Starz Entertainment Corp /Cn/ (NASDAQ: STRZ)

Starz Entertainment Corp. is a leading provider of premium subscription video programming to consumers in the United States and Canada. The company offers its flagship STARZ service alongside STARZ ENCORE and MOVIEPLEX delivering thousands of hours of original series recent theatrical releases and library movies without advertisements. As of March 31 2025 STARZ had 19.60 million subscribers in North America excluding those who receive programming free as part of a promotional offer. Starz Entertainment Corp. distributes its content through a stand alone direct to consumer over the top app the STARZ app through a network of 17 linear channels and via on demand and online viewing platforms that provide access to studio partner movies and series on a monthly basis.

Starz Entertainment Corp. generates revenue primarily from affiliation fees paid by multichannel video programming distributors and over the top platforms that carry its services as well as from direct to consumer subscriptions sold via the STARZ app and its website. Revenue is tied to the number of subscribers who receive STARZ STARZ ENCORE or MOVIEPLEX whether through a wholesale distributor arrangement or a retail digital platform. The company also earns fees when distributors promote its services during limited time marketing campaigns. Starz Entertainment Corp.’s affiliation agreements expire at various dates through 2028 and it intends to renew them on a rolling basis typically beginning two to six months before expiration. In addition the company benefits from long term exclusive output licensing agreements with Lionsgate and Universal that provide early pay television windows for new theatrical releases although these agreements involve cost payments rather than revenue.

Starz Entertainment Corp. holds a strong position in the competitive premium video market where it rivals services such as Netflix HBO Max Disney+ and Amazon Prime Video. Its competitive advantages include long term exclusive output licensing agreements with Lionsgate for Lionsgate label titles released starting January 1 2022 and for Summit label titles released starting January 1 2023 and a similar agreement with Universal for live action films released starting January 1 2022. These grants give Starz valuable exclusive rights to air new movies on linear television services on demand or online during specific windows during which no other linear service online streaming or other video service may air those titles except on a transactional on demand or pay per view basis. The company also maintains extensive library programming agreements with major studios such as Paramount Sony Twentieth Century Fox/Disney and Warner Bros. with windows extending through at least 2026 for many of those partners. Starz’s content mix consists of approximately 80 percent theatrically released movies and 20 percent original programming with a strategic focus on developing series for women and underrepresented audiences. Recent original series such as Outlander Power P Valley and BMF have become audience drivers and the company continues to invest in new seasons and spin offs to sustain viewer engagement. Furthermore Starz uplinks its linear signals to non pre emptible protected transponders on two geo synchronous satellites enabling broad distribution across the Americas under multi year leases.

Starz Entertainment Corp. serves a broad customer base that includes individual households that subscribe directly through the STARZ app and retail partners such as Apple Google Amazon and Roku as well as wholesale distributors like Comcast Charter Communications DIRECTV and DISH Network. The company also makes its services available through other over the top providers including Hulu allowing subscribers to add Starz as an add on or bundled offering. This mix of direct to consumer and wholesale distribution enables Starz Entertainment Corp. to reach viewers across multiple platforms while leveraging its affiliation fees and subscription revenue streams.