Starz Entertainment Corp 2025年度报告

WASHINGTON, D.C. 20549 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended ___________OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromApril1, 2025toDecember31, 2025Commission File No. 1-14880 Starz Entertainment Corp. (Exact name of registrant as specified in its charter) British Columbia, CanadaN/A(State or other jurisdiction of incorporation ororganization)(I.R.S. Employer Identification No.)250 Howe Street, 20th FloorVancouver, British Columbia V6C 3R81647 Stewart St.Santa Monica, California 90404(604) 648-6559(877) 848-3866(Address of Principal Executive Offices)Registrant's telephone number, including area code:1 (604) 648-6559 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered The Nasdaq Stock Market LLC(Nasdaq Global Select Market) Securities registered pursuant to section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and "emerging growth company" in Rule 12b-2 of the Exchange Act. Accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo As of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value thevoting and non-voting stock held by non-affiliates of the registrant was approximately $189million. As of February 11 2026, 16,781,237 ofthe registrant’s common shares were outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive proxy statement for its annual meeting of stockholders to be held in 2026 are incorporated byreference into Part III of this Transition Report on Form 10-KT. TABLE OF CONTENTS PageNumber STARZ ENTERTAINMENT CORP. SUMMARY OF RISK FACTORS An investment in Starz involves a high degree of risk because our business is subject to numerous risks and uncertainties, as more fullydescribed in “Part I, Item 1A.Risk Factors” of this Transition Report on Form 10-KT. Below are some of these risks, any one of whichcould have a material adverse effect on our business, financial condition, results of operations, and prospects: Risks Related to Starz and the Company •Starz is a smaller, less diversified company than its predecessor Old Lionsgate was, with a different financial profile.•Starz faces risks related to the restructuring of its business, which have affected and may continue to affect the value of its assets.•Starz’s efforts to attract and retain subscribers or sustain engagement may not be successful.•Starz’s business depends on viewer preferences, which are difficult to predict.•Starz’s success depends upon the availability of quality programmin