Starz Entertainment ended its first year as an independent company after its split from Lionsgate with lower overall revenue and a wide net loss as it looks for positive year-over-year streaming growth in 2026.
The premium streaming and cable platform, which no longer discloses subscriber numbers, ended the three months to March 31, 2026, with total revenue of $307 million, compared with $330.6 million in the same period in 2025.
Streaming revenue was $211.1 million last quarter, down from $223.4 million in OTT revenue in the same period last year. In its results, Starz forecast positive year-over-year growth in streaming revenue in fiscal 2026. Linear TV revenue of $95.8 million fell from $102.8 million in the first quarter of 2025.
Starz also saw its operating loss of $152.8 million increase from the previous year’s operating loss of $142.3 million due in part to higher interest expenses, while Starz’s overall net loss rose to $165 million, versus $153 million a year earlier.
Adjusted OIBDA at Starz Networks came to $92 million, compared to $58 million in the first quarter of 2025. Starz’s latest financial results mark one year since it became an independent company after separating the premium cable and streaming platform from Lionsgate. Starz completed its separation from Lionsgate’s film and television studio in May 2025.
“As we mark the one-year anniversary of our separation today, I’m proud to report that Starz is a structurally stronger company than it was when we separated. Over the past year, we have executed with discipline against our strategic and financial priorities to position the company to create long-term value, and we’ve had a strong start to the year, meeting or exceeding all of our key financial goals,” Jeffrey Hirsch, president and CEO of Starz, said in a statement accompanying its most recent financial results.
In a post-market analyst call, Hirsch said Starz was exiting a paid production licensing deal with Universal Filmed Entertainment Group that was originally struck in 2021 and set to run through 2028. Universal films are popular on Starz platforms after the one-pay window, but there is significant overlap between subscriber viewership on Amazon and Starz, he said.
“These titles are being watched heavily before they reach us in the second payment window. This unique dynamic with Amazon has resulted in lower viewership than we originally expected,” Hirsch said. Starz said it will acquire new movie content from competing sources to replace lost revenue from over-exposed titles as the company exits its multi-year licensing deal with Universal.
Starz has also sought to grow its streaming subscriber base with new scripted series such as Outlander, The Power Book III: Raising Kanan The upcoming July 2026 premiere of the Starz-owned film battleground, All of this amid continuing pressure on the linear TV customer base. The company is looking to build its content library and take ownership of more originals to increase its overall profitability.
“Obviously the hope is that the Stars will own and control most of the roster over the long term. That’s something we’re very focused on,” Hirsch told analysts.
