)(619.7)(545.9)
2,631.8 2,584.7 2,450.2 
Intersegment revenues
Studio Business:
Motion Picture3.1 203.3 128.2 
Television Production26.8 416.4 417.7 
Intersegment eliminations29.9 619.7 545.9 
     Segment direct operating expenses
Studio Business:
Motion Picture (1)
797.6 830.7 807.1 
Television Production801.2 1,369.3 1,090.1 
Total Studio Business1,598.8 2,200.0 1,897.2 
Intersegment eliminations(42.7)(476.4)(427.2)
1,556.1 1,723.6 1,470.0 
     Segment distribution and marketing
Studio Business:
Motion Picture (1)
427.5 360.5 429.9 
Television Production56.3 38.1 35.3 
Total Studio Business483.8 398.6 465.2 
Gross contribution
Studio Business:
Motion Picture (1)
392.0 407.4 429.0 
Television Production187.1 198.4 204.7 
Total Studio Business579.1 605.8 633.7 
Intersegment eliminations12.8 (143.3)(118.7)
591.9 462.5 515.0 
Segment general and administration
Studio Business:
Motion Picture113.1 103.1 116.6 
Television Production62.6 61.9 57.9 
Total Studio Business175.7 165.0 174.5 
Segment profit
Studio Business:
Motion Picture278.9 304.3 312.4 
Television Production124.5 136.5 146.8 
Total Studio Business403.4 440.8 459.2 
Intersegment eliminations12.8 (143.3)(118.7)
$416.2 $297.5 $340.5 
_______________________
(1)    During the first quarter of fiscal 2026, the Company began reflecting the results of operations of its streaming platform in India within the Motion Picture segment as such operations are not a part of the disposal group of the Starz Business. Accordingly, the following amounts were reclassified from the former Media Networks segment to the Motion Picture segment in the years ended March 31, 2025 and 2024 to conform to the current period presentation: (i) revenue of $8.9 million and $9.7 million, respectively; (ii) direct operating expense of $6.5 million and $11.1 million, respectively; (iii) distribution and marketing expense of $2.7 million and $2.9 million, respectively; and (iv) general and administration expense of $3.0 million and $2.7 million, respectively, which resulted in gross contribution loss of $0.3 million and $4.3 million, respectively and segment loss of $3.3 million and $7.0 million, respectively. Additionally, the Company sold its streaming platform in India in December 2025.

The Company’s primary measure of segment performance is its Studio Business segment profit. Segment profit is defined as gross contribution (segment revenues, less segment direct operating and segment distribution and marketing expense) less segment general and administration expenses. Segment profit excludes, when applicable, corporate general and administrative expense, restructuring and other costs, share-based compensation, certain content charges as a result of changes in management and/or content strategy, certain benefits or expenses related to the COVID-19 global pandemic, unallocated rent cost and purchase accounting and related adjustments. The Company believes the presentation of Studio Business segment profit is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management, including the CODM, and enables them to understand the fundamental performance of the Company’s businesses. The CODM uses the Studio Business segment profit to evaluate the operating performance of the Company’s segments, to inform decisions for planning and forecasting, and for the allocation of resources.

The following table reconciles total segment profit to the Company’s loss from continuing operations before income taxes for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Total segment profit$416.2 $297.5 $340.5 
Corporate general and administrative expenses(1)
(142.1)(132.0)(136.1)
Adjusted depreciation and amortization(2)
(13.6)(13.7)(10.6)
Restructuring and other(50.9)(88.3)(130.1)
COVID-19 related (expense) benefit included in direct operating expense(3)
(1.0)2.0 1.0 
Unallocated rent cost included in direct operating expense(4)
(27.3)(18.6)— 
Adjusted share-based compensation expense(5)
(72.5)(52.1)(62.2)
Purchase accounting and related adjustments(6)
(11.7)(12.9)(17.0)
Operating income (loss)97.1 (18.1)(14.5)
Interest expense(259.7)(261.7)(246.6)
Interest and other income17.9 15.0 18.5 
Other loss, net(19.6)(11.9)(19.3)
Gain (loss) on extinguishment of debt(2.2)(4.9)10.2 
Gain on investments, net10.5 — 3.5 
Equity interests income (loss)(3.3)4.3 8.7 
Loss from continuing operations before income taxes$(159.3)$(277.3)$(239.5)
_______________________
(1)Corporate general and administrative expenses include certain corporate executive expense (such as salaries and wages for the office of the Chief Executive Officer, Chief Financial Officer, General Counsel and other corporate officers), investor relations costs, costs of maintaining corporate facilities, and other unallocated common administrative support functions, including corporate accounting, finance and financial reporting, internal and external audit and tax costs, corporate and other legal support functions, and certain information technology and human resources expense. Corporate general and administrative expenses also include costs that were previously incurred in support of the Media Networks segment but are not directly attributable to it and thus were not recorded in discontinued operations, see Note 2.
(2)Adjusted depreciation and amortization represent depreciation and amortization as presented on the consolidated statements of operations less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Depreciation and amortization$17.6 $17.8 $15.6 
Less: Amount included in purchase accounting and related adjustments(4.0)(4.1)(5.0)
Adjusted depreciation and amortization$13.6 $13.7 $10.6 
(3)Amounts in fiscal year 2025 and 2024 include insurance recoveries recognized in connection with certain COVID-19-related circumstances (see Note 16). These charges and benefits are excluded from segment operating results.
(4)Amounts represent rent cost for production facilities that were unutilized due to lower demand following the industry strikes and, as such, are not allocated to the Company’s segments.
(5)The following table reconciles total share-based compensation expense to adjusted share-based compensation expense for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Total share-based compensation expense$78.0 $57.0 $70.2 
Less:
Amount included in restructuring and other(i)
(5.5)(4.9)(8.0)
Adjusted share-based compensation$72.5 $52.1 $62.2 
(i)Amounts represent share-based compensation expense recorded within restructuring and other expenses, attributable to the accelerated vesting of equity awards pursuant to certain severance arrangements.
(6)Purchase accounting and related adjustments primarily consist of the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The table below presents the amounts included in each financial statement line item for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Purchase accounting and related adjustments:
General and administrative expense(i)
$7.7 $8.7 $12.0 
Depreciation and amortization4.0 4.2 5.0 
$11.7 $12.9 $17.0 
(i)Amounts represent compensation expense associated with the noncontrolling equity interests in the distributable earnings of 3 Arts Entertainment. Due to the link to continued employment performance, these amounts are classified as general and administrative expense instead of noncontrolling interest in the consolidated statements of operations.
See Note 13 for revenues by media or product line as broken down by segment for the fiscal years ended March 31, 2026, 2025 and 2024.

The following table reconciles total segment general and administration expenses to the Company’s total consolidated general and administration expenses for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
General and administration
Segment general and administrative expenses$175.7 $165.0 $174.5 
Corporate general and administrative expenses142.1 132.0 136.1 
Share-based compensation expense included in general and administrative expense72.5 52.1 62.2 
Purchase accounting and related adjustments 7.7 8.7 12.0 
$398.0 $357.8 $384.8 

The following table reconciles total segment assets to the Company’s total consolidated assets:
 
March 31,
2026		March 31,
2025
 (Amounts in millions)
Assets
Motion Picture$2,247.2 $1,870.3 
Television Production2,288.5 2,279.3 
Other unallocated assets(1)
791.4 773.1 
Assets of discontinued operations— 1,899.4 
Total assets$5,327.1 $6,822.1 
_______________________
(1)Other unallocated assets primarily consist of cash, other assets and investments.

The following table presents the acquisition of investment in films and television programs, as broken down by segment for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
Acquisitions of investment in films and television programs
Motion Picture$570.7 $647.2 $421.8 
Television Production613.1 549.4 275.7 
           Total acquisitions of investment in films and television programs$1,183.8 $1,196.6 $697.5 

The following table presents capital expenditures, as broken down by segment for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
Capital expenditures
Motion Picture$— $— $— 
Television Production0.4 0.3 0.3 
Corporate(1)
13.0 13.2 9.6 
Total capital expenditures$13.4 $13.5 $9.9 
_______________________
(1)Represents unallocated capital expenditures primarily related to the Company’s corporate headquarters.
Revenue by geographic location, based on the location of the customers, with no other foreign country individually comprising greater than 10% of total revenue, was as follows:
Year Ended March 31,
202620252024
 (Amounts in millions)
Revenue
United States$1,702.7 $1,733.6 $1,779.5 
Canada70.1 63.0 59.4 
Other foreign859.0 788.1 611.3 
 Total revenue$2,631.8 $2,584.7 $2,450.2 

Long-lived tangible assets and operating lease right-of-use assets recognized on the consolidated balance sheets from continuing operations by geographic location are as follows:
March 31, 2026March 31, 2025
 (Amounts in millions)
Long-lived assets
United States$286.1 $315.7 
Other foreign11.7 12.5 
 Total long-lived assets$297.8 $328.2 


For the year ended March 31, 2026, the Company had revenue from one individual customer which represented greater than 10% of consolidated revenues, amounting to $476.1 million, primarily related to the Company’s Motion Picture and Television Production segments (2025 - revenue from two individual customers which represented greater than 10% of consolidated revenues, amounting to $513.4 million and $261.1 million, respectively, primarily related to the Company’s Motion Picture and Television Production segments; 2024 - revenue from one individual customer which represented greater than 10% of consolidated revenues, amounting to $411.1 million, primarily related to the Company’s Motion Picture segment).

As of March 31, 2026, the Company had accounts receivable due from one customer which individually represented greater than 10% of consolidated accounts receivable and amounted to 19.8% of total consolidated accounts receivable (current and noncurrent) as of March 31, 2026, or gross accounts receivable of approximately $171.2 million. As of March 31, 2025, the Company had accounts receivable due from two customers which individually represented greater than 10% of consolidated accounts receivable and amounted to 12.7% and 10.4% of total consolidated accounts receivable (current and noncurrent) as of March 31, 2025, or gross accounts receivable of approximately $83.1 million and $68.1 million, respectively.
v3.26.1
Commitments and Contingencies
 12 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments

The following table presents the Company’s future annual repayment of contractual commitments as of March 31, 2026:
 Year Ending March 31,
 20272028202920302031ThereafterTotal
(Amounts in millions)
Contractual commitments by expected repayment date (off-balance sheet arrangements)       
Film related obligations commitments(1)
$143.4 $184.8 $0.3 $0.3 $0.3 $0.9 $330.0 
Interest payments(2)
178.8 118.8 94.3 52.3 1.6 — 445.8 
Other contractual obligations72.8 52.6 42.1 25.7 22.7 163.0 378.9 
Total future commitments under contractual obligations(3)
$395.0 $356.2 $136.7 $78.3 $24.6 $163.9 $1,154.7 
_______________________
(1)Film related obligations commitments are not reflected on the consolidated balance sheets as they did not then meet the criteria for recognition and include the following items:
(i)Distribution and marketing commitments represent contractual commitments for future expenditures associated with distribution and marketing of films which the Company will distribute. The payment dates of these amounts are primarily based on the anticipated release date of the film.
(ii)Minimum guarantee commitments represent contractual commitments related to the purchase of film rights for pictures to be delivered in the future.
(iii)Production loan commitments represent amounts committed for future film production and development to be funded through production financing and recorded as a production loan liability when incurred. Future payments under these commitments are based on anticipated delivery or release dates of the related film or contractual due dates of the commitment. The amounts include estimated future interest payments associated with the commitment.
(2)Includes cash interest payments on the Company’s corporate debt and film related obligations, based on the applicable SOFR interest rates as of March 31, 2026, net of payments and receipts from the Company’s interest rate swaps, and excluding the interest payments on the revolving credit facility as future amounts are not fixed or determinable due to fluctuating balances and interest rates.
(3)Not included in the amounts above are $88.9 million included in other accrued liabilities representing the compensatory portion of the 3 Arts Entertainment noncontrolling interest and $114.1 million of redeemable noncontrolling interest, as future amounts and timing are subject to a number of uncertainties such that the Company is unable to make sufficiently reliable estimations of future payments (see Note 12).

Multiemployer Benefit Plans. The Company contributes to various multiemployer pension plans under the terms of collective bargaining agreements that cover its union-represented employees. The Company makes periodic contributions to these plans in accordance with the terms of applicable collective bargaining agreements and laws but does not sponsor or administer these plans. The risks of participating in these multiemployer pension plans are different from single-employer pension plans such that (i) contributions made by the Company to the multiemployer pension plans may be used to provide benefits to employees of other participating employers; (ii) if the Company chooses to stop participating in certain of these multiemployer pension plans, it may be required to pay those plans an amount based on the underfunded status of the plan, which is referred to as a withdrawal liability; and (iii) actions taken by a participating employer that lead to a deterioration of the financial health of a multiemployer pension plan may result in the unfunded obligations of the multiemployer pension plan to be borne by its remaining participating employers.

The Company does not participate in any multiemployer benefit plans that are considered to be individually significant to the Company, and as of March 31, 2026, all except one of the largest plans in which the Company participates were funded at a level of 81% or greater. The other plan, the Motion Picture Industry Pension Plan, was funded at 73.0% for the 2025 plan year, but was not considered to be in endangered, critical or declining status in the 2025 plan year. Total contributions made by the Company to multiemployer pension and other benefit plans for the years ended March 31, 2026, 2025 and 2024 were $71.7 million, $106.1 million, and $59.9 million, respectively.

Contingencies

From time to time, the Company is involved in certain claims and legal proceedings arising in the normal course of business.

The Company establishes an accrued liability for claims and legal proceedings when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters.

As of March 31, 2026, the Company is not a party to any material pending claims or legal proceeding and is not aware of any other claims that it currently expects will, individually or in the aggregate, have a material adverse effect on the Company’s financial position, results of operations or cash flows.
v3.26.1
Financial Instruments
 12 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
(a) Credit Risk

Concentration of credit risk with the Company’s customers is limited due to the Company’s customer base and the diversity of its sales throughout the world. The Company performs ongoing credit evaluations and maintains a provision for potential credit losses. The Company generally does not require collateral for its trade accounts receivable.

(b) Derivative Instruments and Hedging Activities

Forward Foreign Exchange Contracts

The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses and tax credit receivables denominated in various foreign currencies (i.e., cash flow hedges). The Company also enters into forward foreign exchange contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions. Changes in the fair value of the foreign exchange contracts that are designated as hedges are reflected in accumulated other comprehensive income (loss), and changes in the fair value of foreign exchange contracts that are not designated as hedges and do not qualify for hedge accounting are recorded in direct operating expense. Gains and losses realized upon settlement of the foreign exchange contracts that are designated as hedges are amortized to direct operating expense on the same basis as the production expenses being hedged.

As of March 31, 2026, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 21 months from March 31, 2026):
Foreign CurrencyForeign Currency AmountU.S. Dollar AmountWeighted Average Exchange Rate Per $1 USD
 (Amounts in millions)(Amounts in millions)
Euro197.1 EUR in exchange for 230.5 USD0.86 EUR
Australian Dollar10.1 AUD in exchange for 7.0 USD1.44 AUD
Canadian Dollar40.4 CAD in exchange for 29.6 USD1.36 CAD
Pound Sterling0.1 GBP in exchange for 0.1 USD0.75 GBP
Hungarian Forint10,171.6 HUF in exchange for 30.0 USD338.75 HUF
Thai Bhat99.0 THB in exchange for 3.1 USD32.13 THB

Interest Rate Swaps

The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. The Company’s objective is to mitigate the impact of interest rate changes on earnings and cash flows. The Company primarily uses pay-fixed interest rate swaps to facilitate its interest rate risk management activities, which the Company generally designates as cash flow hedges of interest payments on floating-rate borrowings. Pay-fixed swaps effectively convert floating-rate borrowings to fixed-rate borrowings. The unrealized gains or losses from these designated cash flow hedges are deferred in accumulated other comprehensive income (loss) and recognized in interest expense as the interest payments occur. Changes in the fair value of interest rate swaps that are not designated as hedges are recorded in interest expense (see further explanation below).

Cash settlements related to interest rate contracts are generally classified as operating activities on the consolidated statements of cash flows.

Designated Cash Flow Hedges. As of March 31, 2026, the Company had the following pay-fixed interest rate swaps, which were designated as cash flow hedges outstanding (all related to the Company’s SOFR-based debt, see Note 8 and Note 9):
Effective DateNotional AmountFixed Rate PaidMaturity Date
(in millions)
August 15, 2024$65.0 4.045%September 15, 2026
August 15, 2024$77.5 3.803%August 15, 2026
August 15, 2024$77.5 3.810%September 15, 2026
December 15, 2024$125.0 3.970%December 15, 2026
January 31, 2025$100.0 4.060%January 31, 2027
February 14, 2025$253.8 4.097%February 14, 2027
April 14, 2025$90.7 3.449%April 14, 2027
April 14, 2025$43.8 3.646%April 14, 2027
July 1, 2025$41.6 3.591%June 14, 2027
Total$874.9 

Financial Statement Effect of Derivatives

Consolidated statements of operations and comprehensive loss: The following table presents the pre-tax effect of the Company’s derivatives on the accompanying consolidated statements of operations and comprehensive loss for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)$(2.3)$3.4 $(5.8)
Gain (loss) reclassified from accumulated other comprehensive income (loss) into direct operating expense$2.2 $(1.2)$(0.3)
Interest rate swaps
Gain (loss) recognized in accumulated other comprehensive income (loss)$3.2 $(0.6)$36.3 
Gain reclassified from accumulated other comprehensive income (loss) into interest expense$1.7 $28.6 $41.8 
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense (1)
$26.8 $4.3 $(7.2)
Total direct operating expense on consolidated statements of operations$1,584.4 $1,740.3 $1,469.0 
Total interest expense on consolidated statements of operations$259.7 $261.7 $246.6 
_______________________
(1)Represents the amortization of unrealized gains (losses) recorded in accumulated other comprehensive income (loss) related to previously terminated interest rate swaps.

Consolidated balance sheets: The Company classifies its forward foreign exchange contracts and interest rate swap agreements within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments (see Note 11). Pursuant to the Company’s accounting policy to offset the fair value amounts recognized for derivative instruments, the Company presents the asset or liability position of the swaps that are with the same counterparty under a master netting arrangement net as either an asset or liability in its consolidated balance sheets. As of March 31, 2026 and 2025, there were no swaps outstanding that were subject to a master netting arrangement.

As of March 31, 2026 and 2025, the Company had the following amounts recorded in the accompanying consolidated balance sheets related to the Company’s use of derivatives:
March 31, 2026
Other Accrued Liabilities (current)Other Liabilities (noncurrent)
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts$2.7 $— 
Interest rate swaps1.6 — 
Fair value of derivatives$4.3 $— 
March 31, 2025
Other Assets (current)Other Accrued Liabilities (noncurrent)
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts$1.8 $— 
Interest rate swaps— 3.1 
Fair value of derivatives$1.8 $3.1 

As of March 31, 2026, based on the current release schedule, the Company estimates approximately $1.0 million of gains associated with forward foreign exchange contract cash flow hedges in accumulated other comprehensive income (loss) will be reclassified into earnings during the one-year period ending March 31, 2027.

As of March 31, 2026, the Company estimates approximately $26.4 million of gains recorded in accumulated other comprehensive income (loss) associated with interest rate swap agreement cash flow hedges will be reclassified into interest expense during the one-year period ending March 31, 2027.
v3.26.1
Additional Financial Information
 12 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Financial Information Additional Financial Information
The following tables present supplemental information related to the consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

Cash equivalents consist of investments that are readily convertible into cash. Cash equivalents are carried at cost, which approximates fair value. The Company classifies its cash equivalents within Level 1 of the fair value hierarchy because the Company uses quoted market prices to measure the fair value of these investments (see Note 11). The Company monitors concentrations of credit risk with respect to cash and cash equivalents by placing such balances with higher quality financial institutions or investing such amounts in liquid, short-term, highly-rated instruments or investment funds holding similar instruments. As of March 31, 2026, the Company’s cash and cash equivalents were held in bank depository accounts.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total amounts reported in the consolidated statements of cash flows as of March 31, 2026 and 2025. As of March 31, 2026 and 2025, restricted cash primarily represents amounts related to required cash reserves for interest payments associated with certain corporate debt and film related obligations.
March 31,
2026		March 31,
2025
 (Amounts in millions)
Cash and cash equivalents$341.5 $212.5 
Restricted cash included in other current assets78.3 67.9 
Cash in assets of discontinued operations - current— 11.2 
Total cash, cash equivalents and restricted cash$419.8 $291.6 
Other Assets

The composition of the Company’s other assets was as follows as of March 31, 2026 and 2025:

March 31,
2026		March 31,
2025
 (Amounts in millions)
Other current assets
Prepaid expenses and other$25.2 $46.0 
Restricted cash78.3 67.9 
Contract assets22.1 61.4 
Tax credits receivable236.8 186.8 
Total other current assets$362.4 $362.1 
Other noncurrent assets
Prepaid expenses and other$15.3 $20.2 
Accounts receivable75.3 65.7 
Contract assets4.3 11.3 
Tax credits receivable403.6 435.8 
Operating lease right-of-use assets262.9 294.1 
Total other noncurrent assets$761.4 $827.1 

Other Accrued Liabilities

Accrued expenses and other current liabilities include employee related liabilities (such as accrued bonuses and salaries and wages) of $86.1 million and $59.2 million as of March 31, 2026 and 2025, respectively. In addition, other current and noncurrent liabilities include operating lease liabilities (see Note 10).

Accounts Receivable Monetization

Under the Company’s accounts receivable monetization programs, the Company has entered into individual agreements to monetize certain of its trade accounts receivable directly with third-party purchasers. Under these programs, the Company transfers receivables to purchasers in exchange for cash proceeds, and the Company continues to service the receivables for the purchasers. The Company accounts for the transfers of these receivables as a sale, removes (derecognizes) the carrying amount of the receivable from its balance sheets and classifies the proceeds received as cash flows from operating activities in the statements of cash flows. The Company records a loss on the sale of these receivables reflecting the net proceeds received (net of any obligations incurred), less the carrying amount of the receivables transferred. The loss is reflected in the “other loss, net” line item on the consolidated statements of operations. The Company receives fees for servicing the accounts receivable for the purchasers, which represent the fair value of the services and were immaterial for the years ended March 31, 2026, 2025 and 2024. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers.

The following table presents a summary of the receivables transferred under individual agreements or purchases during the years ended March 31, 2026, 2025 and 2024: 
Year Ended March 31,
202620252024
 (Amounts in millions)
Carrying value of receivables transferred and derecognized$407.9 $478.3 $512.3 
Net cash proceeds received398.8 464.9 491.9 
Loss recorded related to transfers of receivables$9.1 $13.4 $20.4 
As of March 31, 2026, the Company derecognized $314.4 million (March 31, 2025 - $429.9 million; March 31, 2024 - $449.2 million) of receivables from its consolidated balance sheets related to individual agreements, which the Company continues to service.

Pooled Monetization Agreement. Under a pooled monetization agreement, which matured during the year ended March 31, 2024, the Company transferred receivables to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. The transferred receivables were fully guaranteed by a bankruptcy-remote wholly-owned subsidiary of the Company.

The following table presents a summary of the receivables transferred under the pooled monetization agreement during
the year ended March 31, 2024:
Year Ended March 31, 2024
 (Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized$22.2 
Less amounts from collections reinvested under revolving agreement(9.1)
Proceeds from new transfers13.1 
Collections not reinvested and remitted or to be remitted(13.4)
Net cash proceeds received (paid or to be paid)(1)
$(0.3)
Carrying value of receivables transferred and derecognized(2)
$22.1 
Obligations recorded$2.1 
Loss recorded related to transfers of receivables$2.0 
_______________________
(1)During the fiscal year ended March 31, 2024, the Company voluntarily repurchased $46.0 million of receivables previously transferred.
(2)    Receivables net of unamortized discounts on long-term, non-interest bearing receivables.

As of March 31, 2026 and 2025 there were no outstanding receivables derecognized from the Company’s consolidated balance sheet, for which the Company continues to service, related to the pooled monetization agreement.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax. During the years ended March 31, 2026, 2025 and 2024, there was no income tax expense or benefit reflected in other comprehensive income (loss) due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.
Foreign currency translation adjustmentsNet unrealized gain (loss) on cash flow hedgesTotal
(Amounts in millions)
March 31, 2023$(21.6)$142.5 $120.9 
Other comprehensive income (loss)(1.1)30.5 29.4 
Reclassifications to net loss (1)
— (34.3)(34.3)
March 31, 2024(22.7)138.7 116.0 
Other comprehensive income (loss)(5.4)5.0 (0.4)
Reclassifications to net loss (1)
— (31.7)(31.7)
Reclassifications to noncontrolling interest(2)
5.3 (16.6)(11.3)
March 31, 2025(22.8)95.4 72.6 
Other comprehensive income (loss)12.1 0.8 12.9 
Reclassifications to net loss (1)
— (30.7)(30.7)
Spin off of the Starz Business(19.2)— (19.2)
Elimination of noncontrolling interest (3)
(6.8)14.6 7.8 
March 31, 2026$(36.7)$80.1 $43.4 
_______________________
(1)Represents a loss of $2.2 million included in direct operating expense and a gain of $28.5 million included in interest expense on the consolidated statement of operations in the year ended March 31, 2026 (2025 - loss of $1.2 million included in direct operating expense and a gain of $32.9 million included in interest expense; 2024 - loss of $0.3 million included in direct operating expense and a gain of $34.6 million included in interest expense) (see Note 19).
(2)Represents amounts reclassified in connection with the noncontrolling interest recorded for the proportionate ownership interest in the carrying value of Legacy Lionsgate Studios prior to the Starz Separation.
(3)    Represents the Legacy Lionsgate Studios noncontrolling interest that was eliminated in connection with the LG Studios Flip (see Note 3).

Supplemental Cash Flow Information

Interest paid during the fiscal year ended March 31, 2026 amounted to $269.2 million (2025 - $241.3 million; 2024 - $222.4 million).

Significant non-cash transactions during the fiscal years ended March 31, 2026, 2025 and 2024 include certain interest rate swap agreements, which are discussed in Note 19, “Financial Instruments.”

There were no significant non-cash investing or financing activities for the fiscal years ended March 31, 2026, 2025 and 2024.

Supplemental cash flow information related to leases was as follows:
Year Ended March 31,
202620252024
(Amounts in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$69.5 $68.4 $45.1 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$12.0 $7.4 $172.1 
Increase in right-of-use assets and lease liability due to a reassessment event:
Operating leases - increase in right-of-use assets$7.7 $2.8 $103.6 
Operating leases - increase in lease liability$7.7 $2.8 $103.6 
v3.26.1
Related Party Transactions
 12 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Letter Agreement

On July 9, 2009, Old Lionsgate entered into a letter agreement (as amended from time to time, the “MHR Letter Agreement”) with Dr. Rachesky, the Chairman of the Company’s Board of Directors. The MHR Letter Agreement provided, subject to certain terms and conditions, including that Dr. Rachesky and certain of his affiliates hold at least 8,192,246 common shares of Old Lionsgate, subject to equitable adjustment (which amount represented approximately 7% of Old Lionsgate’s common shares outstanding as of May 22, 2009), that in the event Old Lionsgate enters into an agreement with any other person, or invites or receives a proposal, in either case which relates to the matters addressed by the MHR Letter Agreement, and that has terms or conditions that are more favorable to such other person or more restrictive to Old Lionsgate than the terms or conditions set forth in the MHR Letter Agreement or the Registration Rights Agreement with MHR Fund Management (as described below), then Old Lionsgate will offer Dr. Rachesky and certain of his affiliates the opportunity to enter into an agreement on the same terms and conditions or, as the case may be, make a competing proposal which shall be considered by Old Lionsgate in good faith before deciding whether to execute any such other agreement. Lionsgate assumed all of the obligations under and in accordance with the Letter Agreement.

Investor Rights Agreement

On May 6, 2025, Lionsgate entered into an investor rights agreement with MHR Fund Management and affiliated funds (for purposes of this section, “MHR Fund Management”), Liberty Global Ventures Limited and Liberty Global Ltd. (collectively, “Liberty”) (as amended from time to time, the “Investor Rights Agreement”). The Investor Rights Agreement provides that, among other things, (i) for so long as funds affiliated with MHR Fund Management beneficially own at least 10,000,000 of Lionsgate’s then outstanding common shares in the aggregate, Lionsgate will include three (3) designees of MHR Fund Management (at least one of whom will be an independent director and will be subject to approval by the Lionsgate Board of Directors) on its slate of director nominees for election at each future annual general meeting of Lionsgate’s shareholders, (ii) for so long as funds affiliated with MHR Fund Management beneficially own at least 7,500,000, but less than 10,000,000, of Lionsgate’s then outstanding common shares in the aggregate, Lionsgate will include two designees of MHR Fund Management on its slate of director nominees for election at each future annual general meeting of Lionsgate’s shareholders, and (iii) for so long as funds affiliated with MHR Fund Management beneficially own at least 5,000,000, but less than 7,500,000, of Lionsgate’s then outstanding common shares in the aggregate, Lionsgate will include one designee of MHR Fund Management on its slate of director nominees for election at each future annual general meeting of Lionsgate’s shareholders. Dr. Rachesky, Ms. Fine and Mr. Harkey were appointed as the designees of MHR Fund Management to the Board pursuant to the Investor Rights Agreement.

In addition, the Investor Rights Agreement provides that for so long as Liberty (together with certain of its affiliates) beneficially own at least 5,000,000 of Lionsgate’s then outstanding common shares in the aggregate, Lionsgate will include one designee of Liberty on its slate of director nominees for election to the Board at each future annual general meeting of Lionsgate’s shareholders. Michael T. Fries was appointed as the designee of Liberty to the Board under the Investor Rights Agreement.

In addition, under the Investor Rights Agreement, Lionsgate has also agreed to provide MHR Fund Management and Liberty with certain pre-emptive rights on shares that Lionsgate may issue in the future for cash consideration.

Under the Investor Rights Agreement, Liberty (together with certain of its affiliates) has agreed that if it sells or transfers any of its common shares to a shareholder or group of shareholders that beneficially own 5% or more of Lionsgate’s then outstanding common shares, or that would result in a person or group of persons beneficially owning 5% or more of Lionsgate’s then outstanding common shares, any such transferee would have to agree to the restrictions and obligations set forth in the Investor Rights Agreement, including transfer restrictions, subject to certain exceptions set forth in the Investor Rights Agreement.
Voting Agreement

On May 6, 2025, Lionsgate entered into a voting agreement with Liberty and MHR Fund Management (as amended from time to time, the “Voting Agreement”). Under the Voting Agreement, Liberty has agreed to vote, in any vote of Lionsgate’s shareholders on a merger, amalgamation, plan of arrangement, consolidation, business combination, third party tender offer, asset sale or other similar transaction involving Lionsgate or any of its subsidiaries (and any proposal relating to the issuance of capital, increase in the authorized capital or amendment to any constitutional documents in connection with any of the foregoing), all of the common shares beneficially owned by them (together with certain of their affiliates) in excess of 18.5% of Lionsgate’s outstanding voting power in the aggregate in the same proportion as the votes cast by other shareholders.

In addition, each of Liberty and MHR Fund Management (together with certain of their affiliates) has agreed that as long as any of them have the right to nominate at least one representative to the Board, each of them will vote all of Lionsgate’s common shares owned by them (together with certain of their affiliates) in favor of each of the other’s respective nominees to the Board, subject to certain exceptions set forth in the Voting Agreement.

Under the Voting Agreement, Liberty (together with certain of its affiliates) has also agreed that if it sells or transfers any of its common shares to a shareholder or group of shareholders that beneficially own 5% or more of Lionsgate’s common shares, or that would result in a person or group of persons beneficially owning 5% or more of Lionsgate’s common shares, any such transferee would have to agree to the Voting Agreement, subject to certain exceptions set forth in the Voting Agreement.

Registration Rights Agreements

On May 6, 2025, Lionsgate entered into a registration rights agreement with each of MHR Fund Management and Liberty (together with certain of their affiliates). The two registration rights agreements described in the foregoing are referred to herein as the “Registration Rights Agreements.”

Each Registration Rights Agreement provides that the applicable investor is entitled to two demand registration rights to request that Lionsgate register all or a portion of their common shares. In addition, in the event that Lionsgate proposes to register any of Lionsgate’s equity securities or securities convertible into or exchangeable for Lionsgate’s equity securities, either for its own account or for the account of other security holders, the applicable investor will be entitled to certain “piggyback” registration rights allowing them to include their shares in such registration, subject to customary limitations. As a result, whenever Lionsgate proposes to file a registration statement under the Securities Act, other than with respect to a registration statement on Forms S-4 or S-8 or certain other exceptions, the applicable investor will be entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

The registration rights described above of Liberty will terminate on the first anniversary of the date that Liberty (together with certain of its affiliates) both (i) beneficially owns less than 5,713,774 common shares (which amount, for the avoidance of doubt, represents approximately 2% of Lionsgate’s common shares outstanding as of May 7, 2025), and (ii) ceases to have a designated representative on the Lionsgate Board of Directors. The registration rights described above of the applicable affiliates of MHR Fund Management will terminate on the first anniversary of the date that they both (i) beneficially own less than 28,568,868 common shares (which amount, for the avoidance of doubt, represents approximately 10% of Lionsgate’s common shares outstanding as of May 7, 2025), and (ii) ceases to have a designated representative on the Lionsgate Board of Directors.

Governance, Standstill and Voting Agreement

On January 26, 2026, the Company entered into a Governance, Standstill and Voting Agreement (the “Standstill Agreement”) with Liberty 77, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership, and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership (each, a “Liberty Party,” and together, the “Liberty Parties”), and MHR Fund Management.

The Standstill Agreement provides that the Company will appoint Steven T. Mnuchin as a Liberty Party designated director (the “New Liberty Director”) to the Board, effective as of January 26, 2026, and will include Mr. Mnuchin on its slate of director nominees at the next annual meeting of shareholders and any subsequent annual meetings of shareholders, so long as the Liberty Parties continue to beneficially own at least five percent (5%) of the Company’s outstanding common shares and Mr. Mnuchin continues to satisfy all applicable nomination requirements under the Company’s governance documents and applicable law.
The Standstill Agreement requires each of the Liberty Parties and MHR Fund Management to vote all of the Company’s common shares owned by them (together with certain of their affiliates) in favor of each of the other’s respective nominees to the Board, subject to certain exceptions set forth in the Standstill Agreement.

The Standstill Agreement further provides that, for the period beginning on the date of the agreement and continuing until the one-year anniversary of the date that any New Liberty Director that is appointed in accordance with the Standstill Agreement is not serving on the Board, none of the Liberty Parties and MHR Fund Management will engage in customary standstill actions, including increasing their ownership in the Company above 17.5%, making unsolicited proposals, launching proxy contests, forming groups, or otherwise participating in activities that could challenge or circumvent the Company’s governance structure. The Standstill Agreement also includes customary transfer restrictions, limitations on derivative or hedging transactions, and prohibitions on certain coordinated actions, and provides for the automatic termination of these restrictions in certain circumstances, including the Company’s entry into a definitive agreement for extraordinary transactions described in the Standstill Agreement.

The Standstill Agreement also provides the Liberty Parties with pre-emptive rights and registration rights, in each case, consistent with the rights included in the Investor Rights Agreement and the Registration Rights Agreements described above, as well as certain “most favored nations” provisions to both the Liberty Parties and MHR Fund Management that terminate once the parties own less than 20,000,000 of the Company’s common shares

The foregoing descriptions of the MHR Letter Agreement, the Investor Rights Agreement, the Voting Agreement and the Registration Rights Agreements, and Governance, Standstill and Voting Agreement are not meant to be complete and are qualified by reference to the full text of each of the MHR Letter Agreement, the Investor Rights Agreement, the Voting Agreement, the Registration Rights Agreements and the Governance, Standstill and Voting Agreement, respectively, which are filed as exhibits hereto and incorporated by reference herein.

Transactions with Equity Method Investees

Equity Method Investees. In the ordinary course of business, the Company is involved in related party transactions with equity method investees. These related party transactions primarily relate to the licensing and distribution of the Company’s films and television programs, for which the impact on the Company’s consolidated balance sheets and consolidated statements of operations were as follows (see Note 1 and Note 6):
March 31, 2026March 31, 2025
(Amounts in millions)
Consolidated Balance Sheets
Accounts receivable$9.4 $11.7 
Investment in films and television programs0.7 1.1 
Total due from related parties$10.1 $12.8 
Accounts payable(1)
$— $17.6 
Participations and residuals, current17.7 11.1 
Participations and residuals, noncurrent0.3 1.8 
Deferred revenue, current0.2 0.1 
Total due to related parties$18.2 $30.6 
Year Ended March 31,
202620252024
(Amounts in millions)
Consolidated Statements of Operations
Revenues$3.7 $4.0 $4.2 
Direct operating expense$2.4 $4.6 $5.0 
Distribution and marketing expense$1.5 $3.0 $0.8 
_______________________
(1)Amounts primarily represent production related advances due to certain of the Company’s equity method investees.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.26.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Mar. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have implemented and maintain various information security processes designed to identify, assess and manage material risks arising from cybersecurity threats to our critical information systems, including computer networks, third-party hosted services, communications systems, hardware and software, and our sensitive data, including intellectual property, proprietary and confidential business information, and employee and other personal data (collectively, “Information Systems and Data”).

Our information security program is led by our Chief Information Security Officer (“CISO”) and supported by a dedicated information security team. The team is responsible for identifying, assessing and managing cybersecurity threats and risks by monitoring and evaluating our threat environment and evaluating the Company’s risk profile using a combination of automated and manual tools and processes. These include, among others, monitoring threat intelligence services, analyzing reports regarding threat actors and emerging risks, conducting vulnerability scans, audits and assessments, performing incident response and tabletop exercises, evaluating internally reported security events, and coordinating, as appropriate, with law enforcement and external specialists.

We maintain technical, physical, and organizational safeguards designed to mitigate material cybersecurity risks based on the nature of the relevant systems, environments and data. These measures include, among others, incident detection and response processes, vulnerability management, disaster recovery and business continuity planning, data encryption and segregation, network security and access controls, physical security measures, asset management and disposal procedures, system monitoring, vendor risk management processes, penetration testing, employee training and awareness programs, cybersecurity insurance, and dedicated cybersecurity personnel.

The assessment and management of material cybersecurity risks are integrated into the Company’s broader enterprise risk management framework. The CISO works closely with management, including the Chief Information Officer (“CIO”), to prioritize and address cybersecurity risks that could reasonably be expected to have a material impact to our business. Senior management evaluates material cybersecurity risks in the context of our overall business objectives and provides updates to the Audit & Risk Committee of our Board of Directors, which oversees enterprise-wide risk management.

We engage third‑party service providers from time to time to assist with cybersecurity risk identification, assessment and mitigation, including cybersecurity consultants, managed security service providers, software and threat intelligence providers, penetration testing firms, dark web monitoring services, forensic investigators and professional services firms, including legal counsel.

We also rely on third‑party vendors to support various aspects of our business operations, including application, hosting, supply chain and data backup services. We maintain a vendor risk management program designed to address cybersecurity risks associated with these third‑party relationships. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data involved and the risk profile of the vendor, this program may include risk assessments; review of vendors’ information security programs; evaluation of security questionnaires and assessment reports; audits and vulnerability scans for certain vendors; and the inclusion of contractual cybersecurity and data protection obligations.

For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. “Risk Factors” in this Annual Report, including “Service disruptions, information security incidents or failures affecting Lionsgate or its third-party service providers could disrupt its operations, harm its reputation and adversely affect its business.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have implemented and maintain various information security processes designed to identify, assess and manage material risks arising from cybersecurity threats to our critical information systems, including computer networks, third-party hosted services, communications systems, hardware and software, and our sensitive data, including intellectual property, proprietary and confidential business information, and employee and other personal data (collectively, “Information Systems and Data”).
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors oversees our cybersecurity risk management as part of its broader oversight responsibilities. The Audit & Risk Committee has primary responsibility for overseeing our cybersecurity risk management processes, including the identification, assessment and mitigation of risks arising from cybersecurity threats.
Management, including our CIO and CISO, is responsible for implementing and maintaining our cybersecurity risk assessment and management processes. The CISO is responsible for leading our cybersecurity program, including staffing and resourcing, integrating cybersecurity considerations into the Company’s overall risk management framework, and communicating cybersecurity priorities and risk information to relevant personnel. The CIO is responsible for approving cybersecurity budgets, overseeing preparedness for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and related reports.

We maintain cybersecurity incident response processes designed to escalate certain incidents to appropriate members of management based on the nature and severity of the event, including the CISO and CIO. The CISO, CIO and other senior executives work with the Company’s incident response team to coordinate mitigation, remediation and recovery efforts. In appropriate circumstances, these processes also provide for reporting cybersecurity incidents to the Audit & Risk Committee.

The Audit & Risk Committee receives regular updates from the CIO regarding significant cybersecurity risks, threats and trends, as well as the Company’s processes and controls for addressing those risks. The Audit & Risk Committee also receives periodic reports, summaries and presentations concerning cybersecurity risk management, incident response preparedness and mitigation efforts.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit & Risk Committee has primary responsibility for overseeing our cybersecurity risk management processes, including the identification, assessment and mitigation of risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit & Risk Committee receives regular updates from the CIO regarding significant cybersecurity risks, threats and trends, as well as the Company’s processes and controls for addressing those risks. The Audit & Risk Committee also receives periodic reports, summaries and presentations concerning cybersecurity risk management, incident response preparedness and mitigation efforts.
Cybersecurity Risk Role of Management [Text Block]
Management, including our CIO and CISO, is responsible for implementing and maintaining our cybersecurity risk assessment and management processes. The CISO is responsible for leading our cybersecurity program, including staffing and resourcing, integrating cybersecurity considerations into the Company’s overall risk management framework, and communicating cybersecurity priorities and risk information to relevant personnel. The CIO is responsible for approving cybersecurity budgets, overseeing preparedness for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and related reports.

We maintain cybersecurity incident response processes designed to escalate certain incidents to appropriate members of management based on the nature and severity of the event, including the CISO and CIO. The CISO, CIO and other senior executives work with the Company’s incident response team to coordinate mitigation, remediation and recovery efforts. In appropriate circumstances, these processes also provide for reporting cybersecurity incidents to the Audit & Risk Committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Management, including our CIO and CISO, is responsible for implementing and maintaining our cybersecurity risk assessment and management processes. The CISO is responsible for leading our cybersecurity program, including staffing and resourcing, integrating cybersecurity considerations into the Company’s overall risk management framework, and communicating cybersecurity priorities and risk information to relevant personnel. The CIO is responsible for approving cybersecurity budgets, overseeing preparedness for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and related reports.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Management, including our CIO and CISO, is responsible for implementing and maintaining our cybersecurity risk assessment and management processes. The CISO is responsible for leading our cybersecurity program, including staffing and resourcing, integrating cybersecurity considerations into the Company’s overall risk management framework, and communicating cybersecurity priorities and risk information to relevant personnel. The CIO is responsible for approving cybersecurity budgets, overseeing preparedness for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and related reports.

We maintain cybersecurity incident response processes designed to escalate certain incidents to appropriate members of management based on the nature and severity of the event, including the CISO and CIO. The CISO, CIO and other senior executives work with the Company’s incident response team to coordinate mitigation, remediation and recovery efforts. In appropriate circumstances, these processes also provide for reporting cybersecurity incidents to the Audit & Risk Committee.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
We maintain cybersecurity incident response processes designed to escalate certain incidents to appropriate members of management based on the nature and severity of the event, including the CISO and CIO. The CISO, CIO and other senior executives work with the Company’s incident response team to coordinate mitigation, remediation and recovery efforts. In appropriate circumstances, these processes also provide for reporting cybersecurity incidents to the Audit & Risk Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.26.1
Description of Business, Basis of Presentation and Significant Accounting Policies (Policies)
 12 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

Generally Accepted Accounting Principles
The consolidated financial statements have been prepared in accordance with U.S. GAAP.
Principles of Consolidation
Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries. The Company reviews its relationships with other entities to identify whether it is the primary beneficiary of a variable interest entity (“VIE”). If the determination is made that the Company is the primary beneficiary, then the entity is consolidated.

All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs used for the amortization of investment in films and television programs; estimates related to the revenue recognition of sales or usage-based royalties; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies and assets acquired; income taxes including the assessment of valuation allowances for deferred tax assets; accruals for contingent liabilities; and impairment assessments for investment in films and television programs and goodwill. Actual results could differ from such estimates.
Reclassifications
Reclassifications

Certain amounts presented in prior years have been reclassified to conform to the current period presentation.
Revenue Recognition and Deferred Revenue
Revenue Recognition

The Company’s Motion Picture and Television Production segments generate revenue principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television, and international marketplaces.

Revenue is recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services or goods. Revenues do not include taxes collected from customers on behalf of taxing authorities such as sales tax and value-added tax.

Licensing Arrangements. The Company’s content licensing arrangements include fixed fee and minimum guarantee arrangements, and sales or usage-based royalties.

•Fixed Fee or Minimum Guarantees: The Company’s fixed fee or minimum guarantee licensing arrangements may, in some cases, include multiple titles, multiple license periods (windows) with a substantive period in between the windows, rights to exploitation in different media, or rights to exploitation in multiple territories, which may be considered distinct performance obligations. When these performance obligations are considered distinct, the fixed fee or minimum guarantee in the arrangement is allocated to the title, window, media right or territory as applicable, based on estimates of relative standalone selling prices. The amounts related to each performance obligation (i.e., title, window, media or territory) are recognized when the content has been delivered, and the window for the exploitation right in that territory has begun, which is the point in time at which the customer is able to begin to use and benefit from the content.

•Sales or Usage-Based Royalties: Sales or usage-based royalties represent amounts due to the Company based on the “sale” or “usage” of the Company’s content by the customer, and revenues are recognized at the later of when the subsequent sale or usage occurs, or the performance obligation to which some or all the sales or usage-based royalty has been allocated and satisfied (or partially satisfied). Generally, when the Company licenses completed content with standalone functionality (such as a movie, or television show), its performance obligation will be satisfied prior to the sale or usage. When the Company licenses intellectual property that does not have stand-alone functionality (e.g., brands, themes, logos, etc.), its performance obligation is generally satisfied in the same period as the sale or usage. The actual amounts due to the Company under these arrangements are generally not reported to the Company until after the close of the reporting period. The Company records revenue under these arrangements for the amounts due and not yet reported to the Company based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. Such estimates are based on information from the Company’s customers, historical experience with similar titles in that market or territory, the performance of the title in other markets, and/or data available in the industry.

Revenues by Market or Product Line. The following describes the revenues generated by market or product line. Theatrical revenues are included in the Motion Picture segment; home entertainment, television, international and other revenues are applicable to both the Motion Picture and Television Production segments.

•Theatrical: Theatrical revenues are derived from the domestic theatrical release of motion pictures licensed to theatrical exhibitors on a picture-by-picture basis (distributed by the Company directly in the United States and through a sub-distributor in Canada). Revenue from the theatrical release of feature films is treated as sales or usage- based royalties, are recognized as revenue starting at the exhibition date and are based on the Company’s participation in box office receipts of the theatrical exhibitor. Theatrical revenues also include revenues from certain licenses to direct-to-platform customers where the initial license of a motion picture is to a direct-to-platform customer.

•Home Entertainment: Home entertainment consists of Digital Media and Packaged Media.

◦Digital Media. Digital media includes digital transaction revenue sharing arrangements (pay-per-view and video-on-demand platforms, electronic sell through (“EST”), and digital rental) and licenses of content to digital platforms for a fixed fee.
◦Digital Transaction Revenue Sharing Arrangements: Primarily represents revenue sharing arrangements with certain digital media platforms which generally provide that, in exchange for a nominal or no upfront sales price, the Company shares in the rental or sales revenues generated by the platform on a title-by-title basis. These digital media platforms generate revenue from rental and EST arrangements, such as download-to-own, download-to-rent, and video-on-demand. These revenue sharing arrangements are recognized as sales or usage-based royalties based on the performance of these platforms and pursuant to the terms of the contract, as discussed above.
◦Licenses of Content to Digital Platforms: Primarily represents the licensing of content to subscription-video-on-demand (“SVOD”) or other digital platforms for a fixed fee. As discussed above, revenues are recognized when the content has been delivered and the window for the exploitation right in that territory has begun.

◦Packaged Media. Packaged media revenues represent the sale of motion pictures and television shows (produced or acquired) on physical discs (DVD’s, Blu-ray, 4K Ultra HD, referred to as “Packaged Media”) in the retail market. Revenues are recognized, net of an allowance for estimated returns and other allowances, on the later of receipt by the customer or “street date” (when it is available for sale by the customer).
•Television: Television revenues are derived from the licensing to domestic markets (linear pay, basic cable, free television markets, syndication) of motion pictures (including theatrical productions and acquired films) and scripted and unscripted television series, television movies, mini-series, and non-fiction programming. Television revenues also include revenue from licenses to SVOD platforms in which the initial license of a television series is to an SVOD platform or the traditional pay window for a motion picture is licensed to an SVOD platform. Television revenues include fixed fee arrangements as well as arrangements in which the Company earns advertising revenue from the exploitation of certain content on television networks. Revenues associated with a title, right, or window from television licensing arrangements are recognized when the feature film or television program is delivered (on an episodic basis for television product) and the window for the exploitation right has begun.

•International: International revenues are derived from (1) licensing of the Company’s productions, acquired films, catalog product and libraries of acquired titles to international distributors, on a territory-by-territory basis; (2) the direct distribution of the Company’s productions, acquired films, and the Company’s catalog product and libraries of acquired titles in the United Kingdom; and (3) licensing to international markets of scripted and unscripted series, television movies, mini-series and non-fiction programming. License fees and minimum guarantee amounts associated with title, window, media or territory, are recognized when access to the feature film or television program has been granted or delivery has occurred, as required under the contract, and the right to exploit the feature film or television program in that window, media or territory has commenced. Revenues are also generated from sales or usage-based royalties received from international distributors based on their distribution performance pursuant to the terms of the contracts after the recoupment of certain costs in some cases, and the initial minimum guarantee, if any, and are recognized when the sale by the Company’s customer generating a royalty due to the Company has occurred.

•Other: Other revenues are derived from the licensing of the Company’s film and television and related content (games, music, location-based entertainment royalties, etc.) to other ancillary markets and from commissions and executive producer fees earned related to talent management.

Revenues from the licensing of film and television content and the sales and licensing of music are recognized when the content has been delivered and the license period has begun, as discussed above. Revenues from the licensing of symbolic intellectual property (i.e., licenses of motion pictures or television characters, brands, storylines, themes or logos) is recognized over the corresponding license term. Commissions are recognized as such services are provided.
Deferred Revenue

Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation.
Deferred revenue also relates to customer payments that are made in advance of when the Company fulfills its performance obligation and recognizes revenue. This primarily occurs under television production contracts, in which payments may be received as the production progresses, international motion picture contracts, where a portion of the payments are received prior to the completion of the movie and prior to license rights start dates, and pay television contracts with multiple windows with a portion of the revenues deferred until the subsequent exploitation windows commence. These arrangements do not contain significant financing components because the reason for the payment structure is not for the provision of financing to the Company, but rather to mitigate the Company’s risk of customer non-performance and incentivize the customer to exploit the Company’s content.
Prints, Advertising and Marketing Expenses
Prints, Advertising and Marketing Expenses
The costs of prints, advertising and marketing expenses are expensed as incurred.
Share-Based Compensation
Share-Based Compensation
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value is recognized in earnings over the period during which an employee is required to provide service. The Company estimates forfeitures for share-based awards that are not expected to vest.
Income Tax Provision
Income Tax Provision

Income taxes are accounted for using an asset and liability approach for financial accounting and reporting for income taxes and recognition and measurement of deferred tax assets are based upon the likelihood of realization of tax benefits in future years. Under this method, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are established when management determines that it is more-likely-than-not that some portion or all of the deferred tax asset, on a jurisdiction-by-jurisdiction basis, will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment.

From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty and judgment is required in assessing and estimating the tax consequences of these transactions. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions unless such positions are determined to be more-likely-than-not of being sustained upon examination, based on their technical merits. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents consist of cash deposits at financial institutions and investments in money market mutual funds.
Accounts Receivable
Accounts Receivable

Payment terms vary by location and type of customer and the nature of the licensing arrangement. However, other than certain multi-year license arrangements, payments are generally due within 60 days after revenue is recognized. For certain multi-year licensing arrangements primarily in the television, digital media, and international markets, payments may be due over a longer period. When the Company expects the period between fulfillment of its performance obligation and the receipt of payment to be greater than a year, a significant financing component may be present. In these cases, such payments are discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Company, at contract inception. The significant financing component is recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. The Company does not assess contracts with deferred payments for significant financing components if, at contract inception, the Company expects the period between fulfillment of the performance obligation and subsequent payment to be one year or less.
Transfers of Financial Assets
Transfers of Financial Assets

The Company enters into arrangements to sell certain financial assets (i.e., monetize its trade accounts receivables). For a transfer of financial assets to be considered a sale, the asset must be legally isolated from the Company and the purchaser must have control of the asset. Determining whether all the requirements have been met includes an evaluation of legal considerations, the extent of the Company’s continuing involvement with the assets transferred and any other relevant considerations. When the true sales criteria are met, the Company derecognizes the carrying value of the financial asset transferred and recognizes a net gain or loss on the sale. The proceeds from these arrangements with third party purchasers are reflected as cash provided by operating activities in the consolidated statements of cash flows. If the sales criteria are not met, the transfer is considered a secured borrowing and the financial asset remains on the consolidated balance sheets with proceeds from the sale recognized as debt and recorded as cash flows from financing activities in the consolidated statements of cash flows. See Note 20 for discussion of the Company’s accounts receivable monetization.
Investment in Films and Television Programs
Investment in Films and Television Programs

General. Investment in films and television programs includes the unamortized costs of films and television programs, which are monetized individually (i.e., through domestic theatrical, home entertainment, television, international or other ancillary-market distribution).

Ultimate Revenue. For motion pictures, ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture. The most sensitive factor affecting the Company’s estimate of ultimate revenues for a film intended for theatrical release is the film's theatrical performance, as subsequent revenues from the licensing and sale in other markets have historically been highly correlated to its theatrical performance. After a film is released, the Company’s estimates of revenue from succeeding markets are revised based on historical relationships and an analysis of current market trends.

For an episodic television series, the period over which ultimate revenues are estimated cannot exceed ten years following the date of delivery of the first episode, or, if still in production, five years from the date of delivery of the most recent episode, if later. The most sensitive factors affecting the Company’s estimate of ultimate revenues for a television series is whether the series will be ordered for a subsequent season and estimates of revenue in secondary markets other than the initial license fee, which may depend on a number of factors, including, among others, the ratings or viewership the program achieves on the customers’ platforms. The initial estimate of ultimate revenue may include estimates of revenues outside of the initial license window (i.e., international, home entertainment and other distribution platforms) and are based on historical experience for similar programs (genre, duration, etc.) and the estimated number of seasons of the series. Ultimate revenue beyond the initial license fee is generally higher for programs that have been or are expected to be ordered for multiple seasons. The Company regularly monitors the performance of each season, and evaluates whether impairment indicators are present (i.e., low viewership, cancellations or the series is not reordered), and will revise its estimates as needed and perform an impairment assessment if impairment indicators are present.

For titles included in acquired libraries, ultimate revenue includes estimates over a period not to exceed twenty years following the date of acquisition.
Due to the inherent uncertainties involved in making such estimates of ultimate revenues and expenses, these estimates have differed in the past from actual results and are likely to differ to some extent in the future from actual results. In addition, in the normal course of the Company’s business, some films and titles are more successful or less successful than anticipated. Management regularly reviews and revises, when necessary, its ultimate revenue and cost estimates, which may result in a change in the rate of amortization of film costs and participations and residuals and/or a write-down of all or a portion of the unamortized costs of the film or television program to its estimated fair value. See Impairment Assessment below.

Capitalized Costs. Costs of acquiring and producing films and television programs and of acquired libraries are capitalized when incurred. For films and television programs produced by the Company, capitalized costs include all direct production and
financing costs, capitalized interest and production overhead. For the years ended March 31, 2026, 2025 and 2024, total capitalized interest was $10.0 million, $37.9 million and $21.0 million, respectively. For acquired films and television programs, capitalized costs consist of minimum guarantee payments to acquire the distribution rights.

Amortization. Film cost amortization, as well as participations and residuals expense, is based on management’s estimate of ultimate revenues. The amount of capitalized film and production costs amortized and the amount of participations and residual costs to be recognized as expense in the period are determined using the individual-film-forecast method. Under this method, the amortization of capitalized costs and the accrual of participations and residuals are based on the proportion of the current period’s revenue recognized to management’s estimated remaining ultimate revenues. An increase in the estimate of ultimate revenue will generally result in a lower amortization rate and, therefore, less film and television program amortization expense, while a decrease in the estimate of ultimate revenue will generally result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically results in an impairment requiring a write-down of the film cost to the title’s fair value. These write-downs are included in amortization expense within direct operating expenses in the Company’s consolidated statements of operations. See further discussion under Impairment Assessment below.

Impairment Assessment. An individual film or television program is evaluated for impairment when events or changes in circumstances indicate that the fair value of an individual film or television program is less than its unamortized cost. Pre-release impairment assessments require significant judgment, including estimated box office performance and downstream licensing revenues. If the result of the impairment test indicates that the carrying value exceeds the estimated fair value, an impairment charge will then be recorded for the amount of the difference.

Estimate of Fair Value. The fair value is determined based on a discounted cash flow (“DCF”) analysis of the cash flows directly attributable to the title. For motion pictures intended for theatrical release, the DCF analysis used in the impairment evaluation prior to theatrical release is subjective and the key inputs include estimates of future anticipated revenues and estimates of box office performance, which may differ from future actual results. These estimates are based in part on the historical performance of similar films, test audience results when available, information regarding competing film releases, and critic reviews. For television programs, the DCF analysis used in the impairment evaluation includes key inputs such as estimates of future anticipated revenue, as discussed above. See further discussion of Valuation Assumptions below.

Valuation Assumptions. The DCF analysis includes cash flows estimates of ultimate revenue and costs as well as a discount rate (a Level 3 fair value measurement, see Note 11 to the consolidated financial statements). The discount rate utilized in the DCF analysis is based on the weighted average cost of capital of the Company plus a risk premium representing the risk associated with producing a particular film or television program. Estimates of future revenue involve measurement uncertainty and it is therefore possible that reductions in the carrying value of investment in films and television programs may be required as a consequence of changes in management’s future revenue estimates.
Property and Equipment, net
Property and Equipment, net

Property and equipment is carried at cost less accumulated depreciation. Depreciation is accounted for on a straight line basis over the following useful lives:
Computer equipment and software
3 — 5 years
Furniture and equipment
3 — 5 years
Leasehold improvementsLease term or the useful life, whichever is shorter
LandNot depreciated
The Company periodically reviews and evaluates the recoverability of property and equipment. Where applicable, estimates of net future cash flows, on an undiscounted basis, are calculated based on future revenue estimates. If appropriate and where deemed necessary, a reduction in the carrying amount is recorded based on the difference between the carrying amount and the fair value based on discounted cash flows.
Investments
Investments

Investments include investments accounted for under the equity method of accounting and equity investments with and without readily determinable fair value.

Equity Method Investments: The Company uses the equity method of accounting for investments in companies in which it has a minority equity interest and the ability to exert significant influence over operating decisions of the companies. Significant influence is generally presumed to exist when the Company owns between 20% and 50% of the voting interests in the investee, holds substantial management rights or holds an interest of less than 20% in an investee that is a limited liability partnership or limited liability corporation that is treated as a flow-through entity.

Under the equity method of accounting, the Company’s share of the investee’s earnings (losses) is included in the “equity interests income (loss)” line item in the consolidated statements of operations. The Company records its share of the net income or loss of most equity method investments on a one quarter lag and, accordingly, during the years ended March 31, 2026, 2025, and 2024, the Company recorded its share of the income or loss generated by these entities for the years ended December 31, 2025, 2024 and 2023, respectively.

Dividends and other distributions from equity method investees are recorded as a reduction of the Company’s investment. Distributions received up to the Company’s interest in the investee's retained earnings are considered returns on investments and are classified within cash flows from operating activities in the consolidated statements of cash flows. Distributions from equity method investments in excess of the Company’s interest in the investee's retained earnings are considered returns of investments and are classified within cash flows provided by investing activities in the consolidated statements of cash flows.

Other Equity Investments: Investments in nonconsolidated affiliates in which the Company owns less than 20% of the voting common stock or does not exercise significant influence over operating and financial policies, are recorded at fair value using quoted market prices if the investment has a readily determinable fair value. If an equity investment's fair value is not readily determinable, the Company will recognize it at cost less any impairment, adjusted for observable price changes in orderly transactions in the investees' securities that are identical or similar to the Company’s investments in the investee. The unrealized gains and losses and the adjustments related to the observable price changes are recognized in net income (loss).

Impairments of Investments: The Company regularly reviews its investments for impairment, including when the carrying value of an investment exceeds its market value. If the Company determines that an investment has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings. Factors that are considered by the Company in determining whether an other-than-temporary decline in value has occurred include (i) the market value of the security in relation to its cost basis, (ii) the financial condition of the investee, and (iii) the Company’s intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment.

For investments accounted for using the equity method of accounting or equity investments without a readily determinable fair value, the Company evaluates information available (e.g., budgets, business plans, financial statements, etc.) in addition to quoted market prices, if any, in determining whether an other-than-temporary decline in value exists. Factors indicative of an other-than-temporary decline include recurring operating losses, credit defaults and subsequent rounds of financing at an amount below the cost basis of the Company’s investment.
Intangible Assets
Intangible Assets

Finite-Lived. As of March 31, 2026, the carrying value of the Company’s finite-lived intangible assets was $25.8 million. The Company’s finite-lived intangible assets primarily relate to customer relationships associated with 3 Arts Entertainment LLC (“3 Arts”) and its associated acquisition as discussed in Note 3, with a carrying value of $22.6 million as of March 31, 2026. The total carrying value also includes trade names related to the acquisition of eOne.
Identifiable intangible assets with finite lives are amortized to depreciation and amortization expense over their estimated useful lives, ranging from 5 to 15 years.

Amortizable intangible assets are tested for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of the asset may not be recoverable. If a triggering event has occurred, an impairment analysis is required. The impairment test first requires a comparison of undiscounted future cash flows expected to be generated over the remaining useful life of an asset to the carrying value of the asset. The impairment test is performed at the lowest level of identifiable cash flows associated with the asset. If the carrying value of the asset exceeds the undiscounted future cash flows, the asset would not be deemed to be recoverable. Impairment would then be measured as the excess of the asset’s carrying value over its fair value.

The Company monitors its finite-lived intangible assets and changes in the underlying circumstances each reporting period for indicators of possible impairments or a change in the useful life or method of amortization of our finite-lived intangible assets.
Indefinite-Lived Intangibles Other Than Goodwill. As of March 31, 2026 and 2025, the Company did not have any indefinite-lived intangible assets.
Goodwill
Goodwill

As of March 31, 2026, the carrying value of goodwill was $846.8 million. Goodwill is allocated to the Company’s reporting units, which are its operating segments or one level below its operating segments (component level). Reporting units are determined by the discrete financial information available for the component and whether that information is regularly reviewed by segment management. Components are aggregated into a single reporting unit if they share similar economic characteristics. The Company’s reporting units for purposes of goodwill impairment testing as of March 31, 2026, 2025 and 2024 were Motion Picture and the Television and Talent Management businesses, both of which are part of the Television Production segment. Goodwill balances as of March 31, 2026 by reporting unit were $396.9 million for Motion Picture, $318.9 million for Television and $131.0 million for Talent Management.

Goodwill is not amortized but is reviewed for impairment each fiscal year or between the annual tests if an event occurs or circumstances change that indicates it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. The Company performs its annual impairment test as of January 1 of each fiscal year. A goodwill impairment loss would be recognized for the amount that the carrying amount of a reporting unit exceeds its fair value. An entity may perform a qualitative assessment of the likelihood of the existence of a goodwill impairment. The qualitative assessment evaluates, based on all identified events and circumstances that affect the fair value of the reporting unit, whether it is more-likely-than-not that the fair value is less than the carrying value of the reporting unit. If it is determined that it is more-likely- than-not that the fair value of a reporting unit is greater than its carrying amount, a quantitative impairment test is not required but may be performed at the option of the Company.

A quantitative assessment requires determining the fair value of the Company’s reporting units. The determination of the fair value of each reporting unit utilizes DCF analyses and market-based valuation methodologies, which represent Level 3 fair value measurements. Fair value determinations require considerable judgment and require assumptions and estimates of many factors, including revenue and market growth, operating margins and cash flows, market multiples and discount rates, and are sensitive to changes in these underlying assumptions and factors.

Goodwill Impairment Assessments:

For the Company’s annual goodwill impairment test for fiscal 2026, the Company performed a qualitative goodwill impairment assessment for all reporting units (Motion Picture, and the Television and Talent Management businesses, both of which are part of the Television Production segment). The Company’s qualitative assessment considered the market price of the Company’s common shares, the recent performance of these reporting units, and updated forecasts of performance and cash flows, as well as the current micro and macroeconomic environments in relation to the current and expected performance of these reporting units, and industry considerations, and determined that since the date of the most recent quantitative assessment performed over these reporting units, there were no events or circumstances that rise to a level that would more-likely-than-not reduce the fair value of these reporting units below their carrying values; therefore a quantitative goodwill impairment analysis was not required for these reporting units. See Note 7 for further information.
Fiscal 2025. For the Company’s annual goodwill impairment test for fiscal 2025, given the length of time since the Company’s last quantitative assessment and considering the separation of the Studio Business from the Starz Business, the Company performed quantitative goodwill impairment assessments for all of its reporting units, based on the most recent data and expected growth trends, using a combination of DCF analyses and market-based valuation methodologies to estimate the fair value of the Company’s reporting units. Based on the quantitative impairment assessment, the Company determined that the fair value of the Company’s reporting units significantly exceeded the carrying values for all of the Company’s reporting units.

Management will continue to monitor all of its reporting units for changes in the business environment that could impact the recoverability of goodwill in future periods. The recoverability of goodwill is dependent upon the continued growth of revenue and cash flows from the Company’s business activities. Examples of events or circumstances that could result in changes to the underlying key assumptions and judgments used in the Company’s goodwill impairment tests, and ultimately impact the estimated fair value of the Company’s reporting units may include the global economy; consumer consumption levels of the Company’s content; adverse macroeconomic conditions related to higher inflation and interest rates and currency rate fluctuations, and the impact on the global economy from wars, terrorism and multiple international conflicts, and future bank failures; volatility in the equity and debt markets which could result in higher weighted-average cost of capital; capital market transactions; the duration and potential impact of strikes of unions on our ability to produce, acquire and distribute our content; the commercial success of the Company’s television programming and motion pictures; the Company’s continual contractual relationships with its customers; and changes in consumer behavior. If management's assumptions are not realized, it is possible that impairment charges may need to be recorded in the future.
Leases
Leases

The Company determines if an arrangement is a lease at its inception. The expected term of the lease used for computing the lease liability and right-of-use (“ROU”) asset and determining the classification of the lease as operating or financing may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to separate lease components from non-lease components across all lease categories. Instead, each separate lease component and non-lease component are accounted for as a single lease component.

Operating Leases. Operating lease ROU assets, representing the Company’s right to use the underlying asset for the lease term, are included in the “Other noncurrent assets” line item on the Company’s consolidated balance sheets. Operating lease liabilities, representing the present value of the Company’s obligation to make payments over the lease term, are included in the “Accrued expenses and other current liabilities” and “Other noncurrent liabilities” line items on the Company’s consolidated balance sheets. The Company has entered into various short-term operating leases which have an initial term of 12 months or less. These short-term leases are not recorded on the Company’s consolidated balance sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

Finance Leases. The Company did not have any finance leases during the years ended March 31, 2026 and 2025.

The present value of the lease payments is calculated using a rate implicit in the lease, when readily determinable. However, as most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments for the majority of its leases.

Variable lease payments that are based on an index or rate are included in the measurement of ROU assets and lease liabilities at lease inception. All other variable lease payments are expensed as incurred and are not included in the measurement of ROU assets and lease liabilities.
Government Assistance
Government Assistance

The Company has access to government programs that are designed to promote film and television production and distribution in certain foreign countries. The Company also has access to similar programs in certain states within the U.S. that are designed to promote film and television production in those states.
Tax credits earned with respect to expenditures on qualifying film and television productions are recorded as a reduction to investment in films and television programs when the qualifying expenditures have been incurred provided that there is reasonable assurance that the credits will be realized
Foreign Currency Translation
Foreign Currency Translation

Monetary assets and liabilities denominated in currencies other than the functional currency are translated at exchange rates in effect at the balance sheet date. Resulting unrealized and realized gains and losses are included in the consolidated statements of operations.

Foreign company assets and liabilities in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date. Foreign company revenue and expense items are translated at the average rate of exchange for the fiscal year. Gains or losses arising on the translation of the accounts of foreign companies are included in accumulated other comprehensive income or loss, a separate component of shareholders’ equity.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities

Derivative financial instruments are used by the Company in the management of its foreign currency and interest rate exposures. The Company’s policy is not to use derivative financial instruments for trading or speculative purposes.
The Company uses derivative financial instruments to hedge its exposures to foreign currency exchange rate and interest rate risks. All derivative financial instruments are recorded at fair value in the consolidated balance sheets (see Note 11). The effective changes in fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income or loss and included in unrealized gains (losses) on cash flow hedges until the underlying hedged item is recognized in earnings. The effective changes in the fair values of derivatives designated as cash flow hedges are reclassified from accumulated other comprehensive income or loss to net income or net loss when the underlying hedged item is recognized in earnings. If the derivative is not designated as a cash flow hedge, changes in the fair value of the derivative are recognized in earnings.
Recent Accounting Pronouncements Recent Accounting Pronouncements
Accounting Guidance Adopted in Fiscal 2026

Income Taxes: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires all entities to disaggregate disclosures by jurisdiction on the amount of income taxes paid (net of refunds received), income or loss from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024, and therefore is effective with the Company’s financial statements for the fiscal year ended March 31, 2026. The disclosures required under the ASU have been applied retrospectively for all periods presented in the financial statements. See Note 15 for further information.

Accounting Guidance Not Yet Adopted

Financial Instruments: In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses for Accounts Receivable and Contract Assets, providing all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. In addition, it allows entities to consider collection activity after the balance sheet date when developing estimates of expected credit losses. The provisions differ from current U.S. GAAP as current guidance requires an entity to consider adjustments to historical credit loss experience to reflect the extent to which management expects current conditions to differ from the conditions that existed for the period over which historical information was evaluated. This ASU is effective for interim periods within annual reporting periods beginning after December 15, 2025, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2027 interim reporting periods, with early adoption permitted. Entities should apply the practical expedient, if elected, prospectively to financial statements issued for reporting periods after the effective date. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2026, and does not expect it to have a material effect on its consolidated financial statements and disclosures.

Income Statement: In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (Subtopic 220-40), requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending March 31, 2028 and interim reporting periods beginning in fiscal 2029, with early adoption permitted. The disclosures required under the ASU can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

Business Combinations: In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”). This standard clarifies the guidance in determining the acquirer in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. This ASU is effective for interim periods within annual reporting periods beginning after December 15, 2026, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2028 interim reporting periods, with early adoption permitted. ASU 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the initial application date. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2027, and the Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
Interim Reporting: In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. This update is effective for interim periods within annual reporting periods beginning after December 15, 2027, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2029 interim reporting periods, with early adoption permitted. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2028, and does not expect it to have a material effect on its condensed consolidated financial statements and disclosures.

Government Grants: In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal 2030 interim reporting periods, with early adoption permitted. The Company will adopt this guidance for the interim periods within its fiscal year beginning April 1, 2029. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
v3.26.1
Description of Business, Basis of Presentation and Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Basic and Diluted Net Income Loss Per Share
Basic net loss per share is calculated based on the weighted average common shares outstanding for the period. As a result of the Starz Separation, weighted average common shares outstanding, basic and dilutive, for all periods prior to the Starz Separation, reflect pre-transaction Old Lionsgate Class A Shares multiplied by one and twelve one-hundredths (1.12) and pre-transaction Old Lionsgate Class B Shares. The LG Studios Flip is reflected as of close of the Starz Separation, May 6, 2025. Basic and diluted net loss per share for the years ended March 31, 2026, 2025 and 2024 is presented below:
Year Ended March 31,
202620252024
 (Amounts in millions, except per share amounts)
Basic and Diluted Net Loss Per Common Share:
Numerator:
Net loss from continuing operations$(181.8)$(282.9)$(247.8)
Less: recovery (accretion) of redeemable noncontrolling interest(0.6)5.0 (11.9)
Net loss from continuing operations after recovery (accretion) of redeemable noncontrolling interest(182.4)(277.9)(259.7)
Net loss from discontinued operations(16.5)(79.1)(855.1)
Net loss attributable to Lionsgate Studios Corp. shareholders after recovery (accretion) of redeemable noncontrolling interest$(198.9)$(357.0)$(1,114.8)
Denominator:
Weighted average common shares outstanding285.4 248.9 243.6 
Basic and diluted net loss per common share - continuing operations$(0.64)$(1.12)$(1.07)
Basic and diluted net loss per common share - discontinued operations(0.06)(0.31)(3.51)
Basic and diluted net loss per common share$(0.70)$(1.43)$(4.58)
Schedule of Outstanding Common Shares Issuable Excluded from Diluted Net Income Loss Per Common Share
Additionally, for the years ended March 31, 2026, 2025 and 2024, the outstanding common shares issuable presented below were excluded from diluted net loss per common share because their inclusion would have had an anti-dilutive effect regardless of net income or loss in the period.
Year Ended March 31,
202620252024
 (Amounts in millions)
Anti-dilutive shares issuable
Share purchase options15.4 16.8 17.1 
Restricted share units1.0 3.0 1.9 
Other issuable shares3.9 4.2 4.2 
Total weighted average anti-dilutive shares issuable excluded from diluted net loss per common share20.3 24.0 23.2 
Schedule of Useful Lives and Depreciation Methods of Property, Plant and Equipment Depreciation is accounted for on a straight line basis over the following useful lives:
Computer equipment and software
3 — 5 years
Furniture and equipment
3 — 5 years
Leasehold improvementsLease term or the useful life, whichever is shorter
LandNot depreciated
v3.26.1
Discontinued Operations (Tables)
 12 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
Income (loss) from discontinued operations of the Starz Business consisted of the following:

Year Ended March 31,
202620252024
 (Amounts in millions)
Revenues$127.3 $1,363.2 $1,566.7 
Expenses:
Direct operating71.7 611.8 720.2 
Distribution and marketing26.3 378.2 446.2 
General and administration10.0 87.8 105.7 
Depreciation and amortization19.6 170.3 176.6 
Restructuring and other15.1 165.2 378.3 
Goodwill and intangible asset impairment— — 663.9 
Total expenses142.7 1,413.3 2,490.9 
Operating loss(15.4)(50.1)(924.2)
Interest expense(0.4)(21.9)(23.1)
Interest and other income— 0.1 3.6 
Other income (loss), net(0.6)(7.0)(7.6)
Gain (loss) on extinguishment of debt— (2.6)9.6 
Loss from discontinued operations before income taxes(16.4)(81.5)(941.7)
Income tax benefit (provision)(0.1)2.4 86.6 
Net loss from discontinued operations, net of income taxes$(16.5)$(79.1)$(855.1)
Lionsgate has separately reported the assets and liabilities of the discontinued operations of the Starz Business in its consolidated balance sheet as of March 31, 2025. These assets and liabilities consisted of the following:
March 31,
2025
(Amounts in millions)
ASSETS
Current assets:
Cash and cash equivalents$11.2 
Accounts receivable, net50.9 
Other current assets13.7 
Total current assets - discontinued operations75.8 
Investment in films and television programs and program rights, net918.9 
Property and equipment, net48.6 
Intangible assets, net816.0 
Other assets40.1 
Total assets - discontinued operations$1,899.4 
LIABILITIES
Current liabilities:
Accounts payable$53.6 
Content related payables99.3 
Other accrued liabilities40.9 
Residuals27.7 
Film related obligations90.9 
Deferred revenue38.4 
Total current liabilities - discontinued operations350.8 
Debt318.3 
Other liabilities75.7 
Deferred tax liabilities7.2 
Total liabilities - discontinued operations$752.0 
v3.26.1
Investment in Films and Television Programs (Tables)
 12 Months Ended
Mar. 31, 2026
Investment in Films And Television Programs [Abstract]  
Schedule of Total Investment in Films and Television Programs Total investment in films and television programs was as follows:
March 31,
2026		March 31,
2025
 (Amounts in millions)
Investment in Films and Television Programs:
Released, net of accumulated amortization$1,040.5 $992.4 
Completed and not released(1)
249.8 135.1 
In progress(1)
743.1 779.5 
In development95.0 87.2 
Investment in films and television programs and program rights, net(2)
$2,128.4 $1,994.2 
 ______________________
(1)As of March 31, 2026, the unamortized balance related to completed and not released and in progress theatrical films was $685.7 million.
(2)Production tax credits reduced total investment in films and television programs by $151.4 million and $243.6 million during the years ended March 31, 2026 and 2025, respectively, which resulted in a reduction of direct operating expense related to the amortization of investment in films and television programs cost of approximately $82.5 million and $112.0 million for the years ended March 31, 2026 and 2025, respectively.
Schedule of Estimated Future Amortization Expense
The table below summarizes estimated future amortization expense for the Company’s investment in film and television programs as of March 31, 2026:
Year Ended March 31,
202720282029
 (Amounts in millions)
Estimated future amortization expense:
Released investment in films and television programs$322.5 $161.8 $158.0 
Completed and not released investment in films and television programs$185.9  n/a  n/a
Schedule of Impairments by Segment Investment in films and television programs includes write-downs to fair value. The following table are the impairments by segment and the line item in the Company’s consolidated statements of operations recorded for the fiscal years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture$0.8 $19.7 $34.6 
Television Production1.4 6.7 8.4 
Impairments not included in segment operating results(2):
Included in restructuring and other13.2 7.2 12.8 
Total impairments$15.4 $33.6 $55.8 
 ______________________
(1)Impairments included in direct operating expense are included in the amortization expense amounts disclosed above.
(2)Impairments included in restructuring and other represent write-downs in connection with the restructuring of the Motion Picture and Television Production businesses. See Note 16 for further information.
v3.26.1
Property and Equipment (Tables)
 12 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
March 31,
2026		March 31,
2025
 (Amounts in millions)
Leasehold improvements$34.2 $33.9 
Property and equipment20.9 17.5 
Computer equipment and software105.3 96.6 
Total property and equipment160.4 148.0 
Less accumulated depreciation and amortization(126.7)(115.1)
 33.7 32.9 
Land1.2 1.2 
Total property and equipment, net$34.9 $34.1 
v3.26.1
Investments (Tables)
 12 Months Ended
Mar. 31, 2026
Equity Method Investments, and Investments in Debt and Equity Securities [Abstract]  
Schedule of Investments
The Company’s investments consisted of the following:
March 31,
2026		March 31,
2025
 (Amounts in millions)
Investments in equity method investees$31.4 $68.1 
Other investments(1)
9.7 9.7 
Total investments$41.1 $77.8 
 ______________________
(1)Other investments represent equity investments without readily determinable fair values.
v3.26.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Value of Goodwill by Reporting Segment
Changes in the carrying value of goodwill by reporting segment were as follows:
Motion
Picture		Television
Production		Total
 (Amounts in millions)
Balance as of March 31, 2024$398.6 $412.6 $811.2 
Measurement period adjustments(1)
(1.7)(1.0)(2.7)
Balance as of March 31, 2025$396.9 $411.6 $808.5 
Business acquisitions (2)
— 35.6 35.6 
Measurement period adjustments(3)
— 2.7 2.7 
Balance as of March 31, 2026$396.9 $449.9 $846.8 
 ______________________
(1)Measurement period adjustments in fiscal 2025 for the acquisition of eOne reflect a decrease to goodwill of $2.7 million resulting from an adjustment to the purchase price related to a settlement of certain working capital items of $12.0 million partially offset by a net decrease in the estimated fair value of the net assets acquired. The decrease in the estimated fair value of the net assets acquired consisted of a net decrease to accounts receivable of $5.6 million, a net decrease in investment in films and television programs of $1.6 million, net increases to content related payables of $3.4 million, participations and residuals of $1.0 million, and accrued and other liabilities of $1.9 million, partially offset by a net increase to other assets of $4.2 million.
(2)In addition to the acquisition of A & A (see Note 3), during the year ended March 31, 2026, the Company acquired a controlling equity interest in OManagement, a talent agent firm, resulting in a $7.3 million allocation to goodwill.
(3)Measurement period adjustments in fiscal 2026 for the acquisition of A & A reflect an increase to goodwill of $2.7 million resulting from a net decrease in the estimated fair value of the net assets acquired.
Schedule of Finite-Lived Intangible Assets Finite-lived intangible assets consisted of the following:
March 31,
2026		March 31,
2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
 (Amounts in millions)
Finite-lived intangible assets subject to amortization:
Customer relationships(1)
$40.2 $17.6 $22.6 $31.0 $14.1 $16.9 
Trademarks and trade names5.6 3.0 2.6 7.6 4.0 3.6 
Other15.1 14.5 0.6 23.9 23.6 0.3 
Total intangible assets$60.9 $35.1 $25.8 $62.5 $41.7 $20.8 
 ______________________
(1)Amounts as of March 31, 2026 and 2025 represent talent relationships related to 3 Arts. See Note 3.
Schedule of Finite-Lived Intangible Assets, Estimated Future Amortization Expense
Year Ending March 31,
20272028202920302031Thereafter
 (Amounts in millions)
Estimated future amortization expense$4.8 $4.8 $4.5 $3.9 $3.3 $4.5 
v3.26.1
Debt (Tables)
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Total Debt, Excluding Film Related Obligations
Total debt of the Company, excluding film related obligations, was as follows:
 March 31,
2026		March 31,
2025
 (Amounts in millions)
Corporate debt:
Term Loan A(1)
$— $314.4 
Revolving Credit Facility— — 
Senior Notes389.9 389.9 
eOne IP Credit Facility371.3 323.0 
LG IP Credit Facility1,187.5 978.8 
3 Arts Credit Facility30.7 — 
Total corporate debt1,979.4 2,006.1 
Unamortized debt issuance costs(39.2)(33.2)
Total corporate debt, net1,940.2 1,972.9 
Less current portion(162.1)(134.0)
Total corporate debt - noncurrent$1,778.1 $1,838.9 
 ______________________
(1)As further described below and in Note 1, in connection with the Starz Separation, all outstanding principal, interest and fees under the Old Credit Agreement (comprised of the previous Revolving Credit Facility and Term Loan A) were repaid in full.
Schedule of Cumulative Minimum Guaranteed Payments of Film Library Facility
Future annual contractual principal payment commitments of debt as of March 31, 2026 are as follows:
 
 Maturity DateYear Ending March 31,
Debt Type20272028202920302031ThereafterTotal
  (Amounts in millions)
Senior NotesApril 2030$— $— $— $— $389.9 $— $389.9 
eOne IP Credit FacilityJuly 202937.1 37.1 37.1 260.0 — — 371.3 
LG IP Credit FacilitySeptember 2029125.0 125.0 125.0 812.5 — — 1,187.5 
3 Arts Credit FacilityMay 2029— — — 30.7 — — 30.7 
$162.1 $162.1 $162.1 $1,103.2 $389.9 $— $1,979.4 
Less unamortized debt issuance costs(39.2)
$1,940.2 
Schedule of Loss on Extinguishment of Debt
During the fiscal years ended March 31, 2026, 2025 and 2024, the Company recorded a gain (loss) on extinguishment of debt related to the transactions described above as summarized in the table below:
Year Ended March 31,
202620252024
(Amounts in millions)
Gain (Loss) on Extinguishment of Debt:
Senior Notes exchange and repurchases (1)
$— $(3.1)$11.5 
Term Loan A and B prepayments(2)
— (1.8)— 
Revolving Credit Facility (3)
(1.0)— — 
Film Related Obligations prepayment (4)
(1.2)— (1.3)
Total gain (loss) on extinguishment of debt$(2.2)$(4.9)$10.2 
 ______________________
(1)The 5.5% Senior Notes exchange that occurred during the year ended March 31, 2025 was considered a modification of terms since the present value of the cash flows after the amendment differed by less than a 10% change from the present value of the cash flows on a creditor-by-creditor basis prior to the amendment. Accordingly, the unamortized debt issuance costs are being amortized over the applicable term of the debt and the third-party costs attributable to continuing operations of $3.1 million were expensed as a loss on extinguishment of debt in the year ended March 31, 2025. As discussed in Note 2, discontinued operations include interest and other related expenses associated with debt positions that remained with Starz following the completion of the Starz Separation, specifically the Existing Notes that were not exchanged for Senior Notes.
(2)    The prepayments during the year ended March 31, 2025 were voluntary prepayments, allowable under the agreement with no penalty. The repayments were treated as extinguishments and all unamortized debt issuance costs were written off as losses on extinguishment.
(3)    As discussed above, in connection with the Starz Separation, the previous revolving credit facility under the Old Credit Agreement was terminated and a new revolving credit facility was entered into under the Credit Agreement. The associated costs were accounted for as follows: (i) if the borrowing capacity (measured as the amount available under the revolving credit facility multiplied by the remaining term) was less than it was prior to the termination and issuance, measured on a creditor-by-creditor basis, the unamortized debt issuance costs were written off as a loss on extinguishment of debt in proportion to the decrease in borrowing capacity, and (ii) all fees paid to third-parties (i.e., new debt issuance costs) are being amortized over the term of the new revolving credit facility under the Credit Agreement.
(4)    Represent issuance costs written off in connection with the early prepayment and termination of certain production loans (see Note 9).
v3.26.1
Film Related Obligations (Tables)
 12 Months Ended
Mar. 31, 2026
Film Related Obligations [Abstract]  
Schedule of Components
March 31,
2026		March 31,
2025
 (Amounts in millions)
Film related obligations:
Production Loans$1,283.9 $1,395.4 
Production Tax Credit Facility368.0 280.0 
Backlog Facility and Other307.2 238.9 
Film Library Facility— 75.9 
Total film related obligations1,959.1 1,990.2 
Unamortized issuance costs(9.2)(7.3)
Total film related obligations, net1,949.9 1,982.9 
Less current portion(1,293.4)(1,617.8)
Total film related obligations - noncurrent $656.5 $365.1 
Schedule of Future Annual Repayment of Film Related Obligations
Future annual repayments of film related obligations as of March 31, 2026 are as follows:
Year Ending March 31,
Debt Type20272028202920302031ThereafterTotal
 (Amounts in millions)
Production Loans$952.6 $331.3 $— $— $— $— $1,283.9 
Production Tax Credit Facility71.2 296.8 — — — — 368.0 
Backlog Facility and Other269.6 6.9 — 30.7 — — 307.2 
$1,293.4 $635.0 $— $30.7 $— $— $1,959.1 
Less unamortized issuance costs(9.2)
$1,949.9 
v3.26.1
Leases (Tables)
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Total Lease Cost Components
Total lease cost components were as follows:
Year Ended March 31,
202620252024
(Amounts in millions)
Operating lease cost(1)
$67.6 $66.5 $48.7 
Short-term lease cost(2)
74.5 161.2 96.2 
Variable lease cost(3)
3.3 4.3 3.0 
Total lease cost$145.4 $232.0 $147.9 
 ______________________
(1)Operating lease costs primarily represent the amortization of right-of-use assets and are included in the “other non-cash items” line on the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.
(2)Short-term lease costs primarily consist of facilities and equipment leases associated with film and television productions and are capitalized when incurred.
(3)Variable lease costs primarily consist of insurance, taxes, maintenance and other operating costs.
March 31,
2026		March 31,
2025
Operating leases
Weighted average remaining lease term (in years)8.28.5
Weighted average discount rate5.57 %5.36 %
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases was as follows:
CategoryBalance Sheet LocationMarch 31,
2026		March 31,
2025
(Amounts in millions)
Operating Leases
Right-of-use assetsOther noncurrent assets$262.9 $294.1 
Lease liabilities (current)Accrued expenses and other current liabilities$39.8 $44.0 
Lease liabilities (noncurrent)Other noncurrent liabilities261.4 290.7 
$301.2 $334.7 
Schedule of Expected Future Payments Relating to Lease Liabilities
The expected future payments related to the Company’s lease liabilities as of March 31, 2026 were as follows:
Operating
Leases
(Amounts in millions)
Year ending March 31,
2027$52.7 
202850.8 
202947.4 
203040.2 
203132.9 
Thereafter153.9 
Total lease payments377.9 
Less imputed interest(76.7)
Total lease payments, net$301.2 
v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Required to be Carried at Fair Value on a Recurring Basis
Assets and liabilities required to be carried at fair value on a recurring basis as of March 31, 2026 and 2025 were as follows:
March 31, 2026March 31, 2025
Level 1Level 2TotalLevel 1Level 2Total
(Amounts in millions)
Assets:
Forward exchange contracts (see Note 19)— — $— — 1.8 $1.8 
Liabilities:
Forward exchange contracts (see Note 19)— 2.7 $2.7 — — $— 
Interest rate swaps (see Note 19)— 1.6 $1.6 — 3.1 $3.1 
Schedule of Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis
The carrying values and fair values of the Company’s outstanding debt and film related obligations as of March 31, 2026 and 2025 were as follows:
 
March 31, 2026March 31, 2025
Carrying
Value
Fair Value(1)
Carrying
Value
Fair Value(1)
 (Level 2)(Level 2)
(Amounts in millions)
Term Loan A$— $— $313.4 $312.9 
Revolving Credit Facility— — — — 
Senior Notes383.1 359.6 381.6 360.9 
eOne IP Credit Facility366.7 371.3 317.6 323.0 
LG IP Credit Facility1,172.5 1,187.5 962.9 978.8 
3 Arts Credit Facility30.1 30.7 — — 
Production Loans1,280.5 1,283.9 1,393.9 1,395.4 
Production Tax Credit Facility364.8 368.0 276.2 280.0 
Backlog Facility and Other304.6 307.2 238.4 238.9 
Film Library Facility— — 74.4 75.9 
 ______________________
(1)The Company measures the fair value of its outstanding debt and interest rate swaps using discounted cash flow techniques that use observable market inputs, such as SOFR-based yield curves, swap rates, and credit ratings (Level 2 measurements).
v3.26.1
Noncontrolling Interests (Tables)
 12 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Schedule of Changes in Redeemable Noncontrolling Interest
The table below presents the reconciliation of changes in redeemable noncontrolling interests:
Year Ended March 31,
202620252024
(Amounts in millions)
Beginning balance$93.7 $123.3 $343.6 
Net income (loss) attributable to redeemable noncontrolling interests0.4 (1.7)(14.9)
Adjustments to redemption value0.5 (5.0)83.4 
Cash (distributions) contributions(1.9)0.5 (1.0)
Noncontrolling interest related to acquisitions21.4 — — 
Purchase of additional interest(1)
— (23.4)(194.6)
Other(2)
— — (93.2)
Ending balance$114.1 $93.7 $123.3 
_______________________
(1)In fiscal 2024, the Company closed on the acquisition of an additional 25% of 3 Arts Entertainment representing approximately half of the noncontrolling interest.
(2)In fiscal 2024, amounts represent the reclassification of a portion of the 3 Arts Entertainment redeemable noncontrolling interest from mezzanine equity to a liability.
v3.26.1
Revenue (Tables)
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Segment, Market or Product Line
The table below presents revenues by segment, market or product line for the fiscal years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
Revenue by Type:
Motion Picture
Theatrical$176.9 $154.1 $226.5 
Home Entertainment
Digital Media668.7 598.2 652.3 
Packaged Media44.7 60.0 84.0 
Total Home Entertainment713.4 658.2 736.3 
Television226.9 347.3 274.4 
International (1)
457.1 410.4 400.7 
Other42.8 28.6 28.1 
Total Motion Picture revenues1,617.1 1,598.6 1,666.0 
Television Production
Television517.2 1,069.4 788.5 
International261.9 248.2 228.8 
Home Entertainment
Digital Media171.7 184.0 240.6 
Packaged Media2.9 4.1 2.0 
Total Home Entertainment174.6 188.1 242.6 
Other90.9 100.1 70.2 
Total Television Production revenues1,044.6 1,605.8 1,330.1 
Intersegment eliminations (2)
(29.9)(619.7)(545.9)
Total revenues$2,631.8 $2,584.7 $2,450.2 
 ______________________
(1)During the first quarter of fiscal 2026, the Company began reflecting the results of operations of its streaming platform in India within the Motion Picture segment as such operations are not a part of the disposal group of the Starz Business. Accordingly, revenue of $8.9 million and $9.7 million was reclassified from the former Media Networks - Programming Revenues to Motion Picture - International in the years ended March 31, 2025 and 2024, respectively, to conform to the current period presentation. Additionally, the Company sold its streaming platform in India in December 2025, see Note 16.
(2)    Amounts reflect the impact of intersegment revenue from the Motion Picture and Television Production segments’ licensing motion pictures or television programming to the former Media Networks segment prior to the Starz separation on May 6, 2025. Following the Starz Separation, the Company and Starz will continue to be parties to certain commercial agreements. As a result, the impacts of licensing motion pictures or television programming to Starz following the Starz Separation are not eliminated in consolidation and are reflected in the consolidated results from continuing operations, see Note 2.
Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2026 are as follows:
Year Ending March 31,
202720282029ThereafterTotal
(Amounts in millions)
Remaining Performance Obligations$1,314.8 $268.3 $71.1 $102.2 $1,756.4 
Schedule of Changes in Provision for Doubtful Accounts
Changes in the allowance for credit losses were as follows:
March 31, 2025Provision for doubtful accountsUncollectible accounts written-offMarch 31,
2026
(Amounts in millions)
Provision for credit losses$5.6 $2.4 $(1.7)$6.3 
v3.26.1
Capital Stock (Tables)
 12 Months Ended
Mar. 31, 2026
Equity and Share-based Compensation [Abstract]  
Schedule of Common Shares Reserved For Future Issuance
The table below presents common shares reserved for future issuance:
March 31,
2026
 (Amounts in millions)
Stock options and share appreciation rights (“SARs”) outstanding16.9 
Restricted share units (“RSUs”) - unvested15.9 
Common shares available for future issuance16.5 
Shares reserved for future issuance49.3 
Schedule of Share-Based Compensation Expense
The Company recognized the following share-based compensation expense during the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Share-Based Compensation Expense:
Stock options$1.0 $0.8 $2.2 
Restricted share units and other share-based compensation71.0 50.6 58.5 
Share appreciation rights0.5 0.7 1.5 
72.5 52.1 62.2 
Impact of accelerated vesting on equity awards (1)
5.5 4.9 8.0 
Total share-based compensation expense$78.0 $57.0 $70.2 
Tax impact(2)
(12.9)(9.8)(13.7)
Reduction in net income$65.1 $47.2 $56.5 
_______________________
(1)Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.
(2)Represents the income tax benefit recognized in the statements of operations for share-based compensation arrangements prior to the effects of changes in the valuation allowance.

Share-based compensation expense, by expense category, consisted of the following:
Year Ended March 31,
202620252024
 (Amounts in millions)
Share-Based Compensation Expense:
General and administration$72.5 $52.1 $62.2 
Restructuring and other5.5 4.9 8.0 
    Total share-based compensation expense$78.0 $57.0 $70.2 
Schedule of Activity of Stock Option and Share Appreciation Rights
The following table presents the stock option and SARs activity that occurred during the year ended March 31, 2026:
Stock Options and SARs
Old Lionsgate
Class A Voting Shares		Old Lionsgate
Class B Non-Voting Shares		Lionsgate
Number of SharesWeighted Average Exercise PriceNumber of SharesWeighted Average Exercise PriceNumber of
 Shares		Weighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
(Amounts in millions, except for weighted average exercise price and years)
Outstanding at March 31, 20252.3 $23.10 14.8 $13.86 — $— 
Granted— $— — $— — $— 
Options exercised— $— — 
(1)
$7.13 — $— 
Forfeited or expired— 
(1)
$7.70 — 
(1)
$11.29 — $— 
Outstanding at May 6, 20252.3 $23.09 14.8 $13.86 —$— 
Conversion(2.3)$— (14.8)$— 17.1 $15.09 
Granted — $— — $— 0.2 $8.38 
Options exercised— $— — $— — 
(1)
$7.98 

Forfeited or expired— $— — $— (0.4)$29.34 
Outstanding at March 31, 2026— $— — $— 16.9$14.67 2.96$7.60 
Vested or expected to vest at March 31, 2026— $— — $— 16.9$14.67 2.96$7.60 
Exercisable at March 31, 2026— $— — $— 16.8$14.69 2.94$7.60 
_______________________
(1)Represents less than 0.1 million shares.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The following table presents the weighted average grant-date fair value of options granted in the years ended March 31, 2026, 2025 and 2024, and the weighted average applicable assumptions used in the BSM model for stock options and SARs granted during the years then ended:
Year Ended March 31,
202620252024
Weighted average fair value of grants$2.86$3.87$4.63
Weighted average assumptions:
Risk-free interest rate(1)
3.7%
4.2%
4.3 - 4.5%
Expected term(2)
7 years7 years
3.3 - 7 years
Expected volatility for options(3)
47%47%
46 - 47%
Expected dividend yield(4)
0%0%0%
_______________________
(1)The risk-free rate assumed in valuing the options is based on the U.S. Treasury Yield curve based on the expected term of the option at the time of the grant.
(2)The expected term of options granted represent the period of time that options granted are expected to be outstanding.
(3)Expected volatilities are based on implied volatilities from traded options on the Company’s shares, historical volatility of the Company’s shares and other factors.
(4)The expected dividend yield is estimated by dividing the expected annual dividend by the market price of the Company’s shares at the date of grant.
Schedule of Activity of RSU
The following table presents the RSU activity during the year ended March 31, 2026:
Restricted Share Units
Old Lionsgate
Class A Voting Shares		Old Lionsgate
Class B Non-Voting Shares		Lionsgate
Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair Value
(Amounts in millions, except for weighted-average exercise price and years)
Outstanding at March 31, 20250.1 $8.39 11.1 $8.17 — $— 
Granted— $— 0.1 

$7.29 — $— 
RSUs vested— 
(1)
$8.41 — 
(1)
$7.55 — $— 
Forfeited or expired— 

$— — 
(1)
$7.97 — $— 
Outstanding at May 6, 20250.1 $8.39 11.2 $8.16 —$— 
Conversion(0.1)$— (11.2)$— 11.0 $8.16 
Granted — $— — $— 13.7 $6.46 
RSUs vested— $— — $— (6.9)$8.06 
Forfeited or expired— $— — $— (1.9)$7.33 
Outstanding at March 31, 2026— $— — $— 15.9$6.83 
_______________________
(1)Represents less than 0.1 million shares.
Schedule of Remaining Unrecognized Compensation Cost
The following table summarizes the total remaining unrecognized compensation cost at March 31, 2026 related to non-vested stock options and restricted share units and the weighted average remaining years over which the cost will be recognized:
Total
Unrecognized
Compensation
Cost		Weighted
Average
Remaining
Years
 (Amounts in millions) 
Stock Options$0.2 0.6
Restricted Share Units44.6 1.1
Total unrecognized share-based compensation$44.8  
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of pretax income (loss) from continuing operations, net of intercompany eliminations, are as follows:
Year Ended March 31,
202620252024
 (Amounts in millions)
Canada$(10.6)$(2.4)$12.3 
Foreign(148.7)(274.9)(251.8)
 $(159.3)$(277.3)$(239.5)
Schedule of Components of Income Tax Expense (Benefit)
The Company’s current and deferred income tax provisions are as follows:

Year Ended March 31,
202620252024
(Amounts in millions)
Current provision:
Canada$0.4 $4.2 $0.5 
Canada Provincial0.2 — — 
Foreign12.7 13.4 20.6 
Total current provision$13.3 $17.6 $21.1 
Deferred provision:
Foreign2.9 (0.4)0.6 
Total deferred provision2.9 (0.4)0.6 
Total provision for income taxes$16.2 $17.2 $21.7 
Schedule of Effective Income Tax Rate Reconciliation
The differences between income taxes expected at Canadian federal statutory income tax rates and the tax provision are as set forth below:
Year Ended March 31,
202620252024
 (Amounts in millions, except percentages)
Canadian federal statutory tax rate$(23.9)15.0 %$(41.6)15.0 %$(35.9)15.0 %
Provincial income taxes(1)
0.2 (0.1)%— — %— — %
Foreign tax effects:
Australia
Effect of cross-border tax laws:
Withholding taxes1.2 (0.8)%1.2 (0.4)%1.2 (0.5)%
Other adjustments:
Other0.2 (0.1)%— — %0.1 — %
Brazil
Effect of cross-border tax laws:
Withholding taxes1.6 (1.0)%0.2 (0.1)%0.9 (0.4)%
India
Statutory tax rate difference between India and Canada(0.8)0.5 %(3.1)1.1 %(1.1)0.5 %
Changes in valuation allowance1.5 (0.9)%6.3 (2.3)%2.3 (1.0)%
Other adjustments:
Other0.8 (0.5)%0.5 (0.2)%0.9 (0.4)%
Luxembourg
Statutory tax rate difference between Luxembourg and Canada— — %(0.8)0.3 %0.1 — %
Changes in valuation allowance(0.5)0.3 %518.5 (187.0)%3.0 (1.3)%
Nontaxable and nondeductible items:
Nondeductible dividend expense— — %5.8 (2.1)%23.5 (9.8)%
Other adjustments:
Statutory loss on investment in subsidiaries— — %(519.6)187.4 %(27.3)11.4 %
Other0.4 (0.3)%0.2 (0.1)%0.3 (0.1)%
United Kingdom
Statutory tax rate difference between the United Kingdom and Canada9.4 (5.9)%5.7 (2.1)%7.9 (3.3)%
Changes in valuation allowance5.2 (3.3)%(2.6)0.9 %0.4 (0.2)%
Nontaxable and nondeductible items:
Nontaxable intercompany profit eliminations(2.4)1.5 %— — %— — %
Other adjustments:
Return to provision adjustments(2.8)1.8 %0.8 (0.3)%(1.0)0.4 %
Statutory adjustment to basis of film assets(15.0)9.4 %(6.3)2.3 %(8.1)3.4 %
Other(0.4)0.3 %(0.3)0.1 %(0.3)0.1 %
United States
Statutory tax rate difference between the United States and Canada(15.9)10.0 %(15.4)5.6 %(19.5)8.1 %
State and local income taxes(2), net of U.S. federal effect
2.2 (1.4)%0.4 (0.1)%1.4 (0.6)%
Changes in valuation allowance36.1 (22.7)%43.5 (15.7)%39.7 (16.6)%
Nontaxable and nondeductible items:
Nontaxable intercompany profit eliminations(1.9)1.2 %4.5 (1.6)%— — %
Nontaxable dividend income(2.3)1.4 %— — %— — %
Nontaxable U.S. branch income (loss)9.8 (6.1)%2.1 (0.8)%1.9 (0.8)%
Nondeductible officer compensation expense11.8 (7.4)%4.2 (1.5)%7.7 (3.2)%
Nondeductible meals & entertainment expense1.7 (1.1)%2.4 (0.9)%0.9 (0.4)%
Other adjustments:
Noncontrolling interest in partnerships(1.3)0.8 %2.8 (1.0)%18.6 (7.8)%
Other(1.0)0.6 %0.9 (0.3)%1.1 (0.5)%
Other foreign jurisdictions5.1 (3.2)%3.4 (1.2)%4.6 (1.9)%
Effect of cross-border tax laws:
Foreign income inclusion1.6 (1.0)%0.3 (0.1)%0.1 — %
Withholding taxes0.2 (0.1)%3.1 (1.1)%0.3 (0.1)%
Changes in valuation allowance(0.3)0.2 %1.1 (0.4)%(1.8)0.8 %
Nontaxable and nondeductible items:
Other0.5 (0.3)%(1.0)0.4 %(0.2)0.1 %
Changes in unrecognized tax benefits(4.8)3.0 %— — %— — %
Total provision for income taxes$16.2 (10.2)%$17.2 (6.2)%$21.7 (9.1)%
_______________________
(1)Provincial taxes in British Columbia made up a majority (greater than 50%) of the tax effect in this category.
(2)State taxes in California and Texas made up a majority (greater than 50%) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities
The income tax effects of temporary differences between the book value and tax basis of assets and liabilities are as follows:
March 31, 2026March 31, 2025
 (Amounts in millions)
Deferred tax assets:  
Net operating losses$1,215.3 $1,194.1 
Foreign tax credits33.8 36.6 
Investment in film and television programs15.9 — 
Accrued compensation39.6 34.8 
Operating leases - liabilities69.0 76.3 
Other assets28.2 45.8 
Reserves14.8 19.1 
Interest145.9 172.4 
Total deferred tax assets1,562.5 1,579.1 
Valuation allowance(1,478.5)(1,477.5)
Deferred tax assets, net of valuation allowance$84.0 $101.6 
Deferred tax liabilities:
Intangible assets(3.0)(2.0)
Investment in film and television programs— (13.2)
Operating leases - assets(61.4)(68.6)
Unrealized gains on derivative contracts(18.7)(25.4)
Other(15.0)(5.3)
Total deferred tax liabilities$(98.1)$(114.5)
Net deferred tax liabilities$(14.1)$(12.9)
Summary of Valuation Allowance
The table below presents the changes in the deferred tax valuation allowances:

Year Ended March 31,
202620252024
(Amounts in millions)
Beginning balance$1,477.5 $852.2 $644.8 
Changes in valuation allowance8.1 583.3 22.2 
Other (1)
(7.1)42.0 185.2 
Ending balance$1,478.5 $1,477.5 $852.2 
_______________________
(1)Valuation allowance adjustments recorded in other comprehensive income are primarily associated with hedging activity. Amounts for the years ended March 31, 2025 and March 31, 2024 also include opening balances of $23.0 million and $187.0 million, respectively, due to the acquisition of eOne on December 27, 2023.
Schedule of Income Tax Contingencies The aggregate changes in the Company’s gross amount of unrecognized tax benefits, exclusive of interest and penalties, are summarized as follows (amounts in millions):
Gross unrecognized tax benefits at March 31, 2023 (liability as of March 31, 2023)$0.3 
Increases related to current year tax position— 
Increases related to prior year tax positions5.3 
Decreases related to prior year tax positions— 
Settlements— 
Lapse in statute of limitations(0.3)
Gross unrecognized tax benefits at March 31, 2024 (liability as of March 31, 2024)5.3 
Increases related to current year tax position— 
Increases related to prior year tax positions5.6 
Decreases related to prior year tax positions(2.0)
Settlements— 
Lapse in statute of limitations(0.8)
Gross unrecognized tax benefits at March 31, 2025 (liability as of March 31, 2025)8.1 
Increases related to current year tax position— 
Increases related to prior year tax positions2.4 
Decreases related to prior year tax positions— 
Settlements— 
Lapse in statute of limitations(0.5)
Gross unrecognized tax benefits at March 31, 2026 (liability as of March 31, 2026)$10.0 
Schedule of Cash Income Taxes Paid
The amounts of cash income taxes paid, net of refunds were as follows:
Year Ended March 31,
202620252024
 (Amounts in millions)
Federal (Canada)$0.2 $0.1 $0.3 
Australia1.2 1.2 1.2 
Brazil1.6 0.2 1.0 
India0.8 0.5 0.9 
Mexico0.9 0.4 0.9 
United Kingdom3.2 11.0 12.7 
Other Foreign Jurisdictions6.2 6.7 5.1 
Income taxes, net of refunds$14.1 $20.1 $22.1 
v3.26.1
Restructuring and Other (Tables)
 12 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other
The following table presents restructuring and other, other unusual charges or benefits and the statement of operations line items they are included in for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Restructuring and other:
Content and other impairments(1)
$17.1 $34.8 $12.8 
Severance(2)
27.0 37.0 35.4 
Transaction and other costs(3)
6.8 16.5 81.9 
Total restructuring and other50.9 88.3 130.1 
Other unusual charges not included in restructuring and other or the Company’s operating segments:
COVID-19 related expense (benefit) included in direct operating expense(4)
1.0 (2.0)(1.0)
Unallocated rent cost included in direct operating expense(5)
27.3 18.6 — 
Total restructuring and other and other unusual charges not included in restructuring and other $79.2 $104.9 $129.1 
_______________________
(1)Content and other impairments primarily reflect $13.2 million in content impairment charges and development cost write-offs recorded during the year ended March 31, 2026 in connection with the restructuring of the Motion Picture and Television Production businesses. In addition, the amounts in the years ended March 31, 2026 and 2025 include impairment charges related to certain operating lease right-of-use assets and leasehold improvements within the Television Production segment. These impairments were recognized as a result of facilities that are no longer expected to be utilized by the Company, primarily related to the integration of eOne. In the fiscal year ended March 31, 2025, content and other impairments also included content impairments of $7.7 million related to the Motion Picture and Television Production segments associated with exiting local production in certain international territories. Amounts in the year ended March 31, 2024 included $12.8 million of development costs written off in connection with the restructuring of the Television Production segment as a result of the acquisition of eOne.
(2)Severance costs were primarily related to workforce reduction actions undertaken in connection with restructuring and acquisition integration activities, as well as other cost-reduction initiatives. During the fiscal year ended March 31, 2026, the Company restructured its Lionsgate Alternative Television division in addition to departures of senior executives in both the Motion Picture and Television Production segments. During the fiscal year ended March 31, 2025, in connection with the Company’s restructuring plan, approximately 8% of its eligible U.S. employees elected to take advantage of voluntary severance and early retirement packages. A total of approximately $26.0 million in severance expense was incurred under the voluntary severance program and was recognized in restructuring and other in the fiscal year ended March 31, 2025. In the fiscal year ended March 31, 2024, amounts were due to restructuring activities of the Motion Picture and Television Production segments, including integration of the eOne acquisition.
(3)Transaction and other costs in the fiscal years ended March 31, 2026, 2025 and 2024 reflect transaction, integration and legal costs associated with certain strategic transactions, and restructuring activities and also include costs associated with certain legal matters. For the years ended March 31, 2026, 2025 and 2024, transaction costs associated with the Starz Separation are excluded, as such amounts were classified within discontinued operations. In addition, the year ended March 31, 2026 included a gain of $2.6 million from the sale of the Company’s streaming platform in India that was not a part of the disposal group of the Starz Business.
In fiscal 2025 and fiscal 2024, amounts included acquisition and integration costs related to the acquisition of eOne. In fiscal 2024, amounts also included $49.2 million associated with the acquisition of additional interest in 3 Arts Entertainment. Due to the new arrangement representing a modification of terms of the compensation element under the previous arrangement which resulted in the reclassification of the equity award to a liability award, the Company recognized incremental compensation expense of $49.2 million, representing the excess of the fair value of the modified award over amounts previously expensed. In addition, transaction and other costs in fiscal 2024 included approximately $16.6 million of a loss associated with a theft at a production of a 51% owned consolidated entity. In the quarter ended March 31, 2025, the Company recognized a benefit of $3.1 million for insurance recoveries related to the loss. The Company also expects to recover a portion of the loss from the noncontrolling interest holders of this entity.
(4)Amounts in the years ended March 31, 2025 and 2024 include insurance recoveries recognized in connection with certain COVID-19-related circumstances.
(5)Amounts represent rent cost for production facilities that were unutilized due to lower demand following the industry strikes and, as such, were not allocated to the Company’s segments.

Changes in the severance liability were as follows for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Severance liability
Beginning balance$23.6 $19.4 $3.8 
Accruals21.5 35.2 27.7 
Severance payments(33.1)(31.0)(12.1)
Ending balance(1)
$12.0 $23.6 $19.4 
_______________________
(1)As of March 31, 2026, the remaining severance liability of approximately $12.0 million is expected to be paid in the next 12 months.
v3.26.1
Segment Information (Tables)
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information
Segment information for the years ended March 31, 2026, 2025 and 2024 is presented in the table below:
Year Ended March 31,
202620252024
 (Amounts in millions)
Segment revenues
Studio Business:
Motion Picture (1)
$1,617.1 $1,598.6 $1,666.0 
Television Production1,044.6 1,605.8 1,330.1 
Total Studio Business2,661.7 3,204.4 2,996.1 
Intersegment eliminations(29.9)(619.7)(545.9)
2,631.8 2,584.7 2,450.2 
Intersegment revenues
Studio Business:
Motion Picture3.1 203.3 128.2 
Television Production26.8 416.4 417.7 
Intersegment eliminations29.9 619.7 545.9 
     Segment direct operating expenses
Studio Business:
Motion Picture (1)
797.6 830.7 807.1 
Television Production801.2 1,369.3 1,090.1 
Total Studio Business1,598.8 2,200.0 1,897.2 
Intersegment eliminations(42.7)(476.4)(427.2)
1,556.1 1,723.6 1,470.0 
     Segment distribution and marketing
Studio Business:
Motion Picture (1)
427.5 360.5 429.9 
Television Production56.3 38.1 35.3 
Total Studio Business483.8 398.6 465.2 
Gross contribution
Studio Business:
Motion Picture (1)
392.0 407.4 429.0 
Television Production187.1 198.4 204.7 
Total Studio Business579.1 605.8 633.7 
Intersegment eliminations12.8 (143.3)(118.7)
591.9 462.5 515.0 
Segment general and administration
Studio Business:
Motion Picture113.1 103.1 116.6 
Television Production62.6 61.9 57.9 
Total Studio Business175.7 165.0 174.5 
Segment profit
Studio Business:
Motion Picture278.9 304.3 312.4 
Television Production124.5 136.5 146.8 
Total Studio Business403.4 440.8 459.2 
Intersegment eliminations12.8 (143.3)(118.7)
$416.2 $297.5 $340.5 
_______________________
(1)    During the first quarter of fiscal 2026, the Company began reflecting the results of operations of its streaming platform in India within the Motion Picture segment as such operations are not a part of the disposal group of the Starz Business. Accordingly, the following amounts were reclassified from the former Media Networks segment to the Motion Picture segment in the years ended March 31, 2025 and 2024 to conform to the current period presentation: (i) revenue of $8.9 million and $9.7 million, respectively; (ii) direct operating expense of $6.5 million and $11.1 million, respectively; (iii) distribution and marketing expense of $2.7 million and $2.9 million, respectively; and (iv) general and administration expense of $3.0 million and $2.7 million, respectively, which resulted in gross contribution loss of $0.3 million and $4.3 million, respectively and segment loss of $3.3 million and $7.0 million, respectively. Additionally, the Company sold its streaming platform in India in December 2025.
Schedule of Reconciliation of Total Segment Profit to the Company's Loss Before Income Taxes
The following table reconciles total segment profit to the Company’s loss from continuing operations before income taxes for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Total segment profit$416.2 $297.5 $340.5 
Corporate general and administrative expenses(1)
(142.1)(132.0)(136.1)
Adjusted depreciation and amortization(2)
(13.6)(13.7)(10.6)
Restructuring and other(50.9)(88.3)(130.1)
COVID-19 related (expense) benefit included in direct operating expense(3)
(1.0)2.0 1.0 
Unallocated rent cost included in direct operating expense(4)
(27.3)(18.6)— 
Adjusted share-based compensation expense(5)
(72.5)(52.1)(62.2)
Purchase accounting and related adjustments(6)
(11.7)(12.9)(17.0)
Operating income (loss)97.1 (18.1)(14.5)
Interest expense(259.7)(261.7)(246.6)
Interest and other income17.9 15.0 18.5 
Other loss, net(19.6)(11.9)(19.3)
Gain (loss) on extinguishment of debt(2.2)(4.9)10.2 
Gain on investments, net10.5 — 3.5 
Equity interests income (loss)(3.3)4.3 8.7 
Loss from continuing operations before income taxes$(159.3)$(277.3)$(239.5)
_______________________
(1)Corporate general and administrative expenses include certain corporate executive expense (such as salaries and wages for the office of the Chief Executive Officer, Chief Financial Officer, General Counsel and other corporate officers), investor relations costs, costs of maintaining corporate facilities, and other unallocated common administrative support functions, including corporate accounting, finance and financial reporting, internal and external audit and tax costs, corporate and other legal support functions, and certain information technology and human resources expense. Corporate general and administrative expenses also include costs that were previously incurred in support of the Media Networks segment but are not directly attributable to it and thus were not recorded in discontinued operations, see Note 2.
(2)Adjusted depreciation and amortization represent depreciation and amortization as presented on the consolidated statements of operations less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Depreciation and amortization$17.6 $17.8 $15.6 
Less: Amount included in purchase accounting and related adjustments(4.0)(4.1)(5.0)
Adjusted depreciation and amortization$13.6 $13.7 $10.6 
(3)Amounts in fiscal year 2025 and 2024 include insurance recoveries recognized in connection with certain COVID-19-related circumstances (see Note 16). These charges and benefits are excluded from segment operating results.
(4)Amounts represent rent cost for production facilities that were unutilized due to lower demand following the industry strikes and, as such, are not allocated to the Company’s segments.
(5)The following table reconciles total share-based compensation expense to adjusted share-based compensation expense for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Total share-based compensation expense$78.0 $57.0 $70.2 
Less:
Amount included in restructuring and other(i)
(5.5)(4.9)(8.0)
Adjusted share-based compensation$72.5 $52.1 $62.2 
(i)Amounts represent share-based compensation expense recorded within restructuring and other expenses, attributable to the accelerated vesting of equity awards pursuant to certain severance arrangements.
(6)Purchase accounting and related adjustments primarily consist of the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The table below presents the amounts included in each financial statement line item for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Purchase accounting and related adjustments:
General and administrative expense(i)
$7.7 $8.7 $12.0 
Depreciation and amortization4.0 4.2 5.0 
$11.7 $12.9 $17.0 
(i)Amounts represent compensation expense associated with the noncontrolling equity interests in the distributable earnings of 3 Arts Entertainment. Due to the link to continued employment performance, these amounts are classified as general and administrative expense instead of noncontrolling interest in the consolidated statements of operations.
Schedule of Reconciliation of Segment General and Administrative Expense to Consolidated
The following table reconciles total segment general and administration expenses to the Company’s total consolidated general and administration expenses for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
General and administration
Segment general and administrative expenses$175.7 $165.0 $174.5 
Corporate general and administrative expenses142.1 132.0 136.1 
Share-based compensation expense included in general and administrative expense72.5 52.1 62.2 
Purchase accounting and related adjustments 7.7 8.7 12.0 
$398.0 $357.8 $384.8 
Schedule of Reconciliation of Total Segment Assets to Total Consolidated Assets
The following table reconciles total segment assets to the Company’s total consolidated assets:
 
March 31,
2026		March 31,
2025
 (Amounts in millions)
Assets
Motion Picture$2,247.2 $1,870.3 
Television Production2,288.5 2,279.3 
Other unallocated assets(1)
791.4 773.1 
Assets of discontinued operations— 1,899.4 
Total assets$5,327.1 $6,822.1 
_______________________
(1)Other unallocated assets primarily consist of cash, other assets and investments.
Schedule of Acquisition of Investment in Films by Segment
The following table presents the acquisition of investment in films and television programs, as broken down by segment for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
Acquisitions of investment in films and television programs
Motion Picture$570.7 $647.2 $421.8 
Television Production613.1 549.4 275.7 
           Total acquisitions of investment in films and television programs$1,183.8 $1,196.6 $697.5 
Schedule of Capital Expenditures by Segment
The following table presents capital expenditures, as broken down by segment for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
(Amounts in millions)
Capital expenditures
Motion Picture$— $— $— 
Television Production0.4 0.3 0.3 
Corporate(1)
13.0 13.2 9.6 
Total capital expenditures$13.4 $13.5 $9.9 
_______________________
(1)Represents unallocated capital expenditures primarily related to the Company’s corporate headquarters.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
Revenue by geographic location, based on the location of the customers, with no other foreign country individually comprising greater than 10% of total revenue, was as follows:
Year Ended March 31,
202620252024
 (Amounts in millions)
Revenue
United States$1,702.7 $1,733.6 $1,779.5 
Canada70.1 63.0 59.4 
Other foreign859.0 788.1 611.3 
 Total revenue$2,631.8 $2,584.7 $2,450.2 

Long-lived tangible assets and operating lease right-of-use assets recognized on the consolidated balance sheets from continuing operations by geographic location are as follows:
March 31, 2026March 31, 2025
 (Amounts in millions)
Long-lived assets
United States$286.1 $315.7 
Other foreign11.7 12.5 
 Total long-lived assets$297.8 $328.2 
v3.26.1
Commitments and Contingencies (Tables)
 12 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Annual Repayment of Contractual Commitments
The following table presents the Company’s future annual repayment of contractual commitments as of March 31, 2026:
 Year Ending March 31,
 20272028202920302031ThereafterTotal
(Amounts in millions)
Contractual commitments by expected repayment date (off-balance sheet arrangements)       
Film related obligations commitments(1)
$143.4 $184.8 $0.3 $0.3 $0.3 $0.9 $330.0 
Interest payments(2)
178.8 118.8 94.3 52.3 1.6 — 445.8 
Other contractual obligations72.8 52.6 42.1 25.7 22.7 163.0 378.9 
Total future commitments under contractual obligations(3)
$395.0 $356.2 $136.7 $78.3 $24.6 $163.9 $1,154.7 
_______________________
(1)Film related obligations commitments are not reflected on the consolidated balance sheets as they did not then meet the criteria for recognition and include the following items:
(i)Distribution and marketing commitments represent contractual commitments for future expenditures associated with distribution and marketing of films which the Company will distribute. The payment dates of these amounts are primarily based on the anticipated release date of the film.
(ii)Minimum guarantee commitments represent contractual commitments related to the purchase of film rights for pictures to be delivered in the future.
(iii)Production loan commitments represent amounts committed for future film production and development to be funded through production financing and recorded as a production loan liability when incurred. Future payments under these commitments are based on anticipated delivery or release dates of the related film or contractual due dates of the commitment. The amounts include estimated future interest payments associated with the commitment.
(2)Includes cash interest payments on the Company’s corporate debt and film related obligations, based on the applicable SOFR interest rates as of March 31, 2026, net of payments and receipts from the Company’s interest rate swaps, and excluding the interest payments on the revolving credit facility as future amounts are not fixed or determinable due to fluctuating balances and interest rates.
(3)Not included in the amounts above are $88.9 million included in other accrued liabilities representing the compensatory portion of the 3 Arts Entertainment noncontrolling interest and $114.1 million of redeemable noncontrolling interest, as future amounts and timing are subject to a number of uncertainties such that the Company is unable to make sufficiently reliable estimations of future payments (see Note 12).
v3.26.1
Financial Instruments (Tables)
 12 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Outstanding
As of March 31, 2026, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 21 months from March 31, 2026):
Foreign CurrencyForeign Currency AmountU.S. Dollar AmountWeighted Average Exchange Rate Per $1 USD
 (Amounts in millions)(Amounts in millions)
Euro197.1 EUR in exchange for 230.5 USD0.86 EUR
Australian Dollar10.1 AUD in exchange for 7.0 USD1.44 AUD
Canadian Dollar40.4 CAD in exchange for 29.6 USD1.36 CAD
Pound Sterling0.1 GBP in exchange for 0.1 USD0.75 GBP
Hungarian Forint10,171.6 HUF in exchange for 30.0 USD338.75 HUF
Thai Bhat99.0 THB in exchange for 3.1 USD32.13 THB
Designated Cash Flow Hedges. As of March 31, 2026, the Company had the following pay-fixed interest rate swaps, which were designated as cash flow hedges outstanding (all related to the Company’s SOFR-based debt, see Note 8 and Note 9):
Effective DateNotional AmountFixed Rate PaidMaturity Date
(in millions)
August 15, 2024$65.0 4.045%September 15, 2026
August 15, 2024$77.5 3.803%August 15, 2026
August 15, 2024$77.5 3.810%September 15, 2026
December 15, 2024$125.0 3.970%December 15, 2026
January 31, 2025$100.0 4.060%January 31, 2027
February 14, 2025$253.8 4.097%February 14, 2027
April 14, 2025$90.7 3.449%April 14, 2027
April 14, 2025$43.8 3.646%April 14, 2027
July 1, 2025$41.6 3.591%June 14, 2027
Total$874.9 
Schedule of Derivative Instruments, Effect on Statements of Operations And Comprehensive Income
Consolidated statements of operations and comprehensive loss: The following table presents the pre-tax effect of the Company’s derivatives on the accompanying consolidated statements of operations and comprehensive loss for the years ended March 31, 2026, 2025 and 2024:
Year Ended March 31,
202620252024
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)$(2.3)$3.4 $(5.8)
Gain (loss) reclassified from accumulated other comprehensive income (loss) into direct operating expense$2.2 $(1.2)$(0.3)
Interest rate swaps
Gain (loss) recognized in accumulated other comprehensive income (loss)$3.2 $(0.6)$36.3 
Gain reclassified from accumulated other comprehensive income (loss) into interest expense$1.7 $28.6 $41.8 
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense (1)
$26.8 $4.3 $(7.2)
Total direct operating expense on consolidated statements of operations$1,584.4 $1,740.3 $1,469.0 
Total interest expense on consolidated statements of operations$259.7 $261.7 $246.6 
_______________________
(1)Represents the amortization of unrealized gains (losses) recorded in accumulated other comprehensive income (loss) related to previously terminated interest rate swaps.
Schedule of Amounts Recorded in Accompanying Unaudited Condensed Consolidated Balance Sheets Related to Use of Derivatives
As of March 31, 2026 and 2025, the Company had the following amounts recorded in the accompanying consolidated balance sheets related to the Company’s use of derivatives:
March 31, 2026
Other Accrued Liabilities (current)Other Liabilities (noncurrent)
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts$2.7 $— 
Interest rate swaps1.6 — 
Fair value of derivatives$4.3 $— 
March 31, 2025
Other Assets (current)Other Accrued Liabilities (noncurrent)
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts$1.8 $— 
Interest rate swaps— 3.1 
Fair value of derivatives$1.8 $3.1 
v3.26.1
Additional Financial Information (Tables)
 12 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total amounts reported in the consolidated statements of cash flows as of March 31, 2026 and 2025. As of March 31, 2026 and 2025, restricted cash primarily represents amounts related to required cash reserves for interest payments associated with certain corporate debt and film related obligations.
March 31,
2026		March 31,
2025
 (Amounts in millions)
Cash and cash equivalents$341.5 $212.5 
Restricted cash included in other current assets78.3 67.9 
Cash in assets of discontinued operations - current— 11.2 
Total cash, cash equivalents and restricted cash$419.8 $291.6 
Schedule of Composition of Other Assets
The composition of the Company’s other assets was as follows as of March 31, 2026 and 2025:

March 31,
2026		March 31,
2025
 (Amounts in millions)
Other current assets
Prepaid expenses and other$25.2 $46.0 
Restricted cash78.3 67.9 
Contract assets22.1 61.4 
Tax credits receivable236.8 186.8 
Total other current assets$362.4 $362.1 
Other noncurrent assets
Prepaid expenses and other$15.3 $20.2 
Accounts receivable75.3 65.7 
Contract assets4.3 11.3 
Tax credits receivable403.6 435.8 
Operating lease right-of-use assets262.9 294.1 
Total other noncurrent assets$761.4 $827.1 
Schedule of Transfer of Financial Assets Accounted for as Sales
The following table presents a summary of the receivables transferred under individual agreements or purchases during the years ended March 31, 2026, 2025 and 2024: 
Year Ended March 31,
202620252024
 (Amounts in millions)
Carrying value of receivables transferred and derecognized$407.9 $478.3 $512.3 
Net cash proceeds received398.8 464.9 491.9 
Loss recorded related to transfers of receivables$9.1 $13.4 $20.4 
The following table presents a summary of the receivables transferred under the pooled monetization agreement during
the year ended March 31, 2024:
Year Ended March 31, 2024
 (Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized$22.2 
Less amounts from collections reinvested under revolving agreement(9.1)
Proceeds from new transfers13.1 
Collections not reinvested and remitted or to be remitted(13.4)
Net cash proceeds received (paid or to be paid)(1)
$(0.3)
Carrying value of receivables transferred and derecognized(2)
$22.1 
Obligations recorded$2.1 
Loss recorded related to transfers of receivables$2.0 
_______________________
(1)During the fiscal year ended March 31, 2024, the Company voluntarily repurchased $46.0 million of receivables previously transferred.
(2)    Receivables net of unamortized discounts on long-term, non-interest bearing receivables.
Schedule of Changes in Accumulated Other Comprehensive Income
The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net of tax. During the years ended March 31, 2026, 2025 and 2024, there was no income tax expense or benefit reflected in other comprehensive income (loss) due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.
Foreign currency translation adjustmentsNet unrealized gain (loss) on cash flow hedgesTotal
(Amounts in millions)
March 31, 2023$(21.6)$142.5 $120.9 
Other comprehensive income (loss)(1.1)30.5 29.4 
Reclassifications to net loss (1)
— (34.3)(34.3)
March 31, 2024(22.7)138.7 116.0 
Other comprehensive income (loss)(5.4)5.0 (0.4)
Reclassifications to net loss (1)
— (31.7)(31.7)
Reclassifications to noncontrolling interest(2)
5.3 (16.6)(11.3)
March 31, 2025(22.8)95.4 72.6 
Other comprehensive income (loss)12.1 0.8 12.9 
Reclassifications to net loss (1)
— (30.7)(30.7)
Spin off of the Starz Business(19.2)— (19.2)
Elimination of noncontrolling interest (3)
(6.8)14.6 7.8 
March 31, 2026$(36.7)$80.1 $43.4 
_______________________
(1)Represents a loss of $2.2 million included in direct operating expense and a gain of $28.5 million included in interest expense on the consolidated statement of operations in the year ended March 31, 2026 (2025 - loss of $1.2 million included in direct operating expense and a gain of $32.9 million included in interest expense; 2024 - loss of $0.3 million included in direct operating expense and a gain of $34.6 million included in interest expense) (see Note 19).
(2)Represents amounts reclassified in connection with the noncontrolling interest recorded for the proportionate ownership interest in the carrying value of Legacy Lionsgate Studios prior to the Starz Separation.
(3)    Represents the Legacy Lionsgate Studios noncontrolling interest that was eliminated in connection with the LG Studios Flip (see Note 3).
Schedule of Supplemental Cash Flow Information Leases
Supplemental cash flow information related to leases was as follows:
Year Ended March 31,
202620252024
(Amounts in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$69.5 $68.4 $45.1 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$12.0 $7.4 $172.1 
Increase in right-of-use assets and lease liability due to a reassessment event:
Operating leases - increase in right-of-use assets$7.7 $2.8 $103.6 
Operating leases - increase in lease liability$7.7 $2.8 $103.6 
v3.26.1
Related Party Transactions (Tables)
 12 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Net Transfers In the ordinary course of business, the Company is involved in related party transactions with equity method investees. These related party transactions primarily relate to the licensing and distribution of the Company’s films and television programs, for which the impact on the Company’s consolidated balance sheets and consolidated statements of operations were as follows (see Note 1 and Note 6):
March 31, 2026March 31, 2025
(Amounts in millions)
Consolidated Balance Sheets
Accounts receivable$9.4 $11.7 
Investment in films and television programs0.7 1.1 
Total due from related parties$10.1 $12.8 
Accounts payable(1)
$— $17.6 
Participations and residuals, current17.7 11.1 
Participations and residuals, noncurrent0.3 1.8 
Deferred revenue, current0.2 0.1 
Total due to related parties$18.2 $30.6 
Year Ended March 31,
202620252024
(Amounts in millions)
Consolidated Statements of Operations
Revenues$3.7 $4.0 $4.2 
Direct operating expense$2.4 $4.6 $5.0 
Distribution and marketing expense$1.5 $3.0 $0.8 
_______________________
(1)Amounts primarily represent production related advances due to certain of the Company’s equity method investees.
v3.26.1
Description of Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details)
title in Thousands, $ in Millions
 12 Months Ended
May 06, 2025
shares
Mar. 31, 2026
USD ($)
title
vote
shares
Mar. 31, 2025
USD ($)
shares
Mar. 31, 2024
USD ($)
shares
May 13, 2024
Business Combination [Line Items]          
Number of titles in library | title   20      
Advertising expense   $ 360.7 $ 296.3 $ 347.8  
Antidilutive securities excluded from the calculation of diluted earnings per share due to net loss, amount | shares   4,000,000.0 2,700,000 2,900,000  
Restricted cash included in other current assets   $ 78.3 $ 67.9    
Interest costs capitalized   10.0 37.9 $ 21.0  
Finite-lived intangible assets   25.8 20.8    
Goodwill   846.8 808.5 $ 811.2  
Motion Picture          
Business Combination [Line Items]          
Goodwill   396.9      
Television          
Business Combination [Line Items]          
Goodwill   318.9      
Talent Management          
Business Combination [Line Items]          
Goodwill   131.0      
Customer relationships          
Business Combination [Line Items]          
Finite-lived intangible assets   $ 22.6 $ 16.9    
Minimum          
Business Combination [Line Items]          
Finite-lived intangible asset, useful life (in years)   5 years      
Maximum          
Business Combination [Line Items]          
Finite-lived intangible asset, useful life (in years)   15 years      
New Lionsgate Common Shares          
Business Combination [Line Items]          
Common stock, number of votes | vote   1      
New Lionsgate Common Shares | Old Lionsgate Class A Shareholders          
Business Combination [Line Items]          
New common stock issued, per old Lionsgate shares | shares 1.12        
New Lionsgate Common Shares | Old Lionsgate Class E Shareholders          
Business Combination [Line Items]          
New common stock issued, per old Lionsgate shares | shares 1        
Starz Entertainment Corp. Common Shares          
Business Combination [Line Items]          
Common stock, number of votes | vote   1      
Starz Entertainment Corp. Common Shares | Old Lionsgate Class A Shareholders          
Business Combination [Line Items]          
New common stock issued, per old Lionsgate shares | shares 1.12        
Starz Entertainment Corp. Common Shares | Old Lionsgate Class E Shareholders          
Business Combination [Line Items]          
New common stock issued, per old Lionsgate shares | shares 1        
Starz Business          
Business Combination [Line Items]          
Ownership percentage 87.80%       87.80%
v3.26.1
Description of Business, Basis of Presentation and Significant Accounting Policies - Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Numerator:      
Net loss from continuing operations $ (181.8) $ (282.9) $ (247.8)
Less: recovery (accretion) of redeemable noncontrolling interest (0.6) 5.0 (11.9)
Net loss from continuing operations after recovery (accretion) of redeemable noncontrolling interest (182.4) (277.9) (259.7)
Net loss from discontinued operations, net of tax (16.5) (79.1) (855.1)
Net loss attributable to Lionsgate Studios Corp. shareholders after recovery (accretion) of redeemable noncontrolling interest, basic (198.9) (357.0) (1,114.8)
Net loss attributable to Lionsgate Studios Corp. shareholders after recovery (accretion) of redeemable noncontrolling interest, diluted $ (198.9) $ (357.0) $ (1,114.8)
Denominator:      
Weighted average common shares outstanding, basic (in shares) 285.4 248.9 243.6
Weighted average common shares outstanding, diluted (in shares) 285.4 248.9 243.6
Basic net loss per common share - continuing operations (in dollars per share) $ (0.64) $ (1.12) $ (1.07)
Diluted net loss per common share - continuing operations (in dollars per share) (0.64) (1.12) (1.07)
Basic net loss per common share - discontinued operations (in dollars per share) (0.06) (0.31) (3.51)
Diluted net loss per common share - discontinued operations (in dollars per share) (0.06) (0.31) (3.51)
Basic net income (loss) per common share (in dollars per share) (0.70) (1.43) (4.58)
Diluted net income (loss) per common share (in dollars per share) $ (0.70) $ (1.43) $ (4.58)
v3.26.1
Description of Business, Basis of Presentation and Significant Accounting Policies - Outstanding Common Shares Issuable (Details) - shares
shares in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Anti-dilutive shares issuable [Line Items]      
Anti-dilutive shares issuable (in shares) 20.3 24.0 23.2
Share purchase options      
Anti-dilutive shares issuable [Line Items]      
Anti-dilutive shares issuable (in shares) 15.4 16.8 17.1
Restricted share units      
Anti-dilutive shares issuable [Line Items]      
Anti-dilutive shares issuable (in shares) 1.0 3.0 1.9
Other issuable shares      
Anti-dilutive shares issuable [Line Items]      
Anti-dilutive shares issuable (in shares) 3.9 4.2 4.2
v3.26.1
Description of Business, Basis of Presentation and Significant Accounting Policies - Useful Lives (Details)
Mar. 31, 2026
Minimum | Computer equipment and software  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 3 years
Minimum | Furniture and equipment  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 3 years
Maximum | Computer equipment and software  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
Maximum | Furniture and equipment  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
v3.26.1
Discontinued Operations - Schedule of Net Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Expenses:      
Net loss from discontinued operations, net of income taxes $ (16.5) $ (79.1) $ (855.1)
Discontinued Operations | Starz Business      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Revenues 127.3 1,363.2 1,566.7
Expenses:      
Direct operating 71.7 611.8 720.2
Distribution and marketing 26.3 378.2 446.2
General and administration 10.0 87.8 105.7
Depreciation and amortization 19.6 170.3 176.6
Restructuring and other 15.1 165.2 378.3
Goodwill and intangible asset impairment 0.0 0.0 663.9
Total expenses 142.7 1,413.3 2,490.9
Operating loss (15.4) (50.1) (924.2)
Interest expense (0.4) (21.9) (23.1)
Interest and other income 0.0 0.1 3.6
Other income (loss), net (0.6) (7.0) (7.6)
Gain (loss) on extinguishment of debt 0.0 (2.6) 9.6
Loss from discontinued operations before income taxes (16.4) (81.5) (941.7)
Income tax benefit (provision) (0.1) 2.4 86.6
Net loss from discontinued operations, net of income taxes $ (16.5) $ (79.1) $ (855.1)
v3.26.1
Discontinued Operations - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Starz Business        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net loss from continuing operations $ 200.0      
Amount received from licensing agreement 305.0      
Starz Business | Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
General and administrative corporate overhead costs     $ 8.8  
Legal, accounting and tax advisory services   $ 7.9 $ 37.9 $ 5.9
Media Networks | Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill impairment charge       $ 493.9
Goodwill Impairment Loss, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed, Flag       impairment charge
Media Networks | Discontinued Operations | Trade Names        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Impairment charge of indefinite-lived assets       $ 170.0
Impairment Of Intangible Asset, Indefinite Lived Excluding Goodwill, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed, Flag       impairment charge
Transition Services Agreement        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Transition service agreement, term   13 months    
General and administrative expense, reduction from reimbursement $ 1.0      
v3.26.1
Discontinued Operations - Schedule of Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Current assets:    
Cash and cash equivalents $ 0.0 $ 11.2
Total current assets - discontinued operations 0.0 75.8
Current liabilities:    
Total current liabilities - discontinued operations 0.0 350.8
Other liabilities $ 0.0 401.2
Discontinued Operations | Starz Business    
Current assets:    
Cash and cash equivalents   11.2
Accounts receivable, net   50.9
Other current assets   13.7
Total current assets - discontinued operations   75.8
Investment in films and television programs and program rights, net   918.9
Property and equipment, net   48.6
Intangible assets, net   816.0
Other assets   40.1
Total assets - discontinued operations   1,899.4
Current liabilities:    
Accounts payable   53.6
Content related payables   99.3
Other accrued liabilities   40.9
Residuals   27.7
Film related obligations   90.9
Deferred revenue   38.4
Total current liabilities - discontinued operations   350.8
Debt   318.3
Other liabilities   75.7
Deferred tax liabilities   7.2
Total liabilities - discontinued operations   $ 752.0
v3.26.1
Acquisitions - A & A Acquisition (Details) - USD ($)
$ in Millions
 12 Months Ended
May 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Business Combination [Line Items]        
Goodwill   $ 846.8 $ 808.5 $ 811.2
Arts Entertainment LLC        
Business Combination [Line Items]        
Percentage of voting interests acquired (as percent) 51.00%      
Purchase price consideration $ 24.5      
Additional consideration transferred 6.8      
Goodwill   31.0    
Redeemable noncontrolling interest $ 19.6 $ 20.1    
Arts Entertainment LLC | Arts Entertainment LLC        
Business Combination [Line Items]        
Ownership percentage by noncontrolling owners   49.00%    
v3.26.1
Acquisitions - Acquired Library (Details)
$ in Millions
Jun. 05, 2024
USD ($)
film
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Business Combination [Line Items]      
Total assets   $ 5,327.1 $ 6,822.1
Liabilities   6,376.5 $ 7,081.1
Variable Interest Entity, Primary Beneficiary      
Business Combination [Line Items]      
Total assets   58.9  
Liabilities   $ 2.4  
CP LG Library Holdings, LLC      
Business Combination [Line Items]      
Number of films, acquired | film 46    
Asset acquisition, purchase price $ 68.6    
CP LG Library Holdings, LLC | Film and Television Library      
Business Combination [Line Items]      
Asset acquisition, purchase price $ 48.3    
CP LG Library Holdings, LLC      
Business Combination [Line Items]      
Ownership percentage by noncontrolling owners 49.00%    
CP LG Library Holdings, LLC      
Business Combination [Line Items]      
Purchase price consideration $ 35.0    
Percentage of voting interests acquired (as percent) 51.00%    
v3.26.1
Acquisitions - Business Combination Agreement (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 13, 2024
Mar. 31, 2026
May 06, 2025
Business Combination [Line Items]      
Proceeds from reverse recapitalization transaction $ 330.0    
Proceeds from issuance or sale of equity   $ 278.2  
Proceeds receivable from sale of equity   $ 3.5  
SEAC Sponsor Options      
Business Combination [Line Items]      
Common shares, shares issued (in shares) 2,200,000    
Sponsor Option Agreement      
Business Combination [Line Items]      
Common stock, par or stated value per share (in dollars per share) $ 0.0001    
Sponsor Securities Repurchase      
Business Combination [Line Items]      
Shares issued, price per share (in dollars per share) $ 16.05    
Starz Business      
Business Combination [Line Items]      
Ownership percentage 87.80%   87.80%
Studio Business      
Business Combination [Line Items]      
Ownership percentage by noncontrolling owners 12.20%    
Studio Business | Screaming Eagle      
Business Combination [Line Items]      
Ownership percentage by noncontrolling owners 12.20%    
v3.26.1
Investment in Films and Television Programs - Schedule of Total Investment in Films and Television Programs (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investment in Films and Television Programs:    
Released, net of accumulated amortization $ 1,040.5 $ 992.4
Completed and not released 249.8 135.1
In progress 743.1 779.5
In development 95.0 87.2
Investment in films and television programs and program rights, net 2,128.4 1,994.2
Unamortized balance of completed and not released and in progress theatrical films 685.7  
Production tax credits reduced (151.4) (243.6)
Reduction of direct operating expense $ 82.5 $ 112.0
v3.26.1
Investment in Films and Television Programs - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Investment in Films And Television Programs [Abstract]      
Acquired film and television libraries, unamortized costs $ 207.0 $ 235.7  
Acquired libraries, remaining amortization period (in years) 12 years 6 months    
Amortization of films and television programs $ 1,022.6 $ 1,172.7 $ 929.8
v3.26.1
Investment in Films and Television Programs - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Investment in Films And Television Programs [Abstract]      
Released investment in films and television programs, year one $ 322.5    
Released investment in films and television programs, year two   $ 161.8  
Released investment in films and television programs, year three     $ 158.0
Completed and not released investment in films and television programs $ 185.9    
v3.26.1
Investment in Films and Television Programs - Schedule of Impairments by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]      
Write downs on investments in films and television programs and licensed program rights $ 15.4 $ 33.6 $ 55.8
Reportable Segments | Motion Picture      
Segment Reporting Information [Line Items]      
Write downs on investments in films and television programs and licensed program rights $ 0.8 19.7 34.6
Film, Monetized on Its Own, and Film Group, Impairment, Statement of Income [Extensible Enumeration] Direct Operating Cost    
Reportable Segments | Television Production      
Segment Reporting Information [Line Items]      
Write downs on investments in films and television programs and licensed program rights $ 1.4 6.7 8.4
Corporate      
Segment Reporting Information [Line Items]      
Write downs on investments in films and television programs and licensed program rights $ 13.2 $ 7.2 $ 12.8
v3.26.1
Property and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Property, Plant and Equipment [Line Items]      
Total property and equipment, net $ 34.9 $ 34.1  
Depreciation 12.7 12.9 $ 10.3
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Total property and equipment 34.2 33.9  
Property and equipment      
Property, Plant and Equipment [Line Items]      
Total property and equipment 20.9 17.5  
Computer equipment and software      
Property, Plant and Equipment [Line Items]      
Total property and equipment 105.3 96.6  
Depreciable Assets      
Property, Plant and Equipment [Line Items]      
Total property and equipment 160.4 148.0  
Less accumulated depreciation and amortization (126.7) (115.1)  
Total property and equipment, net 33.7 32.9  
Land      
Property, Plant and Equipment [Line Items]      
Total property and equipment, net $ 1.2 $ 1.2  
v3.26.1
Investments - Schedule of Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Equity Method Investments, and Investments in Debt and Equity Securities [Abstract]    
Investments in equity method investees $ 31.4 $ 68.1
Other investments 9.7 9.7
Total investments $ 41.1 $ 77.8
v3.26.1
Investments - Narrative (Details) - USD ($)
$ in Millions
Apr. 17, 2025
Mar. 31, 2026
Spyglass    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, amount sold $ 31.9  
Realized gain on disposal 3.1  
Proceeds from sale of equity method investments $ 28.9  
Minimum    
Schedule of Equity Method Investments [Line Items]    
Equity method investments, ownership (as a percent)   13.00%
Maximum    
Schedule of Equity Method Investments [Line Items]    
Equity method investments, ownership (as a percent)   49.00%
v3.26.1
Goodwill and Intangible Assets - Schedule of Changes in Carrying Value (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Goodwill [Roll Forward]      
Goodwill, beginning balance $ 808.5 $ 811.2  
Business acquisitions 35.6    
Measurement period adjustments 2.7 (2.7)  
Goodwill, ending balance 846.8 808.5 $ 811.2
Net proceeds from purchase price adjustments for eOne acquisition 0.0 12.0 0.0
eOne      
Goodwill [Roll Forward]      
Measurement period adjustments   2.7  
Decrease to accounts receivable   5.6  
Decrease in investment in films and television programs   1.6  
Increase (decrease) to content related payables   3.4  
Increase (decrease) to participation and residuals   1.0  
Increase in accrued and other liabilities   1.9  
Increase to other assets   4.2  
Arts Entertainment LLC      
Goodwill [Roll Forward]      
Business acquisitions 7.3    
Measurement period adjustments (2.7)    
Goodwill, ending balance 31.0    
Motion Picture      
Goodwill [Roll Forward]      
Goodwill, beginning balance 396.9 398.6  
Business acquisitions 0.0    
Measurement period adjustments 0.0 (1.7)  
Goodwill, ending balance 396.9 396.9 398.6
Television Production      
Goodwill [Roll Forward]      
Goodwill, beginning balance 411.6 412.6  
Business acquisitions 35.6    
Measurement period adjustments 2.7 (1.0)  
Goodwill, ending balance $ 449.9 $ 411.6 $ 412.6
v3.26.1
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 60.9 $ 62.5
Accumulated Amortization 35.1 41.7
Net Carrying Amount 25.8 20.8
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 40.2 31.0
Accumulated Amortization 17.6 14.1
Net Carrying Amount 22.6 16.9
Trademarks and trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 5.6 7.6
Accumulated Amortization 3.0 4.0
Net Carrying Amount 2.6 3.6
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 15.1 23.9
Accumulated Amortization 14.5 23.6
Net Carrying Amount $ 0.6 $ 0.3
v3.26.1
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 4.8 $ 4.9 $ 5.3
Estimated future amortization expense      
2027 4.8    
2028 4.8    
2029 4.5    
2030 3.9    
2031 3.3    
Thereafter $ 4.5    
v3.26.1
Debt - Schedule of Total Debt, Excluding Film Related Obligations (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Total corporate debt $ 1,979.4 $ 2,006.1
Unamortized debt issuance costs (39.2) (33.2)
Total corporate debt, net 1,940.2 1,972.9
Less current portion (162.1) (134.0)
Total corporate debt - noncurrent 1,778.1 1,838.9
Term Loan A | Term Loan A    
Debt Instrument [Line Items]    
Total corporate debt 0.0 314.4
Revolving Credit Facility | Lionsgate Credit Agreement    
Debt Instrument [Line Items]    
Total corporate debt 0.0 0.0
Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Total corporate debt 389.9 389.9
Line of Credit | eOne IP Credit Facility    
Debt Instrument [Line Items]    
Total corporate debt 371.3 323.0
Line of Credit | LG IP Credit Facility    
Debt Instrument [Line Items]    
Total corporate debt 1,187.5 978.8
Line of Credit | 3 Arts Credit Facility    
Debt Instrument [Line Items]    
Total corporate debt $ 30.7 $ 0.0
v3.26.1
Debt - Schedule of Future Annual Contractual Principal Payments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
2027 $ 162.1  
2028 162.1  
2029 162.1  
2030 1,103.2  
2031 389.9  
Thereafter 0.0  
Total corporate debt 1,979.4 $ 2,006.1
Less unamortized debt issuance costs (39.2) (33.2)
Total corporate debt, net 1,940.2 1,972.9
Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
2027 0.0  
2028 0.0  
2029 0.0  
2030 0.0  
2031 389.9  
Thereafter 0.0  
Total corporate debt 389.9 389.9
Line of Credit | eOne IP Credit Facility    
Debt Instrument [Line Items]    
2027 37.1  
2028 37.1  
2029 37.1  
2030 260.0  
2031 0.0  
Thereafter 0.0  
Total corporate debt 371.3 323.0
Line of Credit | LG IP Credit Facility    
Debt Instrument [Line Items]    
2027 125.0  
2028 125.0  
2029 125.0  
2030 812.5  
2031 0.0  
Thereafter 0.0  
Total corporate debt 1,187.5 978.8
Line of Credit | 3 Arts Credit Facility    
Debt Instrument [Line Items]    
2027 0.0  
2028 0.0  
2029 0.0  
2030 30.7  
2031 0.0  
Thereafter 0.0  
Total corporate debt $ 30.7 $ 0.0
v3.26.1
Debt - Starz Separation (Details)
$ in Millions
May 06, 2025
USD ($)
LGTV Term Loan A | Line of Credit  
Debt Instrument [Line Items]  
Principal amount repaid $ 314.4
Old Lionsgate Credit Agreement | Revolving Credit Facility  
Debt Instrument [Line Items]  
Principal amount repaid $ 255.0
v3.26.1
Debt - Lionsgate Credit Agreement (Revolving Credit Facility) and Exchange Notes (Details) - USD ($)
$ in Millions
 12 Months Ended
May 06, 2025
Mar. 31, 2026
Mar. 31, 2025
May 08, 2024
New 5.500% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Coupon rate (as percent)   5.50% 5.50%  
Debt amount at issuance     $ 325.1 $ 389.9
New 5.500% Senior Notes | Senior Notes | Maximum        
Debt Instrument [Line Items]        
Coupon rate (as percent)       6.00%
Senior Notes | Senior Notes | Change in Control        
Debt Instrument [Line Items]        
Debt instrument redemption price percentage   101.00%    
Senior Notes | Senior Notes | Certain Asset Disposition        
Debt Instrument [Line Items]        
Debt instrument redemption price percentage   100.00%    
Senior Notes | Senior Notes | Debt instrument, redemption period one        
Debt Instrument [Line Items]        
Debt instrument redemption price percentage   103.00%    
Senior Notes | Senior Notes | Debt instrument, redemption, period two        
Debt Instrument [Line Items]        
Debt instrument redemption price percentage   102.00%    
Senior Notes | Senior Notes | Debt instrument, redemption, period three        
Debt Instrument [Line Items]        
Debt instrument redemption price percentage   101.00%    
Senior Notes | Senior Notes | Debt instrument, redemption, period four        
Debt Instrument [Line Items]        
Debt instrument redemption price percentage   100.00%    
Senior Credit Facilities And Senior Notes        
Debt Instrument [Line Items]        
Loss amount free of restrictions   $ 175.5    
Accumulated deficit, amount free of restrictions   3,732.9    
Revolving Credit Facility | Lionsgate Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Collateral fees, amount $ 800.0      
Revolving credit facility, maximum borrowing capacity $ 1,200.0 $ 800.0    
Commitment fee percentage 0.375%      
Covenant, leverage ratio, maximum   1.10    
Revolving Credit Facility | Lionsgate Credit Agreement | Revolving Credit Facility | SOFR        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   0.00%    
Additional margin   2.50%    
Revolving Credit Facility | Lionsgate Credit Agreement | Revolving Credit Facility | Base Rate        
Debt Instrument [Line Items]        
Additional margin   1.50%    
Effective interest rate (as percent)   6.16%    
v3.26.1
Debt - eOne IP, LG IP Facility & 3 Arts Credit Facility (Details) - Secured Debt - Line of Credit - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 29, 2025
Nov. 14, 2024
Mar. 31, 2026
Mar. 31, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 26, 2025
Sep. 30, 2024
eOne IP Credit Facility                
Debt Instrument [Line Items]                
Revolving credit facility, maximum borrowing capacity     $ 340.0 $ 340.0 $ 340.0      
Increased principal amount     $ 371.3          
Credit facility, periodic payment, principal   $ 8.5   $ 9.3        
Basis spread on variable interest rate (as percent)         2.25%      
Effective interest rate (as percent)     5.91% 5.91% 5.91%      
Current borrowing capacity     $ 0.0 $ 0.0 $ 0.0      
Quarterly principal payment (as percent)     2.50% 2.50% 2.50%      
LG IP Credit Facility                
Debt Instrument [Line Items]                
Revolving credit facility, maximum borrowing capacity     $ 1,000.0 $ 1,000.0 $ 1,000.0 $ 850.0 $ 1,250.0 $ 455.0
Basis spread on variable interest rate (as percent)         2.25%      
Effective interest rate (as percent)     5.91% 5.91% 5.91%      
Credit facility, available amount     $ 0.0 $ 0.0 $ 0.0      
3 Arts Credit Facility                
Debt Instrument [Line Items]                
Revolving credit facility, maximum borrowing capacity $ 50.0              
Credit facility, available amount $ 19.3              
Commitment fee percentage 0.35%              
3 Arts Credit Facility | SOFR                
Debt Instrument [Line Items]                
Basis spread on variable interest rate (as percent) 2.50%              
3 Arts Credit Facility | Base Rate                
Debt Instrument [Line Items]                
Basis spread on variable interest rate (as percent) 1.50%              
Effective interest rate (as percent)     6.16% 6.16% 6.16%      
v3.26.1
Debt - Other Prior Period Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Term Loan A | Term Loan A    
Debt Instrument [Line Items]    
Principal amount of debt prepaid $ 84.9  
Term Loan B | Term Loan A    
Debt Instrument [Line Items]    
Principal amount of debt prepaid 214.1  
Term Loan B | Line of Credit    
Debt Instrument [Line Items]    
Principal amount of debt prepaid $ 605.1  
5.5% Senior Notes and Exchange Notes(2) | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, principal amount repurchased   $ 85.0
Coupon rate (as percent)   5.50%
Debt instrument, amount paid for repurchases   $ 61.4
v3.26.1
Debt - Schedule of Gain (Loss) on Extinguishment of Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Extinguishment of Debt [Line Items]      
Total gain (loss) on extinguishment of debt $ 2.2 $ 4.9 $ (10.2)
Senior Notes      
Extinguishment of Debt [Line Items]      
Total gain (loss) on extinguishment of debt 0.0 3.1 (11.5)
Term Loan A and Term Loan B Repayment      
Extinguishment of Debt [Line Items]      
Total gain (loss) on extinguishment of debt 0.0 1.8 0.0
Revolving Credit Facility      
Extinguishment of Debt [Line Items]      
Total gain (loss) on extinguishment of debt 1.0 0.0 0.0
Film related obligations commitments      
Extinguishment of Debt [Line Items]      
Total gain (loss) on extinguishment of debt $ 1.2 $ 0.0 $ 1.3
New 5.500% Senior Notes | Senior Notes      
Extinguishment of Debt [Line Items]      
Coupon rate (as percent) 5.50% 5.50%  
v3.26.1
Film Related Obligations - Schedule of Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Film Related Obligations [Abstract]      
Production Loans $ 1,283.9 $ 1,395.4  
Production Tax Credit Facility 368.0 280.0  
Backlog Facility and Other 307.2 238.9  
Film Library Facility 0.0 75.9  
Total film related obligations 1,959.1 1,990.2  
Unamortized issuance costs (9.2) (7.3)  
Total film related obligations, net 1,949.9 1,982.9  
Less current portion (1,293.4) (1,617.8)  
Total film related obligations - noncurrent 656.5 365.1  
Remaining outstanding balance $ 3,001.0 $ 4,443.3 $ 2,672.8
v3.26.1
Film Related Obligations - Schedule of Annual Repayment of Film Related Obligations (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
2027 $ 1,293.4  
2028 635.0  
2029 0.0  
2030 30.7  
2031 0.0  
Thereafter 0.0  
Total 1,959.1  
Less unamortized issuance costs (9.2)  
Total film related obligations, net 1,949.9 $ 1,982.9
Production Loans    
Debt Instrument [Line Items]    
2027 952.6  
2028 331.3  
2029 0.0  
2030 0.0  
2031 0.0  
Thereafter 0.0  
Total 1,283.9  
Production Tax Credit Facility    
Debt Instrument [Line Items]    
2027 71.2  
2028 296.8  
2029 0.0  
2030 0.0  
2031 0.0  
Thereafter 0.0  
Total 368.0  
Backlog Facility and Other    
Debt Instrument [Line Items]    
2027 269.6  
2028 6.9  
2029 0.0  
2030 30.7  
2031 0.0  
Thereafter 0.0  
Total $ 307.2  
v3.26.1
Film Related Obligations - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]        
Production Loans   $ 1,283.9 $ 1,395.4  
Remaining outstanding balance   3,001.0 4,443.3 $ 2,672.8
Accounts receivable   784.8 585.6  
Secured Debt        
Debt Instrument [Line Items]        
Production Loans   1,118.9    
Unsecured Debt        
Debt Instrument [Line Items]        
Production Loans   $ 165.0    
Production Loans        
Debt Instrument [Line Items]        
Production loans , programming notes, or other loans, weighted average interest rate (as percent)   5.43%    
Production Tax Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity   $ 380.0    
Collateral   443.1    
Credit facility, available amount   $ 12.0    
Production Tax Credit Facility | Revolving Credit Facility | SOFR        
Debt Instrument [Line Items]        
Effective interest rate (as percent)   5.26%    
Production Tax Credit Facility | Revolving Credit Facility | Applicable Margin        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   1.50%    
Production Tax Credit Facility | Revolving Credit Facility | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   0.50%    
Production Tax Credit Facility | Revolving Credit Facility | Minimum | SOFR        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   0.10%    
Film Library Facility | Secured Debt        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity   $ 161.9    
Remaining outstanding balance $ 59.7      
Backlog Facility | Secured Debt        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity   175.0    
Credit facility, available amount   0.0    
Credit facility, outstanding amount   $ 175.0 135.7  
Backlog Facility | Secured Debt | SOFR        
Debt Instrument [Line Items]        
Effective interest rate (as percent)   4.91%    
Backlog Facility | Secured Debt | Applicable Margin        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   1.15%    
Backlog Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Debt instrument, term   2 years 90 days    
Backlog Facility | Revolving Credit Facility | Minimum | SOFR        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   0.10%    
Backlog Facility | Revolving Credit Facility | Minimum | Applicable Margin        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   1.25%    
Backlog Facility | Revolving Credit Facility | Maximum | SOFR        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   0.25%    
Backlog Facility | Revolving Credit Facility | Maximum | Applicable Margin        
Debt Instrument [Line Items]        
Basis spread on variable interest rate (as percent)   1.50%    
Distribution Loan Agreement | Term Loan A        
Debt Instrument [Line Items]        
Production loans , programming notes, or other loans, weighted average interest rate (as percent)   5.22%    
Loan amount   $ 132.2 $ 103.2  
Accounts receivable   80.2    
Contracted receivables not yet reflected as accounts receivable   $ 73.4    
v3.26.1
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Mar. 31, 2026
USD ($)
Studio Facility  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, liability, payments, due $ 247.4
Minimum | Studio Facility  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, renewal term 10 years
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 10 years 3 months
Maximum | Studio Facility  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, term of contract 12 years 3 months
Lease not yet commenced, renewal term 12 years
v3.26.1
Lease - Schedule of Total Lease Cost Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]      
Operating lease cost $ 67.6 $ 66.5 $ 48.7
Short-term lease cost 74.5 161.2 96.2
Variable lease cost 3.3 4.3 3.0
Total lease cost $ 145.4 $ 232.0 $ 147.9
v3.26.1
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Right-of-use assets $ 262.9 $ 294.1
Lease liabilities (current) 39.8 44.0
Lease liabilities (noncurrent) 261.4 290.7
Total $ 301.2 $ 334.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other noncurrent assets Other noncurrent assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other noncurrent liabilities Other noncurrent liabilities
v3.26.1
Leases - Schedule of Weighted Average Lease Term and Discount Rate (Details)
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Weighted average remaining lease term (in years) 8 years 2 months 12 days 8 years 6 months
Weighted average discount rate (in percent) 5.57% 5.36%
v3.26.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
2027 $ 52.7  
2028 50.8  
2029 47.4  
2030 40.2  
2031 32.9  
Thereafter 153.9  
Total lease payments 377.9  
Less imputed interest (76.7)  
Total lease payments, net $ 301.2 $ 334.7
v3.26.1
Fair Value Measurements - Schedule of Assets and Liabilities Required to be Carried at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Forward exchange contracts (see Note 19)    
Assets:    
Derivative Asset $ 0.0 $ 1.8
Liabilities:    
Derivative liability 2.7 0.0
Interest rate swaps (see Note 19)    
Liabilities:    
Derivative liability 1.6 3.1
Level 1 | Forward exchange contracts (see Note 19)    
Assets:    
Derivative Asset 0.0 0.0
Liabilities:    
Derivative liability 0.0 0.0
Level 1 | Interest rate swaps (see Note 19)    
Liabilities:    
Derivative liability 0.0 0.0
Level 2 | Forward exchange contracts (see Note 19)    
Assets:    
Derivative Asset 0.0 1.8
Liabilities:    
Derivative liability 2.7 0.0
Level 2 | Interest rate swaps (see Note 19)    
Liabilities:    
Derivative liability $ 1.6 $ 3.1
v3.26.1
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Company’s Outstanding Debt, Film Related Obligations, and Interest Rate Swaps (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Carrying Value | Term Loan A | Term Loan A    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Loans, fair value disclosure $ 0.0 $ 313.4
Carrying Value | Revolving Credit Facility | The Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 0.0 0.0
Carrying Value | Senior Notes | Senior Notes    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Senior notes fair value disclosure 383.1 381.6
Carrying Value | Line of Credit | eOne IP Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 366.7 317.6
Carrying Value | Line of Credit | LG IP Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 1,172.5 962.9
Carrying Value | Line of Credit | 3 Arts Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 30.1 0.0
Carrying Value | Line of Credit | Production Tax Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 364.8 276.2
Carrying Value | Production Loans | Production Loans    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Loans, fair value disclosure 1,280.5 1,393.9
Carrying Value | Secured Debt | Backlog Facility and Other    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Backlog Facility and Other, IP credit facility and financing component of interest rate swaps, fair value disclosure 304.6 238.4
Carrying Value | Secured Debt | Film Library Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Backlog Facility and Other, IP credit facility and financing component of interest rate swaps, fair value disclosure 0.0 74.4
Fair Value | Fair Value (Level 2) | Term Loan A | Term Loan A    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Loans, fair value disclosure 0.0 312.9
Fair Value | Fair Value (Level 2) | Revolving Credit Facility | The Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 0.0 0.0
Fair Value | Fair Value (Level 2) | Senior Notes | Senior Notes    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Senior notes fair value disclosure 359.6 360.9
Fair Value | Fair Value (Level 2) | Line of Credit | eOne IP Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 371.3 323.0
Fair Value | Fair Value (Level 2) | Line of Credit | LG IP Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 1,187.5 978.8
Fair Value | Fair Value (Level 2) | Line of Credit | 3 Arts Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 30.7 0.0
Fair Value | Fair Value (Level 2) | Line of Credit | Production Tax Credit Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Lines of credit, fair value disclosure 368.0 280.0
Fair Value | Fair Value (Level 2) | Production Loans | Production Loans    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Loans, fair value disclosure 1,283.9 1,395.4
Fair Value | Fair Value (Level 2) | Secured Debt | Backlog Facility and Other    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Backlog Facility and Other, IP credit facility and financing component of interest rate swaps, fair value disclosure 307.2 238.9
Fair Value | Fair Value (Level 2) | Secured Debt | Film Library Facility    
Fair Value, Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis [Line Items]    
Backlog Facility and Other, IP credit facility and financing component of interest rate swaps, fair value disclosure $ 0.0 $ 75.9
v3.26.1
Noncontrolling Interests - Schedule of Changes in Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Increase (Decrease) in Temporary Equity [Roll Forward]      
Beginning balance $ 93.7 $ 123.3 $ 343.6
Net income (loss) attributable to redeemable noncontrolling interests 0.4 (1.7) (14.9)
Adjustments to redemption value 0.5 (5.0) 83.4
Cash (distributions) contributions (1.9) 0.5 (1.0)
Noncontrolling interest related to acquisitions 21.4 0.0 0.0
Purchase of additional interest 0.0 (23.4) (194.6)
Other 0.0 0.0 (93.2)
Ending balance $ 114.1 $ 93.7 $ 123.3
3 Arts Entertainment      
Increase (Decrease) in Temporary Equity [Roll Forward]      
Increase in ownership percentage     25.00%
Ownership percentage by noncontrolling owners     50.00%
v3.26.1
Noncontrolling Interests - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
May 30, 2025
May 13, 2024
Jul. 31, 2024
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Jan. 31, 2027
Jun. 05, 2024
Redeemable Noncontrolling Interest [Line Items]                
Purchase of noncontrolling interest       $ 0.0 $ 7.4 $ 194.6    
Retained earnings (accumulated deficit)       (3,732.9) (3,534.1)      
Noncontrolling interests       29.4 $ (88.0)      
Noncontrolling Interests                
Redeemable Noncontrolling Interest [Line Items]                
Reduction of noncontrolling interest in shareholders' equity (deficit)   $ (100.2)            
Arts Entertainment LLC                
Redeemable Noncontrolling Interest [Line Items]                
Redeemable noncontrolling interest $ 19.6     20.1        
Percentage of voting interests acquired (as percent) 51.00%              
3 Arts Entertainment                
Redeemable Noncontrolling Interest [Line Items]                
Redeemable noncontrolling interest       87.5        
Due to noncontrolling interest       $ 88.9        
Ownership percentage by noncontrolling owners           50.00%    
3 Arts Entertainment | Forecast                
Redeemable Noncontrolling Interest [Line Items]                
Noncontrolling owner's right to purchase remaining ownership interest (as percent)             24.00%  
Arts Entertainment LLC | Arts Entertainment LLC                
Redeemable Noncontrolling Interest [Line Items]                
Ownership percentage by noncontrolling owners       49.00%        
Pilgrim Media Group                
Redeemable Noncontrolling Interest [Line Items]                
Ownership percentage     12.50%          
Purchase of noncontrolling interest     $ 13.5          
Reduction of redeemable noncontrolling interest from purchase of interest     23.4          
Retained earnings (accumulated deficit)     $ 9.9          
Studio Business                
Redeemable Noncontrolling Interest [Line Items]                
Ownership percentage by noncontrolling owners   12.20%            
CP LG Library Holdings, LLC                
Redeemable Noncontrolling Interest [Line Items]                
Ownership percentage by noncontrolling owners               49.00%
Noncontrolling interests       $ 27.7       $ 33.6
v3.26.1
Revenue - Schedule of Revenues by Segment, Market or Product Line (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]      
Revenues $ 2,631.8 $ 2,584.7 $ 2,450.2
Motion Picture | International | Revision of Prior Period, Reclassification, Adjustment      
Disaggregation of Revenue [Line Items]      
Revenues   8.9 9.7
Operating Segments | Motion Picture      
Disaggregation of Revenue [Line Items]      
Revenues 1,617.1 1,598.6 1,666.0
Operating Segments | Motion Picture | Theatrical      
Disaggregation of Revenue [Line Items]      
Revenues 176.9 154.1 226.5
Operating Segments | Motion Picture | Total Home Entertainment      
Disaggregation of Revenue [Line Items]      
Revenues 713.4 658.2 736.3
Operating Segments | Motion Picture | Digital Media      
Disaggregation of Revenue [Line Items]      
Revenues 668.7 598.2 652.3
Operating Segments | Motion Picture | Packaged Media      
Disaggregation of Revenue [Line Items]      
Revenues 44.7 60.0 84.0
Operating Segments | Motion Picture | Television      
Disaggregation of Revenue [Line Items]      
Revenues 226.9 347.3 274.4
Operating Segments | Motion Picture | International      
Disaggregation of Revenue [Line Items]      
Revenues 457.1 410.4 400.7
Operating Segments | Motion Picture | Other      
Disaggregation of Revenue [Line Items]      
Revenues 42.8 28.6 28.1
Operating Segments | Television Production      
Disaggregation of Revenue [Line Items]      
Revenues 1,044.6 1,605.8 1,330.1
Operating Segments | Television Production | Total Home Entertainment      
Disaggregation of Revenue [Line Items]      
Revenues 174.6 188.1 242.6
Operating Segments | Television Production | Digital Media      
Disaggregation of Revenue [Line Items]      
Revenues 171.7 184.0 240.6
Operating Segments | Television Production | Packaged Media      
Disaggregation of Revenue [Line Items]      
Revenues 2.9 4.1 2.0
Operating Segments | Television Production | Television      
Disaggregation of Revenue [Line Items]      
Revenues 517.2 1,069.4 788.5
Operating Segments | Television Production | International      
Disaggregation of Revenue [Line Items]      
Revenues 261.9 248.2 228.8
Operating Segments | Television Production | Other      
Disaggregation of Revenue [Line Items]      
Revenues 90.9 100.1 70.2
Intersegment Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues (29.9) (619.7) (545.9)
Intersegment Eliminations | Motion Picture      
Disaggregation of Revenue [Line Items]      
Revenues (3.1) (203.3) (128.2)
Intersegment Eliminations | Television Production      
Disaggregation of Revenue [Line Items]      
Revenues $ (26.8) $ (416.4) $ (417.7)
v3.26.1
Revenue - Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining Performance Obligations $ 1,756.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining Performance Obligations $ 1,314.8
Remaining Performance Obligations, performance period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining Performance Obligations $ 268.3
Remaining Performance Obligations, performance period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining Performance Obligations $ 71.1
Remaining Performance Obligations, performance period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining Performance Obligations $ 102.2
Remaining Performance Obligations, performance period
v3.26.1
Revenue - Narrative (Details)
$ in Millions
 12 Months Ended
Mar. 31, 2026
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognized in period from performance obligations satisfied in previous period $ 317.9
Revenues recognized $ 217.7
v3.26.1
Revenue - Schedule of Changes in Provision for Doubtful Accounts (Details)
$ in Millions
 12 Months Ended
Mar. 31, 2026
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Beginning Balance $ 5.6
Provision for doubtful accounts 2.4
Uncollectible accounts written-off (1.7)
Ending Balance $ 6.3
v3.26.1
Capital Stock - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 06, 2025
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
May 07, 2025
May 13, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Authorized Preferred shares (in shares)   200,000,000        
Tax deficiencies associated with equity awards   $ 4.9 $ 2.4 $ 7.4    
Stock options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Exercises in period, intrinsic value   0.1 0.2      
Restricted Stock and Restricted Share Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, vested in period, fair value   $ 31.9 $ 37.9 $ 39.6    
Equity instruments other than options, shares withheld for tax purposes upon vesting of restricted share units (in shares)   2,500,000 3,300,000 3,000,000.0    
Other issuable shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, grants in period, total fair value   $ 2.3 $ 2.3 $ 2.3    
Shares issued in period, net of shares for tax withholdings (in shares)   300,000 200,000 300,000    
Minimum | Stock options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   1 year        
Expiration period   7 years        
Minimum | Restricted Stock and Restricted Share Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   1 year        
Maximum | Stock options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   5 years        
Expiration period   10 years        
Maximum | Restricted Stock and Restricted Share Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   3 years        
New Lionsgate 2025 Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares issued (in shares) 58,000,000          
Rights            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of securities called by each right (in shares) 1       1  
Threshold percentage of common stock exercised trigger         15.00%  
Share exercise price (in dollars per share)         $ 32.00  
Rights are exercisable or expired (in dollars per share)         $ 0.001  
Sponsor Option Agreement            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common stock, par or stated value per share (in dollars per share)           $ 0.0001
Sponsor Securities Repurchase            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares issued, price per share (in dollars per share)           $ 16.05
New Lionsgate Common Shares | Old Lionsgate Class A Shareholders            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
New common stock issued, per old Lionsgate shares 1.12          
New Lionsgate Common Shares | Old Lionsgate Class E Shareholders            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
New common stock issued, per old Lionsgate shares 1          
Class A Voting Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Authorized common shares (in shares)     500,000,000      
Class A Voting Shares | Old Lionsgate            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common shares, shares issued (in shares)     83,700,000      
Class B Non-Voting Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Authorized common shares (in shares)     500,000,000      
Class B Non-Voting Shares | Old Lionsgate            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common shares, shares issued (in shares)     156,800,000      
v3.26.1
Capital Stock - Schedule of Common Shares Reserved for Future Issuance (Details)
shares in Millions
Mar. 31, 2026
shares
Common Shares Reserved For Future Issuance [Line Items]  
Shares reserved for future issuance (in shares) 49.3
Stock options and share appreciation rights (“SARs”) outstanding  
Common Shares Reserved For Future Issuance [Line Items]  
Shares reserved for future issuance (in shares) 16.9
Restricted share units (“RSUs”) - unvested  
Common Shares Reserved For Future Issuance [Line Items]  
Shares reserved for future issuance (in shares) 15.9
Common shares available for future issuance  
Common Shares Reserved For Future Issuance [Line Items]  
Shares reserved for future issuance (in shares) 16.5
v3.26.1
Capital Stock - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Share-Based Compensation Expense [Line Items]      
Share-Based Compensation Expense: $ 72.5 $ 52.1 $ 62.2
Impact of accelerated vesting on equity awards 5.5 4.9 8.0
Total share-based compensation expense 78.0 57.0 70.2
Tax impact (12.9) (9.8) (13.7)
Reduction in net income 65.1 47.2 56.5
Stock options      
Share-Based Compensation Expense [Line Items]      
Share-Based Compensation Expense: 1.0 0.8 2.2
Restricted share units and other share-based compensation      
Share-Based Compensation Expense [Line Items]      
Share-Based Compensation Expense: 71.0 50.6 58.5
Share appreciation rights      
Share-Based Compensation Expense [Line Items]      
Share-Based Compensation Expense: $ 0.5 $ 0.7 $ 1.5
v3.26.1
Capital Stock - Schedule of Share-based Compensation Expense by Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Share-Based Compensation Expense [Line Items]      
Total share-based compensation expense $ 78.0 $ 57.0 $ 70.2
General and administration      
Share-Based Compensation Expense [Line Items]      
Total share-based compensation expense 72.5 52.1 62.2
Restructuring and other      
Share-Based Compensation Expense [Line Items]      
Total share-based compensation expense $ 5.5 $ 4.9 $ 8.0
v3.26.1
Capital Stock - Schedule of Stock Option, SARs Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 1 Months Ended 11 Months Ended 12 Months Ended
May 06, 2025
Mar. 31, 2026
Mar. 31, 2026
Weighted Average Exercise Price      
Weighted average remaining contractual term, outstanding     2 years 11 months 15 days
Weighted average remaining contractual term, vested and expected to vest     2 years 11 months 15 days
Weighted average remaining contractual term, exercisable     2 years 11 months 8 days
Stock Options and SARs      
Number of Shares      
Outstanding, beginning balance (in shares) 0.0 0.0 0.0
Conversion (in shares)   17.1  
Granted (in shares) 0.0 0.2  
Exercise of stock options (in shares) 0.0 0.1  
Forfeited or expired (in shares) 0.0 0.4  
Outstanding, ending balance (in shares) 0.0 16.9 16.9
Weighted Average Exercise Price      
Outstanding, beginning balance, weighted average exercise price (in usd per share) $ 0 $ 0 $ 0
Conversion, weighted average exercise price (in usd per share)   15.09  
Granted, weighted average exercise price (in usd per share) 0 8.38  
Options exercised, weighted average exercise price (in usd per share) 0 7.98  
Forfeited or expired, weighted average exercise price (in usd per share) 0 29.34  
Outstanding, Ending balance, weighted average exercise price (in usd per share) $ 0 $ 14.67 $ 14.67
Number of shares, vested or expected to vest (in shares)   16.9 16.9
Weighted average exercise price, vested or expected to vest (in dollars per share)   $ 14,670,000 $ 14,670,000
Number of shares exercisable, (in shares)   16.8 16.8
Weighted average exercise price (in dollars per share)   $ 14,690,000 $ 14,690,000
Class A Voting Shares | Stock Options and SARs | Old Lionsgate      
Number of Shares      
Outstanding, beginning balance (in shares) 2.3 2.3 2.3
Conversion (in shares)   (2.3)  
Granted (in shares) 0.0 0.0  
Exercise of stock options (in shares) 0.0 0.0  
Forfeited or expired (in shares) 0.1 0.0  
Outstanding, ending balance (in shares) 2.3 0.0 0.0
Weighted Average Exercise Price      
Outstanding, beginning balance, weighted average exercise price (in usd per share) $ 23.10 $ 23.09 $ 23.10
Conversion, weighted average exercise price (in usd per share)   0  
Granted, weighted average exercise price (in usd per share) 0 0  
Options exercised, weighted average exercise price (in usd per share) 0 0  
Forfeited or expired, weighted average exercise price (in usd per share) 7.70 0  
Outstanding, Ending balance, weighted average exercise price (in usd per share) $ 23.09 $ 0 $ 0
Number of shares, vested or expected to vest (in shares)   0.0 0.0
Weighted average exercise price, vested or expected to vest (in dollars per share)   $ 0 $ 0
Number of shares exercisable, (in shares)   0.0 0.0
Weighted average exercise price (in dollars per share)   $ 0 $ 0
Class B Non-Voting Shares | Stock Options and SARs      
Weighted Average Exercise Price      
Intrinsic value, outstanding   $ 7,600 $ 7,600
Intrinsic value, vested and expected to vest   7,600 7,600
Intrinsic value, exercisable   $ 7,600 $ 7,600
Class B Non-Voting Shares | Stock Options and SARs | Old Lionsgate      
Number of Shares      
Outstanding, beginning balance (in shares) 14.8 14.8 14.8
Conversion (in shares)   (14.8)  
Granted (in shares) 0.0 0.0  
Exercise of stock options (in shares) 0.1 0.0  
Forfeited or expired (in shares) 0.1 0.0  
Outstanding, ending balance (in shares) 14.8 0.0 0.0
Weighted Average Exercise Price      
Outstanding, beginning balance, weighted average exercise price (in usd per share) $ 13.86 $ 13.86 $ 13.86
Conversion, weighted average exercise price (in usd per share)   0  
Granted, weighted average exercise price (in usd per share) 0 0  
Options exercised, weighted average exercise price (in usd per share) 7.13 0  
Forfeited or expired, weighted average exercise price (in usd per share) 11.29 0  
Outstanding, Ending balance, weighted average exercise price (in usd per share) $ 13.86 $ 0 $ 0
Number of shares, vested or expected to vest (in shares)   0.0 0.0
Weighted average exercise price, vested or expected to vest (in dollars per share)   $ 0 $ 0
Number of shares exercisable, (in shares)   0.0 0.0
Weighted average exercise price (in dollars per share)   $ 0 $ 0
v3.26.1
Capital Stock - Schedule of Fair Value Assumptions (Details) - Stock options - $ / shares
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value of grants (in dollars per share) $ 2,860,000 $ 3,870,000 $ 4,630,000
Risk-free interest rate 3.70% 420.00%  
Risk free interest rate, minimum     4.30%
Risk free interest rate, maximum     4.50%
Expected term (in years) 7 years 7 years  
Expected volatility for options 47.00% 47.00%  
Expected dividend yield 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years)     3 years 3 months 18 days
Expected term, minimum (in years)     46.00%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years)     7 years
Expected term, maximum (in years)     47.00%
v3.26.1
Capital Stock - Schedule of Restricted Share Unit Activity (Details) - $ / shares
shares in Millions
 1 Months Ended 11 Months Ended 12 Months Ended
May 06, 2025
Mar. 31, 2026
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Restricted Share Units          
Number of Shares          
Outstanding, beginning balance (in shares) 0.0 0.0 0.0    
Conversion (in shares)   11.0      
Granted (in shares) 0.0 13.7      
RSUs vested (in shares) 0.0 (6.9)      
Forfeited or expired (in shares) 0.0 (1.9)      
Outstanding, Ending balance (in shares) 0.0 15.9 15.9 0.0  
Weighted-Average Grant Date Fair Value          
Outstanding, beginning balance, weighted average grant-date fair value (in usd per share) $ 0 $ 0 $ 0    
Conversion, weighted average grant date fair value (in usd per share)   8.16      
Granted, weighted average grant date fair value (in usd per share) 0 6.46      
RSUs vested, weighted average grant-date fair value (in usd per share) 0 8.06      
Forfeited or expired, weighted average grant-date fair value (in usd per share) 0 7.33      
Outstanding, Ending balance, weighted average grant-date fair value (in usd per share) $ 0 $ 6.83 $ 6.83 $ 0  
Stock options | Maximum          
Weighted-Average Grant Date Fair Value          
Cancellations in period, funding of tax withholding obligations (in shares)     0.1 0.1 0.1
Class A Voting Shares | Restricted Share Units | Old Lionsgate          
Number of Shares          
Outstanding, beginning balance (in shares) 0.1 0.1 0.1    
Conversion (in shares)   (0.1)      
Granted (in shares) 0.0 0.0      
RSUs vested (in shares) 0.0 0.0      
Forfeited or expired (in shares) 0.0 0.0      
Outstanding, Ending balance (in shares) 0.1 0.0 0.0 0.1  
Weighted-Average Grant Date Fair Value          
Outstanding, beginning balance, weighted average grant-date fair value (in usd per share) $ 8.39 $ 8.39 $ 8.39    
Conversion, weighted average grant date fair value (in usd per share)   0      
Granted, weighted average grant date fair value (in usd per share) 0 0      
RSUs vested, weighted average grant-date fair value (in usd per share) 8.41 0      
Forfeited or expired, weighted average grant-date fair value (in usd per share) 0 0      
Outstanding, Ending balance, weighted average grant-date fair value (in usd per share) $ 8.39 $ 0 $ 0 $ 8.39  
Class B Non-Voting Shares | Restricted Share Units | Old Lionsgate          
Number of Shares          
Outstanding, beginning balance (in shares) 11.1 11.2 11.1    
Conversion (in shares)   (11.2)      
Granted (in shares) 0.1 0.0      
RSUs vested (in shares) 0.0 0.0      
Forfeited or expired (in shares) 0.0 0.0      
Outstanding, Ending balance (in shares) 11.2 0.0 0.0 11.1  
Weighted-Average Grant Date Fair Value          
Outstanding, beginning balance, weighted average grant-date fair value (in usd per share) $ 8.17 $ 8.16 $ 8.17    
Conversion, weighted average grant date fair value (in usd per share)   0      
Granted, weighted average grant date fair value (in usd per share) 7.29 0      
RSUs vested, weighted average grant-date fair value (in usd per share) 7.55 0      
Forfeited or expired, weighted average grant-date fair value (in usd per share) 7.97 0      
Outstanding, Ending balance, weighted average grant-date fair value (in usd per share) $ 8.16 $ 0 $ 0 $ 8.17  
v3.26.1
Capital Stock - Schedule of Unrecognized Compensation Cost (Details)
$ in Millions
 12 Months Ended
Mar. 31, 2026
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total Unrecognized Compensation Cost $ 44.8
Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total Unrecognized Compensation Cost $ 0.2
Weighted Average Remaining Years 7 months 6 days
Restricted Share Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total Unrecognized Compensation Cost $ 44.6
Weighted Average Remaining Years 1 year 1 month 6 days
v3.26.1
Income Taxes - Schedule of Components of Pretax Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]      
Canada $ (10.6) $ (2.4) $ 12.3
Foreign (148.7) (274.9) (251.8)
Loss from continuing operations before income taxes $ (159.3) $ (277.3) $ (239.5)
v3.26.1
Income Taxes - Schedule of Current and Deferred Income Tax Provision (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Current provision:      
Canada $ 0.4 $ 4.2 $ 0.5
Canada Provincial 0.2 0.0 0.0
Foreign 12.7 13.4 20.6
Total current provision 13.3 17.6 21.1
Deferred provision:      
Foreign 2.9 (0.4) 0.6
Total deferred provision 2.9 (0.4) 0.6
Total provision for income taxes $ 16.2 $ 17.2 $ 21.7
v3.26.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Amount      
Canadian federal statutory tax rate $ (23.9) $ (41.6) $ (35.9)
Provincial income taxes 0.2 0.0 0.0
Withholding taxes 0.2 3.1 0.3
Foreign income inclusion 1.6 0.3 0.1
Changes in valuation allowance (0.3) 1.1 (1.8)
Nontaxable and nondeductible items:      
Other 0.5 (1.0) (0.2)
Changes in unrecognized tax benefits (4.8) 0.0 0.0
Total provision for income taxes $ 16.2 $ 17.2 $ 21.7
Percent      
Canadian federal statutory tax rate 15.00% 15.00% 15.00%
Provincial income taxes (0.10%) 0.00% 0.00%
Withholding taxes (0.001) (0.011) (0.001)
Foreign income inclusion (1.00%) (0.10%) 0.00%
Changes in valuation allowance 0.20% (0.40%) 0.80%
Nontaxable and nondeductible items:      
Other (0.30%) 0.40% 0.10%
Changes in unrecognized tax benefits 3.00% 0.00% 0.00%
Total provision for income taxes (10.20%) (6.20%) (9.10%)
Australia      
Amount      
Withholding taxes $ 1.2 $ 1.2 $ 1.2
Other $ 0.2 $ 0.0 $ 0.1
Percent      
Withholding taxes (0.008) (0.004) (0.005)
Other (0.10%) 0.00% 0.00%
Brazil      
Amount      
Withholding taxes $ 1.6 $ 0.2 $ 0.9
Percent      
Withholding taxes (0.010) (0.001) (0.004)
India      
Amount      
Other $ 0.8 $ 0.5 $ 0.9
Statutory tax rate difference between India and Canada (0.8) (3.1) (1.1)
Changes in valuation allowance $ 1.5 $ 6.3 $ 2.3
Percent      
Other (0.50%) (0.20%) (0.40%)
Statutory tax rate difference between India and Canada 0.50% 1.10% 0.50%
Changes in valuation allowance (0.90%) (2.30%) (1.00%)
Luxembourg      
Amount      
Other $ 0.4 $ 0.2 $ 0.3
Statutory tax rate difference between India and Canada 0.0 (0.8) 0.1
Changes in valuation allowance (0.5) 518.5 3.0
Nondeductible dividend expense 0.0 5.8 23.5
Statutory loss on investment in subsidiaries $ 0.0 $ (519.6) $ (27.3)
Percent      
Other (0.30%) (0.10%) (0.10%)
Statutory tax rate difference between India and Canada 0.00% 0.30% 0.00%
Changes in valuation allowance 0.30% (187.00%) (1.30%)
Nondeductible dividend expense 0.00% (2.10%) (9.80%)
Statutory loss on investment in subsidiaries 0.00% 187.40% 11.40%
United Kingdom      
Amount      
Other $ (0.4) $ (0.3) $ (0.3)
Statutory tax rate difference between India and Canada 9.4 5.7 7.9
Changes in valuation allowance 5.2 (2.6) 0.4
Statutory adjustment to basis of film assets (15.0) (6.3) (8.1)
Nontaxable and nondeductible items:      
Nontaxable intercompany profit eliminations (2.4) 0.0 0.0
Return to provision adjustments $ (2.8) $ 0.8 $ (1.0)
Percent      
Other 0.30% 0.10% 0.10%
Statutory tax rate difference between India and Canada (5.90%) (2.10%) (3.30%)
Changes in valuation allowance (3.30%) 0.90% (0.20%)
Return to provision adjustments 1.80% (0.30%) 0.40%
Statutory adjustment to basis of film assets 0.094 0.023 0.034
Nontaxable and nondeductible items:      
Nontaxable intercompany profit eliminations 0.015 0 0
United States      
Amount      
Provincial income taxes $ 2.2 $ 0.4 $ 1.4
Other (1.0) 0.9 1.1
Statutory tax rate difference between India and Canada (15.9) (15.4) (19.5)
Changes in valuation allowance 36.1 43.5 39.7
Nontaxable and nondeductible items:      
Nontaxable intercompany profit eliminations (1.9) 4.5 0.0
Nontaxable dividend income (2.3) 0.0 0.0
Nontaxable U.S. branch income (loss) 9.8 2.1 1.9
Nondeductible officer compensation expense 11.8 4.2 7.7
Nondeductible meals & entertainment expense 1.7 2.4 0.9
Noncontrolling interest in partnerships $ (1.3) $ 2.8 $ 18.6
Percent      
Provincial income taxes (1.40%) (0.10%) (0.60%)
Other 0.60% (0.30%) (0.50%)
Statutory tax rate difference between India and Canada 10.00% 5.60% 8.10%
Changes in valuation allowance (22.70%) (15.70%) (16.60%)
Nontaxable and nondeductible items:      
Nontaxable intercompany profit eliminations 0.012 (0.016) 0
Nontaxable dividend income 1.40% 0.00% 0.00%
Nontaxable U.S. branch income (loss) (6.10%) (0.80%) (0.80%)
Nondeductible officer compensation expense (7.40%) (1.50%) (3.20%)
Nondeductible meals & entertainment expense (1.10%) (0.90%) (0.40%)
Noncontrolling interest in partnerships 0.80% (1.00%) (7.80%)
Other foreign jurisdictions      
Amount      
Statutory tax rate difference between India and Canada $ 5.1 $ 3.4 $ 4.6
Percent      
Statutory tax rate difference between India and Canada (3.20%) (1.20%) (1.90%)
v3.26.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Deferred tax assets:        
Net operating losses $ 1,215.3 $ 1,194.1    
Foreign tax credits 33.8 36.6    
Investment in film and television programs 15.9 0.0    
Accrued compensation 39.6 34.8    
Operating leases - liabilities 69.0 76.3    
Other assets 28.2 45.8    
Reserves 14.8 19.1    
Interest 145.9 172.4    
Total deferred tax assets 1,562.5 1,579.1    
Valuation allowance (1,478.5) (1,477.5) $ (852.2) $ (644.8)
Deferred tax assets, net of valuation allowance 84.0 101.6    
Deferred tax liabilities:        
Intangible assets (3.0) (2.0)    
Investment in film and television programs 0.0 (13.2)    
Operating leases - assets (61.4) (68.6)    
Unrealized gains on derivative contracts (18.7) (25.4)    
Other (15.0) (5.3)    
Total deferred tax liabilities (98.1) (114.5)    
Net deferred tax liabilities $ (14.1) $ (12.9)    
v3.26.1
Income Taxes - Schedule of Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Deferred Tax Asset, Change In Valuation Allowance [Roll Forward]      
Beginning balance $ 1,477.5 $ 852.2 $ 644.8
Changes in valuation allowance 8.1 583.3 22.2
Other (7.1) 42.0 185.2
Ending balance 1,478.5 1,477.5 $ 852.2
Lions Gate Entertainment Corp.      
Deferred Tax Asset, Change In Valuation Allowance [Roll Forward]      
Valuation allowance, opening balance from acquisition of eOne $ 23.0 $ 187.0  
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Operating Loss Carryforwards [Line Items]    
Accrued interest and penalties $ 1.8 $ 2.0
Canada    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 380.6  
United States    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 1,203.0  
Credit carryforward 33.8  
Luxembourg    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 3,352.8  
United Kingdom    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 28.5  
Other Foreign    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 19.6  
State and Local Jurisdiction    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards $ 831.5  
v3.26.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]      
Unrecognized tax benefits, beginning balance $ 8.1 $ 5.3 $ 0.3
Increases related to current year tax position 0.0 0.0 0.0
Increases related to prior year tax positions 2.4 5.6 5.3
Decreases related to prior year tax positions 0.0 (2.0) 0.0
Settlements 0.0 0.0 0.0
Lapse in statute of limitations (0.5) (0.8) (0.3)
Unrecognized tax benefits, ending balance $ 10.0 $ 8.1 $ 5.3
v3.26.1
Income Taxes - Schedule of Cash Income Taxes Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal (Canada) $ 0.2 $ 0.1 $ 0.3
Income taxes, net of refunds 14.1 20.1 22.1
Australia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1.2 1.2 1.2
Brazil      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 1.6 0.2 1.0
India      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 0.8 0.5 0.9
Mexico      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 0.9 0.4 0.9
United Kingdom      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 3.2 11.0 12.7
Other Foreign Jurisdictions      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 6.2 $ 6.7 $ 5.1
v3.26.1
Restructuring and Other - Schedule of Restructuring and Other and Other Unusual Charges or Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]          
Restructuring and other     $ 50.9 $ 88.3 $ 130.1
Total restructuring and other and other unusual charges not included in restructuring and other     79.2 104.9 129.1
Write downs on investments     15.4 33.6 55.8
Number of positions eliminated, period percent 8.00%        
Severance costs     26.0    
Incremental compensation expense     0.0 0.0 49.2
Corporate and Reconciling Items          
Restructuring Cost and Reserve [Line Items]          
Restructuring and other     50.9 88.3 130.1
COVID-19 related expense (benefit) included in direct operating expense     1.0 (2.0) (1.0)
Unallocated rent cost included in direct operating expense     27.3 18.6 0.0
Corporate          
Restructuring Cost and Reserve [Line Items]          
Write downs on investments     13.2 7.2 12.8
Direct Operating Expense          
Restructuring Cost and Reserve [Line Items]          
COVID-19 related expense (benefit) included in direct operating expense     1.0 (2.0) (1.0)
Content and other impairments          
Restructuring Cost and Reserve [Line Items]          
Restructuring and other     17.1 34.8 12.8
Write downs on investments   $ 7.7      
Severance          
Restructuring Cost and Reserve [Line Items]          
Restructuring and other     27.0 37.0 35.4
Transaction and other costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring and other     $ 6.8 $ 16.5 81.9
COVID-19 related expense (benefit) included in direct operating expense         $ 16.6
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]     Restructuring and other    
Gain from sale of streaming platform     $ 2.6    
Insurance recoveries   $ 3.1      
Transaction and other costs | Consolidated Entity          
Restructuring Cost and Reserve [Line Items]          
Ownership percentage         51.00%
v3.26.1
Restructuring and Other - Schedule of Changes in Restructuring and Other Severance Liability (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Restructuring and Other Severance Liability      
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Accruals Accruals Accruals
Severance liability      
Restructuring and Other Severance Liability      
Beginning balance $ 23.6 $ 19.4 $ 3.8
Accruals 21.5 35.2 27.7
Severance payments (33.1) (31.0) (12.1)
Ending balance $ 12.0 $ 23.6 $ 19.4
v3.26.1
Segment Information - Narrative (Details)
$ in Millions
 12 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 2    
Revenues $ 2,631.8 $ 2,584.7 $ 2,450.2
One Customer | Revenue Benchmark | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Revenues $ 476.1   $ 411.1
One Customer | Accounts Receivable | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk, percentage 19.80%    
Customer One | Revenue Benchmark | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Revenues   $ 513.4  
Customer One | Accounts Receivable | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk, percentage   12.70%  
Accounts receivable, after allowance for credit loss $ 171.2 $ 83.1  
Customer Two | Revenue Benchmark | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Revenues   $ 261.1  
Customer Two | Accounts Receivable | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk, percentage   10.40%  
Accounts receivable, after allowance for credit loss   $ 68.1  
v3.26.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]      
Segment revenues $ 2,631.8 $ 2,584.7 $ 2,450.2
Segment direct operating expenses 1,556.1 1,723.6 1,470.0
Gross contribution 591.9 462.5 515.0
Segment profit 416.2 297.5 340.5
Reportable Segments      
Segment Reporting Information [Line Items]      
Segment general and administration 175.7 165.0 174.5
Segment profit 416.2 297.5 340.5
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Segment revenues (29.9) (619.7) (545.9)
Segment direct operating expenses (42.7) (476.4) (427.2)
Gross contribution 12.8 (143.3) (118.7)
Segment profit 12.8 (143.3) (118.7)
Motion Picture | Reportable Segments      
Segment Reporting Information [Line Items]      
Segment revenues 1,617.1 1,598.6 1,666.0
Segment direct operating expenses 797.6 830.7 807.1
Segment distribution and marketing 427.5 360.5 429.9
Gross contribution 392.0 407.4 429.0
Segment general and administration 113.1 103.1 116.6
Segment profit 278.9 304.3 312.4
Motion Picture | Reportable Segments | International      
Segment Reporting Information [Line Items]      
Segment revenues 457.1 410.4 400.7
Motion Picture | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Segment revenues (3.1) (203.3) (128.2)
Motion Picture | Revision of Prior Period, Reclassification, Adjustment | International      
Segment Reporting Information [Line Items]      
Segment revenues   8.9 9.7
Motion Picture | Revision of Prior Period, Reclassification, Adjustment | Reportable Segments      
Segment Reporting Information [Line Items]      
Segment direct operating expenses   6.5 11.1
Segment distribution and marketing   2.7 2.9
Gross contribution   (0.3) (4.3)
Segment general and administration   3.0 2.7
Segment profit   (3.3) (7.0)
Television Production | Reportable Segments      
Segment Reporting Information [Line Items]      
Segment revenues 1,044.6 1,605.8 1,330.1
Segment direct operating expenses 801.2 1,369.3 1,090.1
Segment distribution and marketing 56.3 38.1 35.3
Gross contribution 187.1 198.4 204.7
Segment general and administration 62.6 61.9 57.9
Segment profit 124.5 136.5 146.8
Television Production | Reportable Segments | International      
Segment Reporting Information [Line Items]      
Segment revenues 261.9 248.2 228.8
Television Production | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Segment revenues (26.8) (416.4) (417.7)
Studio Business | Reportable Segments      
Segment Reporting Information [Line Items]      
Segment revenues 2,661.7 3,204.4 2,996.1
Segment direct operating expenses 1,598.8 2,200.0 1,897.2
Segment distribution and marketing 483.8 398.6 465.2
Gross contribution 579.1 605.8 633.7
Segment general and administration 175.7 165.0 174.5
Segment profit 403.4 440.8 459.2
Studio Business | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Segment revenues $ (29.9) $ (619.7) $ (545.9)
v3.26.1
Segment Information - Schedule of Reconciliation of Total Segment Profit to the Company's Loss Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]      
Total segment profit $ 416.2 $ 297.5 $ 340.5
Adjusted depreciation and amortization (13.6) (13.7) (10.6)
Restructuring and other (50.9) (88.3) (130.1)
Adjusted share-based compensation expense (72.5) (52.1) (62.2)
Operating income (loss) 97.1 (18.1) (14.5)
Interest expense (259.7) (261.7) (246.6)
Interest and other income 17.9 15.0 18.5
Other loss, net (19.6) (11.9) (19.3)
Gain (loss) on extinguishment of debt (2.2) (4.9) 10.2
Gain on investments, net 10.5 0.0 3.5
Equity interests income (loss) (3.3) 4.3 8.7
Loss from continuing operations before income taxes (159.3) (277.3) (239.5)
Operating Segments      
Segment Reporting Information [Line Items]      
Total segment profit 416.2 297.5 340.5
Corporate      
Segment Reporting Information [Line Items]      
Corporate general and administrative expenses (142.1) (132.0) (136.1)
Corporate and Reconciling Items      
Segment Reporting Information [Line Items]      
Adjusted depreciation and amortization (13.6) (13.7) (10.6)
Restructuring and other (50.9) (88.3) (130.1)
COVID-19 related (expense) benefit included in direct operating expense (1.0) 2.0 1.0
Unallocated rent cost included in direct operating expense (27.3) (18.6) 0.0
Adjusted share-based compensation expense (72.5) (52.1) (62.2)
Purchase accounting and related adjustments $ (11.7) $ (12.9) $ (17.0)
v3.26.1
Segment Information - Schedule of Adjusted Depreciation and Amortization (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation and amortization $ 17.6 $ 17.8 $ 15.6
Adjusted depreciation and amortization 13.6 13.7 10.6
Corporate and Reconciling Items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Adjusted depreciation and amortization 13.6 13.7 10.6
Purchase Accounting and Related Adjustments | Corporate and Reconciling Items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation and amortization $ (4.0) $ (4.1) $ (5.0)
v3.26.1
Segment Information - Schedule of Adjusted Share-Based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total share-based compensation expense $ 78.0 $ 57.0 $ 70.2
Adjusted share-based compensation 72.5 52.1 62.2
Restructuring Charges      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total share-based compensation expense 5.5 4.9 8.0
Corporate and Reconciling Items | Restructuring Charges      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Amount included in restructuring and other $ 5.5 $ 4.9 $ 8.0
v3.26.1
Segment Information - Schedule of Purchase Accounting and Related Adjustments (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Corporate and Reconciling Items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Purchase accounting and related adjustments $ 11.7 $ 12.9 $ 17.0
General and administration      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Purchase accounting and related adjustments 7.7 8.7 12.0
General and administration | Corporate and Reconciling Items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Purchase accounting and related adjustments 7.7 8.7 12.0
Depreciation and amortization | Corporate and Reconciling Items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Purchase accounting and related adjustments $ 4.0 $ 4.2 $ 5.0
v3.26.1
Segment Information - Schedule of Reconciliation of Segment General and Administration to Consolidated (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]      
General and administration $ 398.0 $ 357.8 $ 384.8
Operating Segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Segment general and administrative expenses 175.7 165.0 174.5
Corporate      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Corporate general and administrative expenses 142.1 132.0 136.1
Corporate and Reconciling Items      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Purchase accounting and related adjustments 11.7 12.9 17.0
General and administration      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Purchase accounting and related adjustments 7.7 8.7 12.0
General and administration | Corporate and Reconciling Items      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Share-based compensation expense included in general and administrative expense 72.5 52.1 62.2
Purchase accounting and related adjustments $ 7.7 $ 8.7 $ 12.0
v3.26.1
Segment Information - Schedule of Reconciliation of Total Segment Assets to Total Consolidated Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets $ 5,327.1 $ 6,822.1
Operating Segments | Motion Picture    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 2,247.2 1,870.3
Operating Segments | Television Production    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 2,288.5 2,279.3
Operating Segments | Other unallocated assets    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 791.4 773.1
Operating Segments | Assets of discontinued operations    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets 0.0 1,899.4
Other unallocated assets    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total assets $ 5,327.1 $ 6,822.1
v3.26.1
Segment Information - Schedule of Acquisition of Investment in Films and Television Programs (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Acquisitions of investment in films and television programs $ 1,183.8 $ 1,196.6 $ 697.5
Reportable Segments | Motion Picture      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Acquisitions of investment in films and television programs 570.7 647.2 421.8
Reportable Segments | Television Production      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Acquisitions of investment in films and television programs $ 613.1 $ 549.4 $ 275.7
v3.26.1
Segment Information - Capital Expenditures (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital expenditures $ 13.4 $ 13.5 $ 9.9
Reportable Segments | Motion Picture      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital expenditures 0.0 0.0 0.0
Reportable Segments | Television Production      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital expenditures 0.4 0.3 0.3
Corporate      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital expenditures $ 13.0 $ 13.2 $ 9.6
v3.26.1
Segment Information - Revenue by Geographical Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Revenues $ 2,631.8 $ 2,584.7 $ 2,450.2
United States      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Revenues 1,702.7 1,733.6 1,779.5
Canada      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Revenues 70.1 63.0 59.4
Other Foreign      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Revenues $ 859.0 $ 788.1 $ 611.3
v3.26.1
Segment Information - Long-Lived Assets by Geographic Location (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]    
 Total long-lived assets $ 297.8 $ 328.2
United States    
Segment Reporting, Asset Reconciling Item [Line Items]    
 Total long-lived assets 286.1 315.7
Other Foreign    
Segment Reporting, Asset Reconciling Item [Line Items]    
 Total long-lived assets $ 11.7 $ 12.5
v3.26.1
Commitments and Contingencies - Schedule of Annual Repayment of Contractual Commitments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Other Commitments [Line Items]        
Total future commitments under contractual obligations, 2027 $ 395.0      
Total future commitments under contractual obligations, 2028 356.2      
Total future commitments under contractual obligations, 2029 136.7      
Total future commitments under contractual obligations, 2030 78.3      
Total future commitments under contractual obligations, 2031 24.6      
Total future commitments under contractual obligations, Thereafter 163.9      
Contractual commitments, total 1,154.7      
Redeemable noncontrolling interest 114.1 $ 93.7 $ 123.3 $ 343.6
3 Arts Entertainment        
Other Commitments [Line Items]        
Due to noncontrolling interest 88.9      
Film related obligations commitments        
Other Commitments [Line Items]        
2027 143.4      
2028 184.8      
2029 0.3      
2030 0.3      
2031 0.3      
Thereafter 0.9      
Total 330.0      
Interest payments        
Other Commitments [Line Items]        
2027 178.8      
2028 118.8      
2029 94.3      
2030 52.3      
2031 1.6      
Thereafter 0.0      
Total 445.8      
Other contractual obligations        
Other Commitments [Line Items]        
2027 72.8      
2028 52.6      
2029 42.1      
2030 25.7      
2031 22.7      
Thereafter 163.0      
Total $ 378.9      
v3.26.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Other Commitments [Line Items]      
Employer contribution, cost $ 71.7 $ 106.1 $ 59.9
Motion Picture Industry Pension Plan      
Other Commitments [Line Items]      
Multiemployer plans funded percentage 73.00%    
v3.26.1
Financial Instruments - Schedule of Outstanding Forward Foreign Exchange Contracts (Details)
€ in Millions, ฿ in Millions, £ in Millions, Ft in Millions, $ in Millions, $ in Millions, $ in Millions
 12 Months Ended
Mar. 31, 2026
EUR (€)
Mar. 31, 2026
USD ($)
Mar. 31, 2026
AUD ($)
Mar. 31, 2026
CAD ($)
Mar. 31, 2026
GBP (£)
Mar. 31, 2026
HUF (Ft)
Mar. 31, 2026
THB (฿)
Derivative [Line Items]              
Remaining maturity of forward foreign exchange contracts (in months) 21 months            
Euro | Forward exchange contracts              
Derivative [Line Items]              
US Dollar Amount or Notional Amount € 197.1 $ 230.5          
Weighted Average Exchange Rate Per $1 USD 0.86 0.86 0.86 0.86 0.86 0.86 0.86
Australian Dollar | Forward exchange contracts              
Derivative [Line Items]              
US Dollar Amount or Notional Amount   $ 7.0 $ 10.1        
Weighted Average Exchange Rate Per $1 USD 1.44 1.44 1.44 1.44 1.44 1.44 1.44
Canadian Dollar | Forward exchange contracts              
Derivative [Line Items]              
US Dollar Amount or Notional Amount   $ 29.6   $ 40.4      
Weighted Average Exchange Rate Per $1 USD 1.36 1.36 1.36 1.36 1.36 1.36 1.36
Pound Sterling | Forward exchange contracts              
Derivative [Line Items]              
US Dollar Amount or Notional Amount   $ 0.1     £ 0.1    
Weighted Average Exchange Rate Per $1 USD 0.75 0.75 0.75 0.75 0.75 0.75 0.75
Hungarian Forint | Forward exchange contracts              
Derivative [Line Items]              
US Dollar Amount or Notional Amount   $ 30.0       Ft 10,171.6  
Weighted Average Exchange Rate Per $1 USD 338.75 338.75 338.75 338.75 338.75 338.75 338.75
Thai Bhat | Forward exchange contracts              
Derivative [Line Items]              
US Dollar Amount or Notional Amount   $ 3.1         ฿ 99.0
Weighted Average Exchange Rate Per $1 USD 32.13 32.13 32.13 32.13 32.13 32.13 32.13
v3.26.1
Financial Instruments - Schedule of Pay-Fixed Interest Rate Swaps, Designated as Cash Flow Hedges Outstanding (Details) - Designated as Hedging Instrument - Interest Rate Swap
$ in Millions
Mar. 31, 2025
USD ($)
Derivative [Line Items]  
Notional Amount $ 874.9
Interest Rate Swap, Fixed Rate Paid 4.045%, Effective Date August 15, 2024  
Derivative [Line Items]  
Notional Amount $ 65.0
Fixed rate paid (as percent) 4.045%
Interest Rate Swap, Fixed Rate Paid 3.803%, Effective Date August 15, 2024  
Derivative [Line Items]  
Notional Amount $ 77.5
Fixed rate paid (as percent) 3.803%
Interest Rate Swap, Fixed Rate Paid 3.810%, Effective Date August 15, 2024  
Derivative [Line Items]  
Notional Amount $ 77.5
Fixed rate paid (as percent) 3.81%
Interest Rate Swap, Fixed Rate Paid 3.970%, Effective Date December 15, 2024  
Derivative [Line Items]  
Notional Amount $ 125.0
Fixed rate paid (as percent) 3.97%
Interest Rate Swap, Fixed Rate Paid 4.060%, Effective Date January 31, 2025  
Derivative [Line Items]  
Notional Amount $ 100.0
Fixed rate paid (as percent) 4.06%
Interest Rate Swap, Fixed Rate Paid 4.097%, Effective Date February 14, 2025  
Derivative [Line Items]  
Notional Amount $ 253.8
Fixed rate paid (as percent) 4.097%
Interest Rate Swap, Fixed Rate Paid 3.449%, Effective Date April 14, 2025  
Derivative [Line Items]  
Notional Amount $ 90.7
Fixed rate paid (as percent) 3.449%
Interest Rate Swap, Fixed Rate Paid 3.646%, Effective Date April 14, 2025  
Derivative [Line Items]  
Notional Amount $ 43.8
Fixed rate paid (as percent) 3.646%
Interest Rate Swap, Fixed Rate Paid 3.591%, Effective Date July 1, 2025  
Derivative [Line Items]  
Notional Amount $ 41.6
Fixed rate paid (as percent) 3.591%
v3.26.1
Financial Instruments - Schedule of Pre-Tax Effect of Derivatives on Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]      
Total direct operating expense on consolidated statements of operations $ 1,584.4 $ 1,740.3 $ 1,469.0
Total interest expense on consolidated statements of operations 259.7 261.7 246.6
Forward exchange contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in accumulated other comprehensive income (loss) (2.3) 3.4 (5.8)
Gain (loss) reclassified from accumulated other comprehensive (income) loss 2.2 (1.2) (0.3)
Interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in accumulated other comprehensive income (loss) 3.2 (0.6) 36.3
Gain (loss) reclassified from accumulated other comprehensive (income) loss 1.7 28.6 41.8
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense (1) $ 26.8 $ 4.3 $ (7.2)
v3.26.1
Financial Instruments - Schedule of Amounts Recorded in Accompanying Unaudited Condensed Consolidated Balance Sheets Related to Use of Derivatives (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Derivatives, Fair Value [Line Items]    
Derivative liabilities, current $ 4.3  
Derivative asset, current   $ 1.8
Derivative liability, noncurrent $ 0.0 $ 3.1
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current  
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other noncurrent liabilities Other noncurrent liabilities
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]   Other current assets
Forward exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivative liabilities, current $ 2.7  
Derivative asset, current   $ 1.8
Derivative liability, noncurrent 0.0 0.0
Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Derivative liabilities, current 1.6  
Derivative asset, current   0.0
Derivative liability, noncurrent $ 0.0 $ 3.1
v3.26.1
Financial Instruments - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Foreign currency cash flow hedge gains estimated to be reclassified into earnings during next 12 months $ 1.0
Interest rate swap cash flow hedge gain estimated to be reclassified into earnings during next 12 months $ 26.4
v3.26.1
Additional Financial Information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash and cash equivalents $ 341.5 $ 212.5
Restricted cash included in other current assets 78.3 67.9
Cash in assets of discontinued operations - current 0.0 11.2
Total cash, cash equivalents and restricted cash $ 419.8 $ 291.6
v3.26.1
Additional Financial Information - Schedule of Composition of Other Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Other current assets    
Prepaid expenses and other $ 25.2 $ 46.0
Restricted cash 78.3 67.9
Contract assets 22.1 61.4
Tax credits receivable 236.8 186.8
Total other current assets 362.4 362.1
Other noncurrent assets    
Prepaid expenses and other 15.3 20.2
Accounts receivable 75.3 65.7
Contract assets 4.3 11.3
Tax credits receivable 403.6 435.8
Operating lease right-of-use assets 262.9 294.1
Total other noncurrent assets $ 761.4 $ 827.1
v3.26.1
Additional Financial Information - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Other Accrued Liabilities [Line Items]      
Employee-related liabilities $ 86.1 $ 59.2  
Interest paid, including capitalized interest, operating and investing activities 269.2 241.3 $ 222.4
Individual Monetization Agreements | Trade Accounts Receivable      
Other Accrued Liabilities [Line Items]      
Derecognized accounts receivable for which the company continues to service, amount outstanding 314.4 429.9 $ 449.2
Pooled Monetization Agreements | Trade Accounts Receivable      
Other Accrued Liabilities [Line Items]      
Derecognized accounts receivable for which the company continues to service, amount outstanding $ 0.0 $ 0.0  
v3.26.1
Additional Financial Information - Schedule of Receivables Transferred Under Individual Agreements or Purchases (Details) - Individual Monetization Agreements - Trade Accounts Receivable - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Transfer of Financial Assets Accounted for as Sales [Line Items]      
Carrying value of receivables transferred and derecognized $ 407.9 $ 478.3 $ 512.3
Net cash proceeds received 398.8 464.9 491.9
Loss recorded related to transfers of receivables $ 9.1 $ 13.4 $ 20.4
v3.26.1
Additional Financial Information - Schedule of Receivables Transferred Under Pooled Monetization Agreement (Details) - Trade Accounts Receivable - Pooled Monetization Agreements
$ in Millions
 12 Months Ended
Mar. 31, 2024
USD ($)
Transfer of Financial Assets Accounted for as Sales [Line Items]  
Gross cash proceeds received for receivables transferred and derecognized $ 22.2
Less amounts from collections reinvested under revolving agreement (9.1)
Proceeds from new transfers 13.1
Collections not reinvested and remitted or to be remitted (13.4)
Net cash proceeds received (paid or to be paid) (0.3)
Carrying value of receivables transferred and derecognized 22.1
Obligations recorded 2.1
Loss recorded related to transfers of receivables 2.0
Purchases of previously transferred financial assets $ 46.0
v3.26.1
Additional Financial Information - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ (352.7) $ (310.5) $ 786.0
Ending balance (1,163.5) (352.7) (310.5)
Direct operating 1,584.4 1,740.3 1,469.0
Interest expense (259.7) (261.7) (246.6)
Income tax expense (benefit) reflected in other comprehensive income   0.0 0.0
Foreign currency translation adjustments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (22.8) (22.7) (21.6)
Other comprehensive income (loss) 12.1 (5.4) (1.1)
Reclassifications to net loss or noncontrolling interest 0.0 0.0 0.0
Spin off of the Starz Business 19.2 5.3  
Elimination of noncontrolling interest (6.8)    
Ending balance (36.7) (22.8) (22.7)
Net unrealized gain (loss) on cash flow hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 95.4 138.7 142.5
Other comprehensive income (loss) 0.8 5.0 30.5
Reclassifications to net loss or noncontrolling interest (30.7) (31.7) (34.3)
Spin off of the Starz Business 0.0 (16.6)  
Elimination of noncontrolling interest 14.6    
Ending balance 80.1 95.4 138.7
Net unrealized gain (loss) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Direct operating 2.2 1.2 0.3
Interest expense 28.5 32.9 34.6
Accumulated Other Comprehensive Income (Loss)      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 72.6 116.0 120.9
Other comprehensive income (loss) 12.9 (0.4) 29.4
Reclassifications to net loss or noncontrolling interest (30.7) (31.7) (34.3)
Spin off of the Starz Business 19.2 (11.3)  
Elimination of noncontrolling interest 7.8    
Ending balance $ 43.4 $ 72.6 $ 116.0
v3.26.1
Additional Financial Information - Lease Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases $ 69.5 $ 68.4 $ 45.1
Right-of-use assets obtained in exchange for new lease obligations:      
Operating leases 12.0 7.4 172.1
Increase in right-of-use assets and lease liability due to a reassessment event:      
Operating leases - increase in right-of-use assets 7.7 2.8 103.6
Operating leases - increase in lease liability $ 7.7 $ 2.8 $ 103.6
v3.26.1
Related Party Transactions - Narrative (Details) - shares
Mar. 31, 2026
Jan. 26, 2026
May 06, 2025
Related Party      
Related Party Transaction [Line Items]      
Common stock held by related parties (in shares) 8,192,246    
Common stock held by related parties (in percent) 7.00%    
Voting ownership, percentage     18.50%
Related Party | Investor Rights Agreement      
Related Party Transaction [Line Items]      
Common stock, shares outstanding (in shares)     10,000,000
Related Party | Investor Rights Agreement, Three Designees | Minimum      
Related Party Transaction [Line Items]      
Common stock, shares outstanding (in shares)     7,500,000
Related Party | Investor Rights Agreement, Three Designees | Maximum      
Related Party Transaction [Line Items]      
Common stock, shares outstanding (in shares)     10,000,000
Related Party | Investor Rights Agreement, Two Designees | Minimum      
Related Party Transaction [Line Items]      
Common stock, shares outstanding (in shares)     5,000,000
Related Party | Investor Rights Agreement, Two Designees | Maximum      
Related Party Transaction [Line Items]      
Common stock, shares outstanding (in shares)     7,500,000
Related Party | Investor Rights Agreement, One Designee | Minimum      
Related Party Transaction [Line Items]      
Common stock, shares outstanding (in shares)     5,000,000
Related Party | Standstill Agreement      
Related Party Transaction [Line Items]      
Common stock held by related parties (in shares)   20,000,000  
Voting ownership, percentage   5.00%  
Ownership threshold, percentage   0.175  
Liberty Global Ventures Limited and Liberty Global Ltd.      
Related Party Transaction [Line Items]      
Common stock held by related parties (in shares)     5,713,774
Common stock held by related parties (in percent)     2.00%
MHR Fund Management LLC      
Related Party Transaction [Line Items]      
Common stock held by related parties (in shares)     28,568,868
Common stock held by related parties (in percent)     10.00%
v3.26.1
Related Party Transactions - Transactions with Equity Method Investees (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Consolidated Balance Sheets      
Accounts receivable $ 784.8 $ 585.6  
Accounts payable 213.4 256.5  
Deferred revenue - current 370.4 201.7  
Consolidated Statements of Operations      
Revenues 2,631.8 2,584.7 $ 2,450.2
Direct operating 1,584.4 1,740.3 1,469.0
Equity Method Investee      
Consolidated Balance Sheets      
Accounts receivable 9.4 11.7  
Investment in films and television programs 0.7 1.1  
Total due from related parties 10.1 12.8  
Accounts payable 0.0 17.6  
Participations and residuals, current 17.7 11.1  
Participations and residuals, noncurrent 0.3 1.8  
Deferred revenue - current 0.2 0.1  
Total due to related parties 18.2 30.6  
Consolidated Statements of Operations      
Revenues 3.7 4.0 4.2
Direct operating 2.4 4.6 5.0
Distribution and marketing expense $ 1.5 $ 3.0 $ 0.8