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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________________________
Form 10-Q 
____________________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ____________ to  ____________
Commission File No.: 1-14880
____________________________________________________________________________________________________
Lions Gate Entertainment Corp.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________
British Columbia, Canada N/A
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
 Identification No.)
250 Howe Street, 20th Floor
Vancouver, British Columbia V6C 3R8
and
2700 Colorado Avenue
Santa Monica, California 90404
(Address of principal executive offices)
____________________________________________________________________________________________________
(877) 848-3866
(Registrant’s telephone number, including area code)
____________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Voting Common Shares, no par value per shareLGF.ANew York Stock Exchange
Class B Non-Voting Common Shares, no par value per shareLGF.BNew York Stock Exchange
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 Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject 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 to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required 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, smaller reporting company, 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. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller 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 complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Title of Each Class Outstanding at February 5, 2024
Class A Voting Common Shares, no par value per share 83,564,574 shares
Class B Non-Voting Common Shares, no par value per share151,635,665 shares


 

2

FORWARD-LOOKING STATEMENTS
This report includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “potential,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “forecasts,” “may,” “will,” “could,” “would” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate, including statements regarding our restructuring plan and expected charges and timing.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those discussed under Part I, Item 1A. “Risk Factors” found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on May 25, 2023, as amended on July 20, 2023 (the "Form 10-K"), which risk factors are incorporated herein by reference, as updated by any update to the risk factors found under Part II, Item 1A. "Risk Factors" herein. These risk factors should not be construed as exhaustive and should be read with the other cautionary statements and information in our Form 10-K, and this report.
We caution you that forward-looking statements made in this report or anywhere else are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially and adversely from those made in or suggested by the forward-looking statements contained in this report as a result of various important factors, including, but not limited to: changes in our business strategy including the potential spin-off our studio business; possible delays in closing, or the inability to close the proposed business combination with Screaming Eagle Acquisition Corp. pursuant to the terms of the Business Combination Agreement entered into on December 22, 2023; the substantial investment of capital required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our motion pictures and television programming; risks related to acquisition and integration of acquired businesses; the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; potential adverse reactions or changes to business or employee relationships; the impact of global pandemics on our business; weakness in the global economy and financial markets, including a recession and future bank failures; wars, terrorism and multiple international conflicts that could cause significant economic disruption and political and social instability; labor disruption or strikes; and the other risks and uncertainties discussed under Part I, Item 1A. “Risk Factors” found in our Form 10-K, which risk factors are incorporated herein by reference, as updated by any risk factors found under Part II, Item 1A. "Risk Factors" herein. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods.
Any forward-looking statements, which we make in this report, speak only as of the date of such statement, and we undertake no obligation to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
This Quarterly Report on Form 10-Q may contain references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other company.
Unless otherwise indicated or the context requires, all references to the “Company,” “Lionsgate,” “we,” “us,” and “our” refer to Lions Gate Entertainment Corp., a corporation organized under the laws of the province of British Columbia, Canada, and its direct and indirect subsidiaries.

3

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
December 31,
2023
March 31,
2023
(Amounts in millions)
ASSETS
Cash and cash equivalents$283.0 $272.1 
Accounts receivable, net810.2 582.1 
Other current assets432.4 264.2 
Total current assets1,525.6 1,118.4 
Investment in films and television programs and program rights, net2,772.7 2,947.9 
Property and equipment, net95.1 89.5 
Investments71.5 64.7 
Intangible assets, net1,028.5 1,300.1 
Goodwill801.4 1,289.5 
Other assets859.9 616.1 
Total assets$7,154.7 $7,426.2 
LIABILITIES
Accounts payable$306.7 $368.1 
Content related payables282.2 184.1 
Other accrued liabilities324.8 273.4 
Participations and residuals622.7 549.3 
Film related obligations1,318.6 1,007.2 
Debt - short term portion50.3 41.4 
Deferred revenue266.5 147.2 
Total current liabilities3,171.8 2,570.7 
Debt2,238.2 1,978.2 
Participations and residuals472.0 329.6 
Film related obligations554.4 1,016.4 
Other liabilities532.9 317.9 
Deferred revenue81.5 52.0 
Deferred tax liabilities18.5 31.8 
Total liabilities7,069.3 6,296.6 
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests409.1 343.6 
EQUITY (DEFICIT)
Class A voting common shares, no par value, 500.0 shares authorized, 83.6 shares issued (March 31, 2023 - 83.5 shares issued)
673.4 672.3 
Class B non-voting common shares, no par value, 500.0 shares authorized, 151.5 shares issued (March 31, 2023 - 145.9 shares issued)
2,459.3 2,430.9 
Accumulated deficit(3,574.6)(2,439.6)
Accumulated other comprehensive income116.4 120.9 
Total Lions Gate Entertainment Corp. shareholders' equity (deficit)(325.5)784.5 
Noncontrolling interests1.8 1.5 
Total equity (deficit)(323.7)786.0 
Total liabilities, redeemable noncontrolling interests and equity (deficit)$7,154.7 $7,426.2 
See accompanying notes.
4

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months EndedNine Months Ended
December 31,December 31,
2023202220232022
 (Amounts in millions, except per share amounts)
Revenues$975.1 $1,000.1 $2,899.1 $2,769.1 
Expenses
Direct operating510.8 584.7 1,549.1 1,744.7 
Distribution and marketing220.0 171.0 686.0 567.1 
General and administration121.0 115.0 368.1 340.0 
Depreciation and amortization49.9 46.3 138.9 133.9 
Restructuring and other116.9 75.3 371.0 316.5 
Goodwill and intangible asset impairment  663.9 1,475.0 
Total expenses1,018.6 992.3 3,777.0 4,577.2 
Operating income (loss)(43.5)7.8 (877.9)(1,808.1)
Interest expense(67.1)(59.6)(192.9)(163.0)
Interest and other income1.8 1.7 6.5 4.8 
Other expense(2.5)(10.7)(19.6)(21.1)
Gain on extinguishment of debt 38.2 21.2 40.3 
Gain on investments, net4.4 43.4 2.7 42.1 
Equity interests income4.2  5.7 0.8 
Income (loss) before income taxes(102.7)20.8 (1,054.3)(1,904.2)
Income tax provision(4.7)(5.6)(12.5)(16.6)
Net income (loss)(107.4)15.2 (1,066.8)(1,920.8)
Less: Net loss attributable to noncontrolling interests0.8 1.4 3.3 7.3 
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders$(106.6)$16.6 $(1,063.5)$(1,913.5)
Per share information attributable to Lions Gate Entertainment Corp. shareholders:
Basic net income (loss) per common share$(0.45)$0.07 $(4.56)$(8.41)
Diluted net income (loss) per common share$(0.45)$0.07 $(4.56)$(8.41)
Weighted average number of common shares outstanding:
Basic235.1 228.8 233.1 227.4 
Diluted235.1 230.1 233.1 227.4 
See accompanying notes.
5

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Three Months EndedNine Months Ended
December 31,December 31,
2023202220232022
(Amounts in millions)
Net income (loss)$(107.4)$15.2 $(1,066.8)$(1,920.8)
Foreign currency translation adjustments, net of tax3.0 3.7 1.6 (3.4)
Net unrealized gain on cash flow hedges, net of tax(23.0)8.4 (6.1)108.5 
Comprehensive income (loss)(127.4)27.3 (1,071.3)(1,815.7)
Less: Comprehensive loss attributable to noncontrolling interests0.8 1.4 3.3 7.3 
Comprehensive income (loss) attributable to Lions Gate Entertainment Corp. shareholders$(126.6)$28.7 $(1,068.0)$(1,808.4)
See accompanying notes.

6

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)


Three Months Ended
Class A VotingClass B Non-VotingAccumulated DeficitAccumulated Other Comprehensive IncomeLions Gate Entertainment Corp. Shareholders' Equity (Deficit)Noncontrolling Interests (a) Total Equity (Deficit)
 Common SharesCommon Shares
 NumberAmountNumberAmount
(Amounts in millions)
Balance at September 30, 202383.5 $673.0 151.4 $2,437.0 $(3,467.5)$136.4 $(221.1)$2.3 $(218.8)
Exercise of stock options— —  0.2 — — 0.2 — 0.2 
Share-based compensation, net of share cancellations for taxes 0.2 0.1 21.9 — — 22.1 — 22.1 
Issuance of common shares0.1 0.2  0.2 — — 0.4 — 0.4 
Noncontrolling interests— — — — — — — (0.8)(0.8)
Net loss— — — — (106.6)— (106.6)0.3 (106.3)
Other comprehensive loss— — — — — (20.0)(20.0)— (20.0)
Redeemable noncontrolling interests adjustments to redemption value— — — — (0.5)— (0.5)— (0.5)
Balance at December 31, 202383.6 $673.4 151.5 $2,459.3 $(3,574.6)$116.4 $(325.5)$1.8 $(323.7)
Balance at September 30, 202283.4 $670.4 145.2 $2,373.5 $(2,320.4)$122.3 $845.8 $1.6 $847.4 
Share-based compensation, net of share cancellations for taxes 1.0 0.3 22.2 — — 23.2 — 23.2 
Issuance of common shares 0.1  0.1 — — 0.2 — 0.2 
Noncontrolling interests— — — — — — — (0.3)(0.3)
Net income— — — — 16.6 — 16.6 (0.1)16.5 
Other comprehensive income— — — — — 12.1 12.1 — 12.1 
Redeemable noncontrolling interests adjustments to redemption value— — — — (14.1)— (14.1)— (14.1)
Balance at December 31, 202283.4 $671.5 145.5 $2,395.8 $(2,317.9)$134.4 $883.8 $1.2 $885.0 
_____________________
(a)Excludes redeemable noncontrolling interests, which are reflected in temporary equity (see Note 9).
7

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)

Nine Months Ended
Class A VotingClass B Non-VotingAccumulated DeficitAccumulated Other Comprehensive IncomeLions Gate Entertainment Corp. Shareholders' Equity (Deficit)Noncontrolling Interests (a) Total Equity (Deficit)
 Common SharesCommon Shares
 NumberAmountNumberAmount
(Amounts in millions)
Balance at March 31, 202383.5 $672.3 145.9 $2,430.9 $(2,439.6)$120.9 $784.5 $1.5 $786.0 
Exercise of stock options— —  0.5 — — 0.5 — 0.5 
Share-based compensation, net of share cancellations for taxes 0.6 5.6 27.4 — — 28.0 — 28.0 
Issuance of common shares0.1 0.5  0.5 — — 1.0 — 1.0 
Noncontrolling interests— — — — — — — (0.8)(0.8)
Net loss— — — — (1,063.5)— (1,063.5)1.1 (1,062.4)
Other comprehensive income— — — — — (4.5)(4.5)— (4.5)
Redeemable noncontrolling interests adjustments to redemption value— — — — (71.5)— (71.5)— (71.5)
Balance at December 31, 202383.6 $673.4 151.5 $2,459.3 $(3,574.6)$116.4 $(325.5)$1.8 $(323.7)
Balance at March 31, 202283.3 $668.2 142.0 $2,353.8 $(369.7)$29.3 $2,681.6 $1.8 $2,683.4 
Exercise of stock options—  0.3 3.5 — — 3.5 — 3.5 
Share-based compensation, net of share cancellations for taxes0.1 3.0 3.2 38.3 — — 41.3 — 41.3 
Issuance of common shares 0.3  0.2 — — 0.5 — 0.5 
Noncontrolling interests— — — — — — — (0.7)(0.7)
Net loss— — — — (1,913.5)— (1,913.5)0.1 (1,913.4)
Other comprehensive income— — — — — 105.1 105.1 — 105.1 
Redeemable noncontrolling interests adjustments to redemption value— — — — (34.7)— (34.7)— (34.7)
Balance at December 31, 202283.4 $671.5 145.5 $2,395.8 $(2,317.9)$134.4 $883.8 $1.2 $885.0 
_____________________
(a)Excludes redeemable noncontrolling interests, which are reflected in temporary equity (see Note 9).

See accompanying notes.
8


LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
December 31,
20232022
 (Amounts in millions)
Operating Activities:
Net loss$(1,066.8)$(1,920.8)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization138.9 133.9 
Amortization of films and television programs and program rights1,138.7 1,284.4 
Amortization of debt financing costs and other non-cash interest22.0 20.1 
Non-cash share-based compensation75.3 59.8 
Other amortization35.0 55.8 
Goodwill and intangible asset impairment663.9 1,475.0 
Content and other impairments317.4 299.7 
Gain on extinguishment of debt(21.2)(40.3)
Equity interests income(5.7)(0.8)
Gain on investments, net(2.7)(42.1)
Deferred income taxes(13.4)(0.5)
Changes in operating assets and liabilities:
Proceeds from the termination of interest rate swaps 188.7 
Accounts receivable, net57.4 (26.3)
Investment in films and television programs and program rights, net(926.2)(1,573.4)
Other assets(24.3)(48.2)
Accounts payable and accrued liabilities(93.4)(46.0)
Participations and residuals10.4 84.3 
Content related payables57.3 (18.1)
Deferred revenue38.8 (13.2)
Net Cash Flows Provided By (Used In) Operating Activities401.4 (128.0)
Investing Activities:
Purchase of eOne, net of cash acquired (see Note 2)(331.1) 
Proceeds from the sale of equity method and other investments5.2 46.3 
Investment in equity method investees and other(11.3)(17.5)
Increase in loans receivable(3.6) 
Capital expenditures(24.7)(36.6)
Net Cash Flows Used In Investing Activities(365.5)(7.8)
Financing Activities:
Debt - borrowings2,270.5 1,238.0 
Debt - repurchases and repayments(1,987.4)(1,548.3)
Film related obligations - borrowings1,262.6 1,384.0 
Film related obligations - repayments(1,530.3)(694.8)
Settlement of financing component of interest rate swaps (134.5)
Purchase of noncontrolling interest(0.6) 
Distributions to noncontrolling interest(1.7)(4.8)
Exercise of stock options0.5 3.4 
Tax withholding required on equity awards(31.0)(17.3)
Net Cash Flows Provided By (Used In) Financing Activities(17.4)225.7 
Net Change In Cash, Cash Equivalents and Restricted Cash18.5 89.9 
Foreign Exchange Effects on Cash, Cash Equivalents and Restricted Cash1.7 (3.5)
Cash, Cash Equivalents and Restricted Cash - Beginning Of Period313.0 384.6 
Cash, Cash Equivalents and Restricted Cash - End Of Period$333.2 $471.0 

See accompanying notes.
9

LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1. General
Nature of Operations
Lions Gate Entertainment Corp. (the “Company,” “Lionsgate,” "Lions Gate," “we,” “us” or “our”) encompasses world-class motion picture and television studio operations (collectively referred to as the “Studio Business”) aligned with the STARZ premium global subscription platform to bring a unique and varied portfolio of entertainment to consumers around the world. The Company’s film, television, subscription and location-based entertainment businesses are backed by a more than 20,000-title library and a valuable collection of iconic film and television franchises.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries.
The unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024. The balance sheet at March 31, 2023 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023, as amended.
Certain amounts presented in prior periods have been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs used for the amortization of investment in films and television programs; estimates of future viewership used for the amortization of licensed program rights; estimates related to the revenue recognition of sales or usage-based royalties; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies acquired; income taxes including the assessment of valuation allowances for deferred tax assets; accruals for contingent liabilities; and impairment assessments for investment in films and television programs and licensed program rights, property and equipment, equity investments, goodwill and intangible assets. Actual results could differ from such estimates.

Recent Accounting Pronouncements

Segment Reporting: In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance which expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending March 31, 2025 and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

10

LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)


Income Taxes: In December 2023, the FASB issued guidance which expands income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this guidance requires all entities disaggregate disclosures on the amount of income taxes paid (net of refunds received), income or loss from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. This guidance is effective for fiscal years beginning after December 15, 2024, and therefore will be effective beginning with the Company’s annual audited consolidated financial statements for the fiscal year ending March 31, 2026 with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.


11

LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)


2. Acquisitions

eOne Acquisition

On December 27, 2023, the Company, and its subsidiaries, Lions Gate Entertainment Inc., a Delaware corporation (“LGEI”), and Lions Gate International Motion Pictures S.à.r.l., a Luxembourg société à responsabilité limitée (“LGIMP” and, with the Company and LGEI, collectively the “Buyers”), completed the previously announced acquisition of all of the issued and outstanding equity interests of the companies constituting the Entertainment One television and film (“eOne”) business from Hasbro, Inc., a Rhode Island corporation (“Hasbro”), pursuant to that certain Equity Purchase Agreement (the “Purchase Agreement”) dated August 3, 2023. The aggregate cash purchase price was approximately $375.0 million, subject to certain purchase price adjustments, including for cash, debt, and working capital. Upon closing, the Company paid $331.0 million, net of cash acquired of $54.1 million, which reflects the purchase price of $375.0 million adjusted for estimated cash, debt, transaction costs and working capital. The preliminary purchase price is subject to further adjustments based on the final determination of the purchase price adjustments. The acquisition of eOne, a film and television production and distribution company, builds the Company's film and television library, strengthens the Company's scripted and unscripted television business, and continues to expand the Company's presence in Canada and the U.K.

The acquisition was accounted for under the acquisition method of accounting, with the financial results of eOne included in the Company's consolidated results from December 27, 2023. There was no material revenue or net income from eOne for the period from December 27, 2023 through December 31, 2023. The Company incurred approximately $5.6 million and $8.8 million of acquisition-related costs that were expensed in restructuring and other during the three and nine months ended December 31, 2023, respectively.

Allocation of Purchase Consideration. The Company has made a preliminary estimate of the allocation of the preliminary purchase price of eOne to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value. The Company is still evaluating the fair value of film and television programs and libraries, projects in development, intangible assets, and income taxes, in addition to ensuring all other assets and liabilities and contingencies have been identified and recorded. The Company has estimated the preliminary fair value of assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information pertaining to events or circumstances present at December 27, 2023 becomes available and final appraisals and analysis are completed. The Company has also conducted an initial review of, and is in the process of continuing to evaluate, the accounting policies and practices of eOne, to determine if differences in accounting policies and practices require reclassifications to conform to the Company's accounting policies and practices. As a result of that review, the Company may identify additional differences between the accounting policies and practices of the companies that, when conformed, could have a material impact on the consolidated financial statements of the Company. The Company will reflect measurement period adjustments, in the period in which the adjustments occur, and the Company will finalize its accounting for the acquisition within one year from December 27, 2023. A change in the fair value of the net assets may change the amount of the purchase price allocable to goodwill. If the final fair value estimates and tax adjustments related to the net assets acquired decrease from their preliminary estimates, the amount of goodwill will increase and if the final fair value estimates and tax adjustments related to the net assets acquired increase from their preliminary estimates, the amount of goodwill will decrease and may result in a gain on purchase. In addition, the final fair value estimates related to the net assets acquired could impact the amount of amortization expense recorded associated with amounts allocated to film and television programs and other intangible assets. The preliminary goodwill recorded was not significant and is reflected in the table below. The goodwill will not be amortized for financial reporting purposes, and will not be deductible for federal tax purposes. The fair value measurements were primarily based on significant inputs that are not observable in the market, such as discounted cash flow (DCF) analyses, and thus represent Level 3 fair value measurements.

The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, and a reconciliation to total consideration transferred is presented in the table below:
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(Amounts in millions)
Cash and cash equivalents$54.1 
Accounts receivable287.6 
Investment in films and television programs367.9 
Property and equipment14.0 
Intangible assets4.0 
Other assets(1)
205.0 
Accounts payable and accrued liabilities(72.0)
Content related payable(37.3)
Participations and residuals(1)
(203.7)
Film related obligations(1)
(105.8)
Other liabilities and deferred revenue(1)
(134.5)
Preliminary fair value of net assets acquired379.3 
Goodwill5.8 
Preliminary purchase price consideration$385.1 
______________
(1)Includes current and non-current amounts.

Investment in films and television programs includes the preliminary fair value of completed films and television programs which have been produced by eOne or for which eOne has acquired distribution rights, as well as the preliminary fair value of films and television programs in production, pre-production and development. For investment in films and television programs, the fair value was preliminarily estimated based on forecasted cash flows discounted to present value at a rate commensurate with the risk of the assets. Titles that were released less than three years prior to the acquisition date (December 27, 2023) were valued individually and will be amortized using the individual film forecast method, based on the ratio of current period revenues to management’s estimated remaining total gross revenues to be earned ("ultimate revenue"). Titles released more than three years prior to the acquisition date were valued as part of a library and will be amortized on a straight-line basis over the estimated useful life of 5 years to 10 years.
The intangible assets acquired include trade names with a weighted average estimated useful life of 5 years. The fair value of the trade names was preliminarily estimated based on the present value of the hypothetical cost savings that could be realized by the owner of the trade names as a result of not having to pay a stream of royalty payments to another party. These cost savings were calculated based on a DCF analysis of the hypothetical royalty payment that a licensee would be required to pay in exchange for use of the trade names, reduced by the tax effect realized by the licensee on the royalty payments.

Other preliminary fair value adjustments were made to property and equipment and right-of-use lease assets to reflect the fair value of certain assets upon acquisition.

Deferred taxes were preliminarily adjusted to record the deferred tax impact of acquisition accounting adjustments primarily related to amounts allocated to film and television programs, other intangible assets, and certain property and equipment, right-of-use lease assets, and other liabilities.

The fair value of eOne's cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, participations and residuals, film related obligations and other liabilities were estimated to approximate their book values.


Pro Forma Statement of Operations Information. The following unaudited pro forma condensed consolidated statement of operations information presented below illustrate the results of operations of the Company as if the acquisition of eOne as described above occurred on April 1, 2022. The unaudited pro forma condensed consolidated financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the acquisition had occurred on April 1, 2022, nor is it indicative of future results. The statement of operations information below for the nine month periods includes (i) the statement of operations of eOne for the nine months ended September 30, 2023 combined with the Company's statement of operations for the nine months ended December 31, 2023, and (ii) the statement of operations of
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eOne for the nine months ended September 30, 2022 combined with the Company's statement of operations for the nine months ended December 31, 2022.

Three Months EndedNine Months Ended
December 31,December 31,
2023202220232022
 (Amounts in millions)
Revenues$1,116.0 $1,309.7 $3,318.4 $3,287.3 
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders$(87.4)$41.2 $(1,344.0)$(1,880.5)

The unaudited pro forma condensed consolidated financial information includes, where applicable, adjustments for (i) reductions in amortization expense from the fair value adjustments to investment in films and television programs, (ii) reduction in amortization expense related to acquired intangible assets, (iii) reduction in depreciation expense from the fair value of property and equipment, (iv) transaction costs and other one-time non-recurring costs, (v) increase in interest expense resulting from financing the acquisition with borrowings under the Company's revolving credit facility, (vi) elimination of intercompany activity between eOne and the Company, and (vii) associated tax-related impacts of adjustments. These pro forma adjustments are based on available information as of the date hereof and upon assumptions that the Company believes are reasonable to reflect the impact of the acquisition of eOne on the Company's historical financial information on a supplemental pro forma basis. The unaudited pro forma condensed consolidated statement of operations information does not include adjustments related to integration activities, operating efficiencies or cost savings. In addition, the unaudited pro forma condensed consolidated financial information for the nine months ended December 31, 2023 includes an impairment of goodwill and trade name of $296.2 million which was reflected in the statement of operations of eOne for the nine months ended September 30, 2023.

The results of operations of eOne were reflected beginning December 27, 2023, in the Motion Picture and Television Production reportable segments of the Company.

Business Combination Agreement

On December 22, 2023, the Company entered into a business combination agreement (the “Business Combination Agreement”), with Screaming Eagle Acquisition Corp., a Cayman Islands exempted company (“Screaming Eagle”), SEAC II Corp., a Cayman Islands exempted company and a wholly-owned subsidiary of Screaming Eagle (“New SEAC”), SEAC MergerCo, a Cayman Islands exempted company and a wholly-owned subsidiary of Screaming Eagle, 1455941 B.C. Unlimited Liability Company, a British Columbia unlimited liability company and a wholly-owned subsidiary of Screaming Eagle, LG Sirius Holdings ULC, a British Columbia unlimited liability company and wholly-owned subsidiary of Lionsgate and LG Orion Holdings ULC, a British Columbia unlimited liability company and wholly-owned subsidiary of Lionsgate (“StudioCo”). Pursuant to the terms and conditions of the Business Combination Agreement, the Studio Business will be combined with Screaming Eagle through a series of transactions, including an amalgamation of StudioCo and New SEAC under a Canadian plan of arrangement (the “Business Combination”). Upon consummation of the Business Combination, approximately 87.3% of the total shares of the Studio Business are expected to continue to be held by Lionsgate, while Screaming Eagle public shareholders and founders and common equity financing investors are expected to own an aggregate of approximately 12.7% of the combined company. In addition to establishing the Studio Business as a standalone publicly-traded entity, the transaction is expected to deliver approximately $350.0 million of gross proceeds to the Company, including $175.0 million in private investments in public equities (“PIPE”) financing. The transaction is subject to certain closing conditions, including regulatory approvals and approval from the shareholders and public warrant holders of Screaming Eagle, and is expected to close in the spring of 2024. The closing of the transaction is also subject to the gross proceeds to the Company being equal to a minimum of $350.0 million.
Harry E. Sloan, a member of the Company’s Board of Directors, is also the Chairman of Screaming Eagle, and owns, directly or indirectly, a material interest in Eagle Equity Partners V, LLC, a Delaware limited liability company, the Screaming Eagle sponsor. Mr. Sloan recused himself from the decisions to approve the Business Combination made by both the board of directors of Screaming Eagle and Lionsgate.
The Business Combination is expected to be accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Screaming Eagle will be treated as the acquired company and the Studio Business will be treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of New SEAC will represent a continuation of the financial statements of the Studio Business, with the Business Combination treated as the equivalent of the Studio Business issuing stock for the historical net assets of Screaming Eagle, accompanied by a
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)


recapitalization. The net assets of Screaming Eagle will be stated at fair value, which approximates historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination will be those of the Studio Business.

3. Investment in Films and Television Programs and Licensed Program Rights
Total investment in films and television programs and licensed program rights by predominant monetization strategy is as follows:                
December 31,
2023
March 31,
2023
 (Amounts in millions)
Investment in Films and Television Programs:
Individual Monetization
Released, net of accumulated amortization$804.9 $611.7 
Completed and not released296.1 278.7 
In progress467.6 457.0 
In development61.3 64.1 
1,629.9 1,411.5 
Film Group Monetization
Released, net of accumulated amortization562.1 657.8 
Completed and not released272.7 281.7 
In progress111.3 303.0 
In development9.1 8.2 
955.2 1,250.7 
Licensed program rights, net of accumulated amortization187.6 285.7 
Investment in films and television programs and licensed program rights, net$2,772.7 $2,947.9 


At December 31, 2023, acquired film and television libraries have remaining unamortized costs of $233.5 million, which are monetized individually and are being amortized on a straight-line basis or the individual-film-forecast method over a weighted-average remaining period of approximately 13.0 years (March 31, 2023 - unamortized costs of $132.8 million).

Amortization of investment in film and television programs and licensed program rights by predominant monetization strategy is as follows, and was included in direct operating expense in the unaudited condensed consolidated statements of operations:
Three Months EndedNine Months Ended
December 31,December 31,
2023202220232022
 (Amounts in millions)
Amortization expense:
Individual monetization$214.2 $207.9 $618.6 $711.1 
Film group monetization66.8 82.8 276.7 227.7 
Licensed program rights90.2 94.4 243.4 345.6 
$371.2 $385.1 $1,138.7 $1,284.4 
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Impairments. Investment in films and television programs and licensed program rights includes write-downs to fair value. The following table sets forth impairments by segment and the line item in our unaudited condensed consolidated statement of operations they are recorded in for the three and nine months ended December 31, 2023 and 2022:
Three Months EndedNine Months Ended
December 31,December 31,
2023202220232022
 (Amounts in millions)
Impairments by segment:
Included in direct operating expense:
Motion Picture$0.5 $0.6 $27.5 $1.1 
Television Production1.2  6.6 4.7 
Impairments not included in segment operating results(1):
Included in restructuring and other77.8 80.8 317.4 293.8 
$79.5 $81.4 $351.5 $299.6 
________________
(1)Represents charges related to the Media Networks restructuring plan initiatives, including content impairment of programming removed from its platforms and in certain international territories exited or to be exited. See Note 14 for further information.

4. Investments
The Company's investments consisted of the following:
December 31,
2023
March 31,
2023
 (Amounts in millions)
Investments in equity method investees$67.1 $63.1 
Other investments4.4 1.6 
$71.5 $64.7 

Equity Method Investments:
The Company has investments in various equity method investees with ownership percentages ranging from approximately 6% to 49%. These investments include:
Spyglass. Spyglass is a global premium content company, focused on developing, producing, financing and acquiring motion pictures and television programming across all platforms for worldwide audiences.
STARZPLAY Arabia. STARZPLAY Arabia (Playco Holdings Limited) offers a STARZ-branded online subscription video-on-demand service in the Middle East and North Africa. On October 17, 2022, the Company sold a portion of its ownership interest in STARZPLAY Arabia and received net proceeds of $43.4 million, and the Company recorded a gain of $43.4 million on the sale which is included in gain (loss) on investments in the Company's unaudited condensed consolidated statement of operations for the three months ended December 31, 2022. Subsequent to the transaction, the Company continues to hold a minority ownership interest in STARZPLAY Arabia.
Roadside Attractions. Roadside Attractions is an independent theatrical distribution company.
Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S.
Atom Tickets. Atom Tickets is the first-of-its-kind theatrical mobile ticketing platform and app.
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42. 42 is a fully integrated management and production company, producing film, television and content, representing actors, writers, directors, comedians, presenters, producers, casting directors and media book rights; with offices in London and Los Angeles.
Other. In addition to the equity method investments discussed above, the Company holds ownership interests in other immaterial equity method investees.




5. Goodwill and Intangible Assets

Goodwill
Changes in the carrying value of goodwill by reporting segment were as follows:
Motion
Picture
Television
Production
Media NetworksTotal
 (Amounts in millions)
Balance as of March 31, 2023(1)
$393.7 $401.9 $493.9 $1,289.5 
Acquisition of eOne (see Note 2)1.0 4.8  5.8 
Impairment  (493.9)(493.9)
Balance as of December 31, 2023(1)
$394.7 $406.7 $ $801.4 
________________
(1)As of March 31, 2023 and December 31, 2023, accumulated goodwill impairment losses totaled $1.475 billion and $1.969 billion, respectively, related to the Media Networks reporting unit, as further described below.

Impairment Assessments

Fiscal 2024. During the second quarter ended September 30, 2023, due to the continuing difficult macro and microeconomic conditions, industry trends, and their impact on the performance and projected cash flows of the Media Networks segment, including its growth in subscribers and revenue worldwide, and the expanded restructuring activities discussed in Note 14, along with recent market valuation multiples, the Company updated its quantitative impairment assessment for its Media Networks reporting unit goodwill based on the most recent data and expected growth trends. In performing its quantitative impairment assessment, the fair value of the Company's reporting units was estimated by using a combination of discounted cash flow ("DCF") analyses and market-based valuation methodologies. The Media Networks reporting unit goodwill was established in connection with the acquisition of Starz as of December 8, 2016.

Based on its quantitative impairment assessment, the Company determined that the fair value of our Media Networks reporting unit which was previously disclosed as a reporting unit "at risk" of impairment, was less than its carrying value (after the impairment write-down of its indefinite-lived intangible assets discussed below). The analysis resulted in a goodwill impairment charge of $493.9 million in the second quarter ended September 30, 2023, representing all of the remaining Media Networks reporting unit goodwill, which is recorded in the "goodwill and intangible asset impairment" line item in the unaudited condensed consolidated statement of operations in the nine months ended December 31, 2023.

During each quarter in the nine months ended December 31, 2023, we performed qualitative goodwill impairment assessments for all our other reporting units (Motion Picture, and our Television and Talent Management businesses, both of which are part of our Television Production segment). Our qualitative assessment considered the market price of the Company’s common shares, the recent performance of these reporting units, and updated forecasts of performance and cash flows, as well as the current micro and macroeconomic environments in relation to the current and expected performance of these reporting units, and industry considerations, and determined that since the quantitative assessment performed in the quarter ended September 30, 2022 and our qualitative assessment performed for fiscal 2023, there were no events or circumstances that rise to a level that would more-likely-than-not reduce the fair value of those reporting units below their carrying values; therefore, a quantitative goodwill impairment analysis was not required for these reporting units.

Fiscal 2023. In fiscal 2023, during the second quarter ended September 30, 2022, due to adverse macro and microeconomic conditions, including the competitive environment, continued inflationary trends and recessionary economies worldwide and its impact on the Company's growth in subscribers worldwide, the Company began implementing a plan to
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restructure its LIONSGATE+ business, and the Company revised its subscriber growth and forecasted cash flow assumptions and implemented certain cost-saving measures.

Accordingly, for the second quarter ended September 30, 2022, the Company updated its quantitative impairment assessment for all of its reporting units, using a combination of DCF analyses and market-based valuation methodologies to estimate the fair value of the Company's reporting units, and determined that the fair value of its reporting units exceeded the carrying values for all of its reporting units, except the Media Networks reporting unit which had been previously disclosed as a reporting unit "at risk" of impairment. The analysis resulted in a goodwill impairment charge of $1.475 billion in the three months ended September 30, 2022, related to the Company's Media Networks reporting unit goodwill, which is recorded in the "goodwill and intangible asset impairment" line item in the unaudited condensed consolidated statement of operations. Since the impairment charge reduced the carrying value of the Media Networks reporting unit to its fair value, at September 30, 2022 the fair value and carrying value of the Media Networks reporting unit were equal and thus it continued to be considered "at risk" of impairment.
Indefinite-Lived Intangible Assets
Through September 30, 2023, our indefinite-lived intangible assets consisted of trade names representing the estimated fair value of the Starz brand name determined in connection with the acquisition of Starz as of December 8, 2016, amounting to $250.0 million related to the Media Networks reporting unit before the impairment charge recorded in the second quarter ended September 30, 2023 discussed below.
During the second quarter ended September 30, 2023, due to the events and their impact discussed above related to our Media Networks reporting unit, we performed a quantitative impairment assessment of our indefinite-lived trade names. The fair value of the Company's indefinite-lived trade names was estimated based on the present value of the hypothetical cost savings that could be realized by the owner of the trade names as a result of not having to pay a stream of royalty payments to another party. These cost savings were calculated based on a DCF analysis of the hypothetical royalty payment that a licensee would be required to pay in exchange for use of the trade names, reduced by the tax effect realized by the licensee on the royalty payments. Based on the quantitative impairment assessment of our trade names, we recorded an impairment charge of $170.0 million in the second quarter ended September 30, 2023 related to the Company's Starz business, which was recorded in the "goodwill and intangible asset impairment" line item in the unaudited condensed consolidated statement of operations in the nine months ended December 31, 2023.
After the Company performed its quantitative impairment assessment, during the second quarter ended September 30, 2023, the Company then reassessed the estimated useful life of the trade names with a remaining carrying value of $80.0 million, net of the impairment charge discussed above. The Company concluded that based upon the most recent factors, including current macro and microeconomic conditions, market competition and historical Company and industry trends, the trade names now have a finite estimated remaining useful life of 10 years. Accordingly, beginning in the third quarter ended December 31, 2023, the trade names are being accounted for as finite-lived intangible assets and amortized over their estimated remaining useful life. This resulted in an increase to amortization expense of $2.0 million for the three and nine months ended December 31, 2023 with a corresponding reduction of income before income taxes, net loss, and net loss attributable to Lions Gate Entertainment Corp. shareholders. This resulted in a decrease to basic and diluted net loss per share for the three months ended December 31, 2023 by $0.01 per share, and a decrease to basic and diluted net loss per share for the nine months ended December 31, 2023 by $0.01 per share. There was no tax benefit from the change due to changes in the Company’s valuation allowance on deferred taxes.
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Finite-Lived Intangible Assets
Our finite-lived intangible assets primarily relate to customer relationships representing Starz affiliation agreements with distributors, related to the Media Networks reporting unit. Beginning in the third quarter ended December 31, 2023, our finite-lived intangible assets also include the trade names previously accounted for as indefinite-lived intangible assets as discussed above.
The Company monitors its finite-lived intangible assets and changes in the underlying circumstances each reporting period for indicators of possible impairments or a change in the useful life or method of amortization of our finite-lived intangible assets.
During the third quarter ended December 31, 2023, there were no events or circumstances that would indicate that the carrying amount of our finite-lived intangible assets (which including the trade names discussed above amounted to $1,028.5 million at December 31, 2023) may not be recoverable.



6. Debt

Total debt of the Company, excluding film related obligations, was as follows:
 December 31,
2023
March 31,
2023
 (Amounts in millions)
Corporate debt:
Revolving Credit Facility$375.0 $ 
Term Loan A407.1 428.2 
Term Loan B822.3 831.7 
5.500% Senior Notes
715.0 800.0 
Total corporate debt2,319.4 2,059.9 
Unamortized debt issuance costs(30.9)(40.3)
Total debt, net2,288.5 2,019.6 
Less current portion(50.3)(41.4)
Non-current portion of debt$2,238.2 $1,978.2 


Senior Credit Facilities (Revolving Credit Facility, Term Loan A and Term Loan B)
Revolving Credit Facility Availability of Funds & Commitment Fee. The Revolving Credit Facility provides for borrowings and letters of credit up to an aggregate of $1.25 billion, and at December 31, 2023 there was $875.0 million available. However, borrowing levels are subject to certain financial covenants as discussed below. There were no letters of credit outstanding at December 31, 2023. The Company is required to pay a quarterly commitment fee on the Revolving Credit Facility of 0.250% to 0.375% per annum, depending on the achievement of certain leverage ratios, as defined in the credit and guarantee agreement dated December 8, 2016, as amended (the "Credit Agreement"), on the total Revolving Credit Facility of $1.25 billion less the amount drawn.
Maturity Date:
Revolving Credit Facility & Term Loan A: April 6, 2026. The outstanding amounts may become due on December 23, 2024 (i.e., 91 days prior to March 24, 2025) prior to its maturity on April 6, 2026 in the event that the aggregate principal amount of outstanding Term Loan B in excess of $250 million has not been repaid, refinanced or extended to have a maturity date on or after July 6, 2026. The Company expects to refinance and extend the maturity date of the Term Loan B prior to December 23, 2024 such that the maturity of the revolving credit facility and Term Loan A are not accelerated.
Term Loan B: March 24, 2025.
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Interest: In June 2023, the Company amended its Credit Agreement to replace the benchmark interest rate, U.S. dollar LIBOR, with the Secured Overnight Financing Rate (“SOFR”), due to the discontinuance of LIBOR, as further described below.
Revolving Credit Facility & Term Loan A: As amended on June 14, 2023, the Revolving Credit Facility and term loan A facility due April 2026 (the "Term Loan A") bear interest at a rate per annum equal to SOFR plus 0.10% plus 1.75% margin (or an alternative base rate plus 0.75%), with a SOFR floor of zero (prior to the amendment, bore interest at LIBOR plus 1.75% margin, with a LIBOR floor of zero). The margin is subject to potential increases of up to 50 basis points (two (2) increases of 25 basis points each) upon certain increases to net first lien leverage ratios, as defined in the Credit Agreement (effective interest rate of 7.20% as of December 31, 2023, before the impact of interest rate swaps, see Note 17 for interest rate swaps).
Term Loan B: As amended on June 14, 2023, the term loan B facility due March 2025 (the "Term Loan B") bears interest at a rate per annum equal to SOFR plus 0.10% plus 2.25% margin, with a SOFR floor of zero (or an alternative base rate plus 1.25% margin) (prior to the amendment, bore interest at LIBOR plus 2.25% margin with a LIBOR floor of zero) (effective interest rate of 7.70% as of December 31, 2023, before the impact of interest rate swaps).
Required Principal Payments:
Term Loan A: Quarterly principal payments, at quarterly rates of 1.25% beginning September 30, 2022, 1.75% beginning September 30, 2023, and 2.50% beginning September 30, 2024 through March 31, 2026, with the balance payable at maturity.
Term Loan B: Quarterly principal payments at a quarterly rate of 0.25%, with the balance payable at maturity.
The Term Loan A and Term Loan B also require mandatory prepayments in connection with certain asset sales, subject to certain significant exceptions, and the Term Loan B is subject to additional mandatory repayment from specified percentages of excess cash flow, as defined in the Credit Agreement.
Optional Prepayment:
Revolving Credit Facility, Term Loan A & Term Loan B: The Company may voluntarily prepay the Revolving Credit Facility, Term Loan A and Term Loan B at any time without premium or penalty
Security. The Senior Credit Facilities are guaranteed by the guarantors named in the Credit Agreement and are secured by a security interest in substantially all of the assets of Lionsgate and the Guarantors (as defined in the Credit Agreement), subject to certain exceptions.
Covenants. The Senior Credit Facilities contain representations and warranties, events of default and affirmative and negative covenants that are customary for similar financings and which include, among other things and subject to certain significant exceptions, restrictions on the ability to declare or pay dividends, create liens, incur additional indebtedness, make investments, dispose of assets and merge or consolidate with any other person. In addition, a net first lien leverage maintenance covenant and an interest coverage ratio maintenance covenant apply to the Revolving Credit Facility and the Term Loan A and are tested quarterly. As of December 31, 2023, the Company was in compliance with all applicable covenants.
Change in Control. The Company may also be subject to an event of default upon a change in control (as defined in the Credit Agreement) which, among other things, includes a person or group acquiring ownership or control in excess of 50% of the Company’s common shares.
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5.500% Senior Notes

Interest: Bears interest at 5.500% annually (payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2021).
Maturity Date: April 15, 2029.

Optional Redemption:
(i)Prior to April 15, 2024, the Company may redeem the 5.500% Senior Notes in whole at any time, or in part from time to time, at a price equal to 100% of the principal amount of the notes to be redeemed plus a "make-whole" premium, plus accrued and unpaid interest, if any, to, but not including, the redemption date. The make-whole premium is the greater of (i) 1.0% of the principal amount redeemed and (ii) the excess, if any, of the present value at such redemption date of the redemption price at April 15, 2024 (see redemption prices below) plus interest through April 15, 2024 (discounted to the redemption date at the treasury rate plus 50 basis points) over the principal amount of the notes redeemed on the redemption date.
(ii)On or after April 15, 2024, the Company may redeem the 5.500% Senior Notes in whole at any time, or in part from time to time, at certain specified redemption prices, plus accrued and unpaid interest, if any, to, but not including, the redemption date. Such redemption prices are as follows (as a percentage of the principal amount redeemed): (i) on or after April 15, 2024 - 102.750%; (ii) on or after April 15, 2025 - 101.375%; and (iii) on or after April 15, 2026 - 100%. In addition, the Company may redeem up to 40% of the aggregate principal amount of the notes at any time and from time to time prior to April 15, 2024 with the net proceeds of certain equity offerings at a price of 105.500% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

Security. The 5.500% Senior Notes are unsubordinated, unsecured obligations of the Company.

Covenants. The 5.500% Senior Notes contain certain restrictions and covenants that, subject to certain exceptions, limit the Company’s ability to incur additional indebtedness, pay dividends or repurchase the Company’s common shares, make certain loans or investments, and sell or otherwise dispose of certain assets subject to certain conditions, among other limitations. As of December 31, 2023, the Company was in compliance with all applicable covenants.
Change in Control. The occurrence of a change of control will be a triggering event requiring the Company to offer to purchase from holders all of the 5.500% Senior Notes, at a price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. In addition, certain asset dispositions will be triggering events that may require the Company to use the excess proceeds from such dispositions to make an offer to purchase the 5.500% Senior Notes at 100% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.
Capacity to Pay Dividends
At December 31, 2023, the capacity to pay dividends under the Senior Credit Facilities and the 5.500% Senior Notes significantly exceeded the amount of the Company's accumulated deficit or net loss, and therefore the Company's net loss of $1,066.8 million and accumulated deficit of $3,574.6 million were deemed free of restrictions from paying dividends at December 31, 2023.
Debt Transactions:

Senior Notes Repurchases. In the nine months ended December 31, 2023, the Company repurchased $85.0 million principal amount of the 5.500% Senior Notes for $61.4 million, together with accrued and unpaid interest (none in the three months ended December 31, 2023).

In the three months ended December 31, 2022, the Company repurchased $123.7 million principal amount of the 5.500% Senior Notes for $81.6 million, together with accrued and unpaid interest (nine months ended December 31, 2022 - repurchased $142.4 million principal amount for $96.2 million).

Term Loan A Prepayment. In April 2022, the Company voluntarily prepaid the entire outstanding principal amount of the Term Loan A due March 22, 2023 of $193.6 million, together with accrued and unpaid interest.
21

LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)


Gain (Loss) on Extinguishment of Debt:
During the three and nine months ended December 31, 2023 and 2022, the Company recorded a gain (loss) on extinguishment of debt related to the transactions described above as summarized in the table below:
Three Months Ended
December 31,
Nine Months Ended
December 31,
2023202220232022
(Amounts in millions)
Gain (Loss) on Extinguishment of Debt:
Senior Notes repurchases$ $38.2 $21.2 $41.6 
Term Loan A prepayment   (1.3)
$ $38.2 $21.2 $40.3 





7. Film Related Obligations