Starz Entertainment Corp. reported weaker results for the quarter and six months ended June 30, 2026 as it reshaped its content strategy after separating from Lionsgate. Quarterly revenue was $307.9 million, down 3.7% year over year, as linear revenue declined while OTT revenue was roughly flat.
Heavy one-time charges drove a much larger loss. For the quarter, the company recorded $151.2 million of restructuring and other costs, including $147.2 million of contract termination fees tied to ending a post pay-one output deal, plus ongoing content impairments. Net loss from continuing operations widened to $189.4 million for the quarter and $354.3 million for the first half of 2026.
Programming content and intangible assets fell after write-downs, reducing total assets to $1.67 billion and equity to $295.9 million at June 30, 2026. Despite losses, Starz generated $45.0 million of operating cash in the first half, held $59.6 million in cash, and remained in compliance with covenants on its $615.1 million of term loan and senior notes.
Starz Entertainment Corp. reported second-quarter 2026 revenue of $307.9 million and an operating loss of $175.5 million, driven largely by $151.2 million of restructuring and other costs, including programming contract termination fees. Adjusted OIBDA was $59.9 million. Net loss was $189.4 million, or $11.27 per share.
For the six months ended June 30, 2026, net cash provided by operating activities was $45.0 million. In the quarter, Unlevered Free Cash Flow was $(14.7) million and Equity Free Cash Flow was $(33.4) million. Cash and cash equivalents were $59.6 million, with total debt of $625.1 million and Net Corporate Debt of $565.5 million, resulting in a trailing twelve‑month Adjusted OIBDA Leverage Ratio of 2.9x; the $150.0 million revolver remained undrawn.
The company reported positive year‑over‑year OTT revenue growth and reaffirmed its outlook for positive OTT revenue growth in 2026. Management raised its 2026 outlook for Adjusted OIBDA growth from low‑single‑digits to mid‑single‑digits and now expects Unlevered Free Cash Flow toward the mid‑to‑upper end of the prior $80 million to $120 million range, while reiterating an expected Adjusted OIBDA Leverage Ratio of approximately 2.7x exiting 2026.
Starz Entertainment Corp. CFO and Treasurer Scott D. Macdonald reported equity compensation-related movements in Common Shares on August 4, 2026. He received 5,935 shares issued upon settlement of previously granted performance-based restricted share units, while 1,303 and 2,597 shares were withheld by the issuer at $26.05 per share to satisfy tax withholding obligations on RSU settlements. Macdonald also holds 18,757 shares indirectly through the Scott D. Macdonald Living Trust dated April 21, 2023, and has additional RSUs scheduled to vest in 2027–2029 in specified installments.
Starz Entertainment Corp executive Alison Hoffman, President of Starz Networks, reported equity-compensation activity on August 4, 2026. She acquired 8940 common shares upon settlement of previously granted performance-based RSUs, while 2145 and 4274 shares were withheld at $26.0500 per share to satisfy tax obligations. Footnotes also describe RSU awards of 20,649, 8,971 and 17,821 units scheduled to vest between 2027 and 2029.
Starz Entertainment Corp executive Jason Wyrick, EVP Technology, reported several equity-related transactions in common shares on 2026-08-04. A total of 3,087 common shares were issued at a reported price of $0.00 per share upon settlement of previously granted performance-based restricted share units, while 446 and 888 common shares were withheld to satisfy tax withholding obligations tied to RSU and performance-based RSU settlements at a reference value of $26.05 per share. Footnotes also describe outstanding RSU awards of 4,543, 3,098, and 6,338 units, each scheduled to vest on specific dates from 2027 through 2029 and payable in an equal number of common shares.
Starz Entertainment Corp President and CEO Jeffrey Hirsch reported equity compensation activity on August 4, 2026. He received 40,862 common shares upon settlement of previously granted performance-based restricted share units, while 9,804 and 19,533 shares were withheld by the issuer at $26.05 per share to satisfy tax withholding obligations on those settlements. A revocable trust associated with Hirsch holds 55,000 common shares. Footnotes also describe unvested RSU awards of 44,577, 41,008, 192,012 and 112,146 units scheduled to vest between 2027 and 2029.
RACHESKY MARK H MD reported acquisition or exercise transactions in this Form 4 filing.
Mark H. Rachesky, M.D., a director and 10% owner of Starz Entertainment Corp, reported receiving 1,946 common shares on July 28, 2026 as director fees, in the form of restricted share units that vested immediately upon grant. Additional entries describe shares held through various MHR-affiliated investment funds, where he and related entities may be deemed beneficial owners but disclaim ownership beyond their pecuniary interest.
Starz Entertainment Corp. director Emily Fine reported an acquisition of 1946 Common Shares on July 28, 2026, representing director fees granted in restricted share units that vested immediately at a stated price of $0.0000 per share. The report also describes restricted share units from annual director compensation awards that will vest into an equal number of Common Shares on May 15, 2027.
Wilson Royce E. reported acquisition or exercise transactions in this Form 4 filing.
STARZ ENTERTAINMENT CORP /CN/ director Royce E. Wilson received a grant of 973 common shares on July 28, 2026 as director fees, paid in restricted share units that immediately vested on the grant date.
After this award, Wilson beneficially owns 9,519 common-share equivalents, including 6,488 restricted share units payable in common shares upon vesting on May 15, 2027.
SIMMONS HARDWICK reported acquisition or exercise transactions in this Form 4 filing.
On July 28, 2026, director SIMMONS HARDWICK received a grant of 1,265 common shares of Starz Entertainment Corp. as director fees paid in restricted share units that immediately vested. After the grant, direct holdings total 45,397 common shares, including 6,488 RSUs vesting on May 15, 2027.