v3.25.2
Revenue
 3 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
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 by Segment, Market or Product Line

The table below presents revenues by segment, market or product line for the three months ended June 30, 2025 and 2024:
Three Months Ended
June 30,
20252024
(Amounts in millions)
Revenue by Type:
Motion Picture
Theatrical$28.7 $36.0 
Home Entertainment
Digital Media107.8 140.1 
Packaged Media8.1 9.2 
Total Home Entertainment115.9 149.3 
Television35.4 88.0 
International(1)
81.3 70.6 
Other6.0 5.7 
Total Motion Picture revenues$267.3 $349.6 
Television Production
Television165.5 160.2 
International46.3 35.5 
Home Entertainment
Digital Media52.6 18.9 
Packaged Media1.2 0.9 
Total Home Entertainment53.8 19.8 
Other22.9 25.6 
Total Television Production revenues288.5 241.1 
Intersegment eliminations(2)
(29.9)(103.8)
Total revenues$525.9 $486.9 
______________________
(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 $2.3 million was reclassified from the former Media Networks- Programming Revenues to Motion Picture- International in the three months ended June 30, 2024 to conform to the current period presentation.
(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 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 June 30, 2025 are as follows:
Rest of Year Ending
March 31, 2026		Year Ending March 31,
20272028ThereafterTotal
(Amounts in millions)
Remaining Performance Obligations$886.9 $470.9 $133.5 $140.1 $1,631.4 
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 $88.1 million, including variable and fixed fee arrangements, were recognized during the three months ended June 30, 2025 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 the unaudited condensed consolidated balance sheets or Note 19 for accounts receivable, contract assets and deferred revenue balances at June 30, 2025 and March 31, 2025.

Accounts Receivable. Accounts receivable are 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 accounts receivable consisted of the following:
March 31, 2025Provision (benefit) for doubtful accountsUncollectible accounts written-offJune 30, 2025
(Amounts in millions)
Provision for credit losses$5.6 $1.2 $— $6.8 

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 19 for contract assets at June 30, 2025 and March 31, 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 June 30, 2025 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). In addition, industry strikes disrupted production schedules, resulting in the delay of content deliveries that further contributed to the change in deferred revenue. Revenues of $66.7 million were recognized during the three months ended June 30, 2025 related to the balance of deferred revenue at March 31, 2025.