Starz, in its first quarterly report as an independent company after separating from Lionsgate, reported a 6.2% year-over-year revenue decline to $330.6 million for the quarter ending March 2025. The company posted an operating loss of $136.3 million, up from $30.8 million a year earlier, and took a $177.4 million restructuring charge, including a $168 million content impairment charge related to a strategic reassessment of its content portfolio. Starz's U.S. streaming subscribers increased by 530,000 to 12.3 million, with total streaming subscribers at 13.04 million. Total U.S. subscribers reached 18 million, while total North American subscribers fell by 330,000 to 19.6 million due to the loss of a linear TV carriage agreement in Canada. The company reported adjusted OIBDA of $93.3 million and net debt of $559.1 million. Starz has also changed its fiscal year end from March 31 to December 31. The company plans to reduce content spending from about $700 million in 2026 to $650 million over the next few years, aiming to own half of its content slate by 2027 and produce 8 to 10 original series annually. Starz now generates 70% of its revenue from OTT and has no ad revenue exposure. Separately, Steve Mnuchin's Liberty Strategic Capital increased its stake in Lionsgate Studios to 12.6%. Lionsgate Studios continues to collaborate with Starz through a multi-year output deal for theatrical releases and ongoing television projects.