Core Viewpoint - Starz aims to position itself strategically in the M&A landscape by acquiring linear networks that are undervalued by larger owners, leveraging its technology and expertise to transition these brands into the digital space [1][4]. Financial Performance - Starz reported a revenue of $320.9 million for the quarter ending September, down from $346.9 million year-over-year, aligning with Wall Street forecasts [5]. - Net losses increased to $52.6 million from $30.6 million, while adjusted EBITDA was $21 million, lower than expected, but the company reaffirmed its annual guidance of $200 million [6]. Subscriber Metrics - The company ended the quarter with 12.3 million U.S. OTT subscribers, a sequential increase of 110,000, while total U.S. subscribers decreased by 130,000 to 17.5 million [7]. - Total North American subscribers reached 19.2 million, with a sequential increase of 120,000, driven by a 250,000 increase in Canadian subscribers following the resolution of a carriage dispute [8]. Content Strategy - Starz is focusing on developing a steady pipeline of shows with longer seasons of 18-22 episodes to enhance viewer engagement and reduce churn [7]. - The company is working towards owning half of its content slate and has initiated several writers' rooms post-separation from Lionsgate, with its first original series "Fightland" currently in production [8]. Structural Changes - A new content licensing agreement has been established with Bell Canada, transitioning from a joint venture model to a more stable structure, allowing Starz to generate international licensing revenue while Bell manages operations [10][11].