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Liberty 77 funds exit Starz Entertainment (STRZ) with 1.8M-share open-market sale

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Starz Entertainment Corp. common shares were sold by Liberty-affiliated funds in a large insider transaction. Liberty 77 Fund L.P. and Liberty 77 Fund International L.P. sold 1,803,786 common shares of Starz in an open-market transaction at $13.8597 per share. After this sale, the reporting entities list zero common shares indirectly owned. The Liberty Funds are managed through a chain of related entities including Liberty 77 Capital L.P., Liberty 77 Capital Partners L.P., Liberty Capital L.L.C., and STM Partners LLC, whose president is Steven T. Mnuchin. Each reporting person disclaims beneficial ownership of the securities except to the extent of its or his pecuniary interest.

Positive

  • None.

Negative

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Insights

Liberty 77-affiliated funds report a full exit from Starz common shares via open-market sale.

The filing shows Liberty 77 Fund L.P. and Liberty 77 Fund International L.P. selling 1,803,786 Starz Entertainment common shares in an open-market transaction at $13.8597 per share. Following the sale, the reporting entities report holding zero common shares indirectly.

Control and economic interests run through Liberty 77 Capital L.P., Liberty 77 Capital Partners L.P., Liberty Capital L.L.C. and STM Partners LLC, whose president is Steven T. Mnuchin. The disclosure states that each reporting person disclaims beneficial ownership beyond its or his pecuniary interest, which is a common structure for investment funds and affiliated managers.

This type of large sale by entities previously identified as 10% owners may draw attention because it represents a complete reported exit from the position. However, the filing does not discuss reasons for the sale or any related corporate developments; future company filings may provide additional business context if applicable.

Insider Liberty 77 Capital L.P., Liberty 77 Fund L.P., Liberty 77 Fund International L.P., Liberty 77 Capital Partners L.P., Liberty Capital L.L.C., STM Partners LLC, MNUCHIN STEVEN T
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold 1,803,786 shs ($25.00M)
Type Security Shares Price Value
Sale Common Shares 1,803,786 $13.8597 $25.00M
Holdings After Transaction: Common Shares — 0 shares (Indirect, See footnotes)
Footnotes (1)
  1. The securities included herein were held by Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership, and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership (together with Liberty 77 Fund L.P., the "Liberty Funds"). Liberty 77 Capital L.P. (the "Liberty Manager"), a Delaware limited partnership, is the investment manager of the Liberty Funds. Liberty 77 Capital Partners L.P. (the "Liberty Manager GP"), a Delaware limited partnership, is the general partner of the Liberty Manager. Liberty Capital L.L.C., a Delaware limited liability company, is the general partner of the Liberty Manager GP. STM Partners LLC, a Delaware limited liability company, indirectly controls the Liberty Manager and the general partner of the Liberty Funds. Steven T. Mnuchin is the president of STM Partners LLC. Each Reporting Person disclaims beneficial ownership of these securities except to the extent of its or his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
X
 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Liberty 77 Capital L.P.
(Last) (First) (Middle)
2099 PENNSYLVANIA AVENUE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
STARZ ENTERTAINMENT CORP /CN/ [ STRZ ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 03/06/2026 S 1,803,786 D $13.8597 0 I See footnotes(1)(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Liberty 77 Capital L.P.
(Last) (First) (Middle)
2099 PENNSYLVANIA AVENUE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Liberty 77 Fund L.P.
(Last) (First) (Middle)
C/O LIBERTY 77 CAPITAL L.P.
2099 PENNSYLVANIA AVENUE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Liberty 77 Fund International L.P.
(Last) (First) (Middle)
C/O LIBERTY 77 CAPITAL L.P.
2099 PENNSYLVANIA AVENUE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Liberty 77 Capital Partners L.P.
(Last) (First) (Middle)
C/O LIBERTY 77 CAPITAL L.P.
2099 PENNSYLVANIA AVENUE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Liberty Capital L.L.C.
(Last) (First) (Middle)
C/O LIBERTY 77 CAPITAL L.P.
2099 PENNSYLVANIA AVENUE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
STM Partners LLC
(Last) (First) (Middle)
C/O LIBERTY 77 CAPITAL L.P.
2099 PENNSYLVANIA AVENUE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
MNUCHIN STEVEN T
(Last) (First) (Middle)
C/O LIBERTY 77 CAPITAL L.P.
2099 PENNSYLVANIA AVE NW
(Street)
WASHINGTON DC 20006
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The securities included herein were held by Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership, and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership (together with Liberty 77 Fund L.P., the "Liberty Funds"). Liberty 77 Capital L.P. (the "Liberty Manager"), a Delaware limited partnership, is the investment manager of the Liberty Funds. Liberty 77 Capital Partners L.P. (the "Liberty Manager GP"), a Delaware limited partnership, is the general partner of the Liberty Manager. Liberty Capital L.L.C., a Delaware limited liability company, is the general partner of the Liberty Manager GP. STM Partners LLC, a Delaware limited liability company, indirectly controls the Liberty Manager and the general partner of the Liberty Funds. Steven T. Mnuchin is the president of STM Partners LLC.
2. Each Reporting Person disclaims beneficial ownership of these securities except to the extent of its or his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.
/s/ See Signatures Included in Exhibit 99.1 03/06/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Liberty 77 funds report in Starz Entertainment (STRZ)?

Liberty 77 Fund L.P. and Liberty 77 Fund International L.P. reported selling 1,803,786 Starz Entertainment common shares in an open-market transaction at $13.8597 per share. After this sale, the reporting entities disclosed holding zero common shares indirectly through the referenced investment structure.

Who are the entities involved in the Starz (STRZ) insider sale?

The sale involves Liberty 77 Fund L.P. and Liberty 77 Fund International L.P., managed by Liberty 77 Capital L.P. and Liberty 77 Capital Partners L.P., with Liberty Capital L.L.C. and STM Partners LLC indirectly controlling the manager. Steven T. Mnuchin is identified as the president of STM Partners LLC.

How many Starz (STRZ) shares were sold in the reported insider transaction?

The reporting entities disclosed selling 1,803,786 Starz Entertainment common shares in a single open-market transaction. The filing also states that, following this transaction, they reported owning zero common shares indirectly through the Liberty 77 investment structure described in the footnotes.

At what price were the Starz (STRZ) shares sold by Liberty 77 funds?

The common shares of Starz Entertainment were sold at an average price of $13.8597 per share in an open-market sale. This price is reported as the transaction price per share for the 1,803,786 shares included in the Form 4 insider filing for the Liberty 77 entities.

Do the Liberty 77 reporting persons claim full beneficial ownership of the Starz (STRZ) shares?

No. The filing states that each reporting person disclaims beneficial ownership of the Starz securities except to the extent of its or his pecuniary interest. This language clarifies that economic interests are shared across the Liberty 77 funds and affiliated entities in the investment structure.

What is Steven T. Mnuchin’s role in the entities reporting the Starz (STRZ) sale?

Steven T. Mnuchin is identified as the president of STM Partners LLC, which indirectly controls Liberty 77 Capital L.P. and the general partner of the Liberty Funds. The filing notes his role but also includes a disclaimer of beneficial ownership beyond his pecuniary interest in the reported securities.