Starz Entertainment Corp (STRZ) is a premium video programming company that distributes the STARZ branded subscription service through over-the-top (OTT) streaming platforms and traditional linear pay-TV distributors. Revenue comes from subscription fees paid by consumers directly and through affiliate agreements with multichannel video programming distributors. As of March 31, 2025, Starz had 22.89 million total subscribers globally, comprising 16.33 million OTT subscribers and 6.56 million linear subscribers, down from 24.32 million total as of March 31, 2025. The company was separated from Lions Gate Entertainment Corp (Old Lionsgate) through a studio separation transaction completed during the fiscal year ended March 31, 2025, and is incorporated in the province of British Columbia, Canada. Programming content on the Starz platform consists primarily of licensed content alongside original series including Power Book II: Ghost, Outlander, The Serpent Queen, and Sweetpea. Interest expense on 5.5% Senior Notes totaled $39.3 million in fiscal year ended March 31, 2025.

Revenue model

Subscription fees from direct-to-consumer OTT streaming and traditional affiliate agreements with linear pay-TV distributors. Affiliate revenue is governed by multi-year contracts with multichannel video programming distributors. The company also carries a Starz Traditional Affiliate customer relationship intangible asset with a remaining carrying value of $748.0 million as of March 31, 2025, amortized in proportion to current period revenue relative to estimated future revenue.

Products and services

STARZ branded premium subscription video service delivered via OTT streaming and linear satellite and cable distribution. Original programming includes Power Book II: Ghost, Outlander, The Serpent Queen, Sweetpea, Mary and George, Three Women, and Fat Joe Talks, among others. Programming content is a mix of licensed content and original productions exploited on the Starz platform. Linear channels are transmitted via satellite transponder agreements with third-party uplink facilities.

Customers and end markets

End consumers subscribing directly via OTT platforms and indirectly through traditional multichannel pay-TV distributors (affiliate customers). The Starz Traditional Affiliate customer relationship represents a material intangible asset, with amortization expense of $142.1 million recorded in the fiscal year ended March 31, 2025. Domestic subscriber base as of March 31, 2025 was 19.60 million (13.04 million OTT, 6.56 million linear), down from 21.80 million as of March 31, 2024. International OTT subscribers totaled 3.29 million as of March 31, 2025, up from 2.52 million as of March 31, 2024.

Value-chain role

Content distributor and programmer. Starz licenses and produces original content, then distributes it via satellite transponder agreements and OTT technology platforms to end consumers and affiliate distributors. The company does not operate a film or television production studio following separation from the LG Studios Business.

Geographic exposure

Primarily domestic United States through the Starz Networks segment. International OTT operations in multiple markets, with net operating loss carryforwards in Canada, India, and Luxembourg as of fiscal year ended March 31, 2025, indicating operational presence in those jurisdictions.

Source: SEC 10-K, filed 2025-06-26

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