Good day, and welcome to the Lionsgate second quarter 2024 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Nilay Shah, Investor Relations. Please go ahead. Good afternoon. Thank you for joining us for the Lionsgate fiscal 2024 second quarter conference call. We'll begin with opening remarks from our CEO, Jon Feltheimer, followed by remarks from our CFO, Jimmy Barge. After their remarks, we'll open the call for questions. Also joining us on the call today are Vice Chairman Michael Burns, COO Brian Goldsmith, Chairman of the TV Group, Kevin Beggs, Chairman of the Motion Picture Group, Joe Drake, and President of Worldwide TV and Digital Distribution, Jim Packer. And from Starz, we have President and CEO Jeffrey Hirsch, CFO Scott Macdonald, and President of Domestic Networks, Alison Hoffman. The matters discussed on this call include forward-looking statements, including those regarding the performance of future fiscal years. Such statements are subject to a number of risks and uncertainties. Actual results could differ materially and adversely from those described in the forward-looking statements as a result of various factors. This includes the risk factors set forth in Lionsgate's most recent annual report on Form 10-K, as amended, and as also amended in our most recent quarterly report on Form 10-Q, filed with the SEC. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances. The matters discussed on this call also include the proposed separation of our television and movie production business from our media networks business. We urge you to read the relevant materials that we and our subsidiary, LG Orion Holdings, have and will file with the SEC, including a registration statement on Form 10, which was filed on July 12, 2023, that includes a preliminary joint information proxy statement. The information in the joint information proxy statement will not be complete and may be changed. You can find these materials and other documents filed with the SEC free of charge at the SEC's website, www.sec.gov, or on our investor relations website. Lionsgate, LG Orion, and our directors, executive officers, and certain other employees and other persons may be deemed to be participants in the solicitation of proxies from shareholders in favor of the proposed separation under SEC rules. Information about participants and their direct and indirect interests will be included in the joint information proxy statement and other relevant documents filed with the SEC as available. I'll now turn the call over to Jon. Thank you, Nilay, and good afternoon, everyone. Thank you for joining us. Since this is the first earnings call since yesterday's announcement, I want to start by saying that we're very pleased that the strikes are over with a fair and equitable resolution for all parties, and we can now all get back to work making great content for our global audiences. We had a strong quarter, and we're reaffirming our guidance for the full year. This is despite the negative financial impact of the strike, which is expected to be approximately $30 million, a little less than we originally forecast. Our success in the quarter came from doing the things we do best: taking advantage of the diversification of our film and television businesses, utilizing new business models to monetize the FAST and AVOD space, creating efficiencies in our infrastructure, and remaining profitable at Starz while using our agility to keep our content pipelines filled despite the strike. In that regard, our Motion Picture Group reported strong financial results. The Saw franchise is back with the return of Jigsaw and an innovative marketing campaign, driving Saw X to more than $100 million at the worldwide box office. Our multi-platform releases, together with our library, complemented the success of our slate with strong contributions in the quarter, and they continue to serve as the ballast that takes the volatility out of our film business. We continue to grow our franchises with prequels, sequels, spin-offs, and franchise extensions. We're preparing the first of the John Wick theatrical spin-offs, Ballerina, for release next year. The prequel event series, The Continental, launched successfully on Peacock and Amazon Prime in the quarter, and we signed a deal with a leading video game developer for a John Wick AA A game. We're launching the first-ever Hunger Games stage play in London next fall, and next week we will open the first new Hunger Games film in eight years, The Hunger Games prequel, The Ballad of Songbirds and Snakes, for a whole new generation of fans. Digital revenues for the previous four Hunger Games are up approximately 500% over the last eight weeks. Looking ahead, our planning, agility, and ability to secure interim agreements for a number of films has helped us lock our fiscal 25 theatrical slate with a full pipeline of 14 movies. Releases like Ballerina, Borderlands, Flight Risk, starring Mark Wahlberg, Ordinary Angels, starring Hilary Swank, Imaginary from Blumhouse, Shadow Force, starring Omar Sy and Kerry Washington, Rupert Sanders' reimagining of The Crow, and a new film from Sherlock Holmes director Guy Ritchie are already in the can or currently shooting. And now that the strike is over, we will finish teeing up production for several of our biggest fiscal 2026 tentpoles, including Highlander, Now You See Me 3, and the Michael Jackson biopic. In terms of our television division, we've been busy keeping our pipeline full as well. Three weeks ago, Starz green-lit The Hunting Wives, a thriller from Lionsgate and 3 Arts. And today, I'm pleased to announce that Starz has green-lit Spartacus, the reimagining of one of the network's biggest early hits from Spartacus creator, writer, and executive producer, Steven S. DeKnight, who will serve as showrunner. Beyond these two shows, we're ready to resume or begin production on over a dozen series, including exciting new properties like Extended Family for NBC and the Seth Rogen comedy for Apple TV+. In terms of 3 Arts, we're in final discussions to extend our partnership with our industry-leading talent management and production company, which serves as a source of financial stability and growth for our television business segment. At Starz, the renewed availability and performance of first-run studio movies from the Lionsgate Pay One and Universal Pay Two output deals has reminded us of the importance of movies to a premium subscription platform. Movies like Plane, Operation Fortune, and John Wick: Chapter Four, which achieved the network's most first title streams ever for a movie, coupled with the second season of the original series Force, helped to drive Starz's return to domestic OTT subscriber growth in the quarter. That, coupled with the recent rate increase, drove sequential growth in revenue as well, and we expect that subscriber and revenue growth will continue through the rest of the year. As we wind down our Starz international business with our exit from the U.K., reorganize our domestic operations, and continue our successful transition towards a more digital future, we have significantly reduced Starz's overhead and continue to find creative ways to take cost out of our production slate. We expect the combination of these efforts to create solid margin improvement over the next few years as we focus on preparing Starz to thrive as a profitable and successful standalone company. In that regard, Jimmy will discuss the restructuring charges in the quarter. Turning to eOne, we anticipate closing the transaction by the end of December. We like what we're seeing as we refine our integration plans, and we expect meaningful revenue and cost synergies, along with the addition of significant rights and value to our library. On the strategic front, we're actively engaged in steps towards highlighting the value of our two separate businesses and expect to update you by the next call. In closing, we're operating in a difficult environment, but the quarter speaks to who we are, staying resilient and using every one of the tools at our disposal to keep our pipelines full, maximizing our assets, concentrating our resources in places where we know we can win, and positioning the company for future growth. Now I'll turn things over to Jimmy. Thanks, Jon, and good afternoon, everyone. I'll briefly discuss our second quarter financial results, provide an update on the balance sheet, and then provide some details on the non-core charges we took in the quarter. The second quarter Adjusted OIBDA was $141 million, and total revenue was just over $1 billion. Revenue grew 16% year-over-year, while Adjusted OIBDA was up nearly threefold. The year-over-year increases reflect revenue growth at Motion Picture and Media Networks and another quarter of segment profit growth at all three business units. Reported fully diluted earnings per share was a loss of $3.79 per share, and fully diluted adjusted earnings per share was a positive $0.21 per share. Adjusted free cash flow for the quarter was $133 million. We are reiterating our fiscal 2024 outlook for each of our business segments, as well as our consolidated Adjusted OIBDA target of $400 million-$450 million, which at the midpoint reflects nearly 19% year-over-year growth. Because of the accelerated recognition of minimum guarantees related to a deal with our Latin American bundling partner, fiscal 2024 Starz International segment profit is now expected to be in a range of + $35 million-$40 million. Our Adjusted OIBDA target for fiscal 2024 of $400 million-$450 million Adjusted OIBDA excludes this benefit, as well as any impact from eOne, which we expect to close by the end of December. Now, let me briefly discuss the fiscal second quarter performance of our Studio and Media Networks businesses, as well as the underlying segments compared to the previous year quarter. Media Networks' quarterly revenue was $417 million, and segment profit was $67 million. Revenue was up 5% as continued growth of domestic OTT and international OTT revenue more than offset domestic linear revenue pressure. Domestic revenue was down 5% year- over- year, while international revenue was up nearly 100%. On a quarter-over-quarter basis, domestic revenue grew approximately 1% as the impact of our June price increase drove a return to sequential revenue growth. Segment profit growth was driven by international as accelerated recognition of minimum revenue guarantees in soon-to-be-exited territories was partially offset by domestic declines. As Jon noted in his prepared remarks, Starz will be exiting the U.K. streaming market by the end of March of 2024. We continue to rationalize our international streaming efforts, and this decision will be a positive impact on Media Network segment financials in fiscal 2025, strengthening its standalone segment profit, Adjusted Free Cash Flow, and balance sheet. Specifically, as we enter fiscal year 2025, Starz will be primarily focused on growing its segment profit and expanding margins in the U.S. and Canada, while the studio maximizes monetization of Starz's content in international markets through third-party licensing arrangements with SVOD, AVOD, and FAST networks. As it relates to Latin America, the company continues to target an exit from the market by the end of December. International segment results for the quarter benefited from accelerated revenue we recognized related to minimum guarantees from our bundling partner in LATAM. While the acceleration of content amortization expenses partially offset some of the revenue, the Latin American business had contributed a + $27 million to Media Networks' segment profit in the quarter. We expect LATAM to contribute a similar level of segment profit in the December quarter. Excluding LATAM segment profit from the second quarter of 2024 and the second quarter of 2023 results, Media Networks' segment profits were still up 45% year-over-year. Now let me discuss our pro forma subscriber numbers, which, for comparability purposes, exclude the previously exited or to-be-exited markets of Continental Europe, the U.K., LATAM, and Japan. On a pro forma basis, we ended the quarter with 28 million total global subscribers, including Starzplay Arabia. This represents net additions of 210,000 subscribers, driven by a return to domestic OTT growth and growth at Starzplay Arabia, offset by linear losses. Focusing specifically on OTT subs, we ended the quarter with 18.8 million global OTT subscribers, which represents year-over-year subscriber growth of 11% on a pro forma basis. Now I'd like to talk about our studio business. Revenues of $790 million increased 21% year- over- year, while segment profit of $131 million was up over 89%. On a trailing 12-month basis, library revenue at the studio was $870 million, up 17% compared with the second quarter 2023's trailing 12-month library revenue. Breaking down the motion picture and TV studio businesses, let's start with motion picture. Motion picture revenue was up 77% year- over- year to $396 million, while segment profit of $68 million was up 22% year- over- year. Revenue growth was driven by the strength of John Wick 4 home entertainment, as well as the impact of an increase in wide releases this fiscal year. Segment profit growth was further driven by continued library strength and was particularly impressive in light of a 185% year-over-year increase in P&A spend, supporting our expanded release schedule. And finally, television revenue of $394 million expectedly declined year- over- year on a difficult comparison, given the strike's impact on episodic deliveries. Segment profit of $63 million increased significantly due to the delivery of the highly anticipated John Wick prequel miniseries, The Continental, to Peacock and Amazon. As we mentioned on our last earnings call, the strike primarily impacts our television group. As you can see, we actually navigated the quarter quite well, and we now estimate the cumulative impact of the strike for all of fiscal 2024 will be approximately $30 million, most of which occurred in the September quarter. Looking ahead, we expect the lingering effect of the strike in fiscal year 2025 to be between $15 million-$20 million. This generally reflects the carryover impact the strike has had on episodic deliveries and increased cost on continuing productions that were put on hold during the overall industry work stoppage. Despite these factors, we expect the studio to achieve double-digit Adjusted OIBDA growth in fiscal year 2025 before the benefit of eOne. And to clarify, as we prepare for separation, we define our studio Adjusted OIBDA as motion picture and television segment profit, less corporate overhead. Now let's talk about our balance sheet. Excluding Adjusted OIBDA from previously exited or soon-to-be-exited Lionsgate Plus territories, trailing twelve months leverage improved to 3.2 times. We continue to retain significant liquidity, with $224 million of unrestricted cash on hand at quarter end and $1.25 billion of an undrawn revolver. While we remain committed to deleveraging through Adjusted Free Cash Flow generation and Adjusted OIBDA growth, as we said last quarter, we expect a sequential increase of more than a half a turn in the leverage upon the closing of the eOne transaction in the December quarter. Finally, I want to talk about the $876 million of non-core charges we took in the quarter. First, we took a $494 million non-cash goodwill impairment charge related to the carrying value of our Media Networks asset. The goodwill impairment reflects the impact of industry trends, resulting in lower sector multiples as reflected in our share price and prolonged increases in interest rates. As of September thirtieth, we are no longer carrying any goodwill from the Starz acquisition on our balance sheet. In addition, we took a $170 million non-cash charge related to the Starz trade name asset that was recorded at the time of the Starz acquisition. In the quarter, we also had a content impairment charge of $212 million related to both our Starz domestic and international businesses. This includes a $121 million related to the curation of domestic programming as we move towards separation with a renewed focus on the North American market. The remaining $91 million charge is tied to our international business, including content costs related to our LATAM and U.K. exits. Now I'd like to turn the call over to Nilay for Q&A. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Steven Cahall with Wells Fargo. Please go ahead. Thank you. Maybe first one, just on the guide. So I think you've done about $225 million in Adjusted OIBDA fiscal year to date. The library sales look like they're accelerating. I think you've said that this year would be a little bit back half weighted for Adjusted OIBDA. So, can you talk about why the decision not to necessarily increase the guide today? Is it that you've just got a little more strike impact that you said there's still maybe $15 million to go? Is it just some of the marketing expense drag from the films that are opening, or you just want to be a little bit conservative at this point? And then, you know, maybe specific to the library, could we get some color on what drove the strong growth in the quarter? I think it's been accelerating nicely over the past few. Is this a lot of consumer-driven home entertainment? Did you have some major series deliveries or other platform streaming deliveries of library or kind of all the above? Thank you. Well, thanks, Steven. I'll take the first part of that. Look, I appreciate your confidence, you know, in terms of why not increase the guide. Essentially, we have, if you look at it, because we've effectively absorbed the impact of the strike, which both John and I spoke to, as well as we are excluding the LATAM benefit. So, in addition, it's all without, of course, the benefit of eOne. But, in addition to absorbing those, look, I feel confident in terms of cadence. We have a strong second half coming up for sure, and you know, feel good about where we are, but it's still early in the year, and we look forward to the second half. And on library, Steven, I would say it is a little bit of everything. I think overall, most of our series TV library licensing has been very steady. The AVOD market has been better than we anticipated. Our rev share quarter this year was—this last quarter, was the highest one we've had. So even with, you know, maybe some downtick in the basic cable advertising world, I'm not seeing that in our AVOD rev share. And we've also been able to pick up a lot of really good, high-profile third-party content. All the Quentin Tarantino Kill Bills and Jackie Brown have been helpful, and The Chosen. So all of that kinda combined has been very helpful. Yeah, I add one more thing, that with the new Hunger Games coming out, actually, our last four Hunger Games in digital are up about 500% in the last couple of months. So, you know, again, good library performance all the way around. Great. Thank you. Thanks, Steven. Operator, can we get the next question, please? The next question comes from Douglas Creutz with Cowen. Please go ahead. Hey, thank you. I just wondered if you think that there's going to be any issue now that we've come through this extended work stoppage and people are going back to work. In the near term, does that create any cost pressure or inability to produce content that you want to produce, given that, you know, people can only work on one thing at a time, and obviously, everyone's going to want to ramp production back up? Any color you can give on that would be helpful. Hey, Doug, Kevin Beggs speaking. The color I can give on that is that we're back to production immediately. We have two network comedies that start shooting again on Monday. We're sprinting to get Power Book IV: Raising Kanan back into production. As you know, it was set to start shooting on the day the SAG strike began. So we're-- you know, the new series is going to launch shortly, and we're simultaneously getting ready to prep. So we're trying to mitigate the costs where we can. There are-- As Jimmy mentioned, there are obviously some costs associated with series delays, and there are definitely a couple of series casualties that are due to the strike. And I think you're seeing that across the board. But we've actually mitigated those pretty well on the increase and enhanced costs, both on the writing and the performing side. You know, we will continue to manage our budgets and find efficiencies and savings wherever we can to both, mitigate against those and also pass along some of those costs to the buyers. And everyone's in the same boat, so everyone knows those costs are coming. Okay, great. Thank you. Just very quickly on the motion picture side, we were able to strategically really get ahead of it. We were able to secure a number of waivers, and really lined our productions up so that as soon as we came out of the strike, we could be running. The Michael Jackson movie starts in January. We've got a reimagination of Now You See Me, ready to go in the spring, Highlander. So it really doesn't have. I don't think it's gonna really impact us. I think we got ahead of it pretty nicely. Okay, great. Thank you. Thanks, Doug. Operator, could we get the next question? Oh, go ahead. The next question comes from Thomas Yeh with Morgan Stanley. Please go ahead. Thank you. Yeah, just echoing the nice studio outperformance again. Jimmy, you gave us some color into the double-digit growth outlook for fiscal 2025. I was hoping I'd get some color on just the drivers of that, particularly in the light of some of the industry comments around maybe a more austere spending environment. Do you expect catalog strength, or should we think about maybe the slate and new episodic deliveries building as well? Yeah, I mean, look, we've got a strong pipeline for sure across motion picture and television. So, you know, we're gonna have a lot of carryover from fiscal 2024 on the motion picture side. I mean, look, we're excited about Ballad of Songbirds and Snakes, but also have a really strong fourth quarter lineup with Ordinary Angels, Imaginary. And you get into fiscal 2025, there's strong titles, Ballerina and others. So, and in the context of the television side, yeah, there's a lot of great programming there coming back, you know, post-strike. And as we move forward, notwithstanding the headwinds that we mentioned, where there is some carryover impact into 2025, kind of one-time strike related. But, you know, we got a very diversified business there, as you know, between scripted, unscripted, Debmar-Mercury, 3 Arts. So really feel great about that business. We're glad to be back from the work stoppage and looking forward to second half of the year and going into 2025. Great. Thank you. Yeah, and then on Starz, maybe just a little bit more on the restructuring. I think we're down to Canada and India as the subscriber base internationally, which still has a pretty healthy, you know, 5.5 million subscribers. You helped with the sizing of the LATAM revenue recognition piece. Maybe help us think about what the appropriate run rate on profitability potential there for the remaining markets. And then domestically, you know, the guide for a return to revenue growth and sub growth, is that informed by a content slate now that we kind of have moved past the price increase has turned improved? Yeah. Hi, it's Jeff. Thanks for the question. You know, if you look at the domestic business, we continue to look at the business and try to drive up to a 20% kind of steady state long-term margin. What you saw in the company-wide restructuring included the closure of the UK. But we really focused on moving resources of the business to where we see growth in the industry. And as the industry moves, we'll move resources around there. And so I think we netted out about growth 17% of the G&A in the business and the restructure as part of many, you know, aspects to try to get up to that 20% margin. And I think you'll see in the back half of this year, you'll start to see the margin growth. We feel very good about returning to subscriber growth, even in a quarter where we had a rate increase. I think the Pay One and Pay Two movies that came online, coupled with Force, really, you know, with a full complement of content for the first time since the second quarter of 2021. And, you know, I think we had - we forget that, you know, pay has always been - premium pay has always been about big originals and big first-run movies, and that came back online. So even in the face of a rate increase, we saw a subscriber growth return on the OTT side. We saw sequential revenue start to grow, and I think as that rate increase settles into the subscriber base, you'll start to see that sequential revenue accelerate through the back half of the year. So we feel very good about the business moving toward that profit kind of portfolio and setting up for a good standalone business post spin. Thanks, Jeff. Thanks, Thomas. Operator, could we get the next question, please? The next question comes from Barton Crockett with Rosenblatt. Please go ahead. Okay, thanks for taking the question. I guess one just kind of definitional. When you guys are talking about strike impact, some of your peers that would use as part of that box office impact because actors can't market-- couldn't market movies. You guys aren't doing that. I just want to clarify. You're really just focusing on TV shows that were impacted. Is that correct? Yeah, that's correct, Barton. I mean, these are costs that are really one time. They happen to fall over the course of two fiscal years, but they're directly related to the strike and not anything other, does not include box office impact or anything else. So that's separate, not factored in. Okay. And, you know, on that front, so we've got the Hunger Games movie coming out, and, you know, there's obviously some early talking about what the opening weekend could look like. And, you know, obviously, we're kind of in a different era than we were back originally with Hunger Games. But can you give us any guideposts for how to think about, how you've risk mitigated this movie, the up, down kind of puts, takes, you know, given that this is, you know, historically a larger production cost than, you know, what you guys typically do? And then, you know, on that front also, you know, the library has been strong, and I understand, like, that the strike has impacted new TV production, but has the strike actually helped the library? You know, I know you said Hunger Games has helped, but I'm wondering if the strike might have helped as well. Hey, Joe, why don't you go first? Yeah, you bet. So look, on Hunger Games itself, it, you know, you've heard me say on prior calls how the economics of film are better than they've ever been. That's partially driven by the international side of our business, where we are getting fifteen to thirty percent more in value from every title than, you know, pre, pre-pandemic, which is really just the result of supply-demand, as well as really being the premium sort of remaining large supplier of big, broad IP release films available in the marketplace. So, on a, on a risk and opportunity basis, we've done really, really well on the international front. The domestic economics are better than they've ever been as well, in terms of the way we can spend P&A to dollars and the like. I would just say that, you know, tracking right now looks really strong with some interesting bits. There's a new younger female audience that's showing real enthusiasm, as are men. I actually left the world premiere here in London to come join you all. So, feeling really good about where the movie lives in terms of an economic model and how it can perform in a week or so here. Hi, and this is Barton, this is Jim. I would also say on the library side, you know, there's been a couple things. First of all, if you look in 2023, half of Netflix's top titles have been licensed titles, 50% of it. So it's kind of like they've really been aggressive on the licensing side from third parties. A little bit of the Suits effect that I'm sure you've seen. Also, one thing in addition to what John was saying about Hunger Games, this year, we had Wick, Expendables, and Saw X, and all three of those movies have other films that not only draft up with theatrical, they draft up in licensing and they draft up in transactional, and the transactional team had a great year. All of that really combined is really what's helping us, in addition to just people being, you know, in a mode where they're using our content. Okay, that's great. Thank you. Thanks, Barton. Operator, could we get the next question, please? The next question comes from David Joyce with Seaport Research Partners. Please go ahead. Thank you. A couple questions on the strike-related effects. First, I was wondering if you had any film or TV content that was, quote-unquote, "In the can," that helped you maintain your guidance for the year? And secondly, related to getting started up again next week already. We've heard from other industry sources that it could take about three months till the whole industry is really up and running. Just wondering if there's anything different with your business model, how you're able to kind of get back started immediately. Hey, it's Kevin again. Just speaking to the last part of that question, just the three months. I mean, you gotta think about where shows are in their life cycle. So the ones I was referring to, Extended Family in NBC, we'd shot six out of our initial order. So many of those scripts were done, and the writers' strike has been over for a while, so we've been writing but not been able to go back to production. Ghosts is, you know, a big hit for us and BBC Studios for CBS, and we had been writing before the strike began. So in that case, those shows were kind of ready to go, and they're, and Ghosts is a third season show. If you're talking about a drama that has not written, it will take two months or more to get going on a writer's room and then move into prep and then start shooting. So every, every genre has a slightly different timetable. You will see the broadcast stuff that is, you know, shows in its third, fourth, and fifth season moving faster than the streamers or the premium cables because they operate on a different timetable, and the urgency of getting stuff back on in the broadcast cycle is what helped bring the strike to an end, and is what's informing some of the urgency around that. Yeah, Joe, now you wanna talk a little about your pipeline? Yeah, sure. So our for fiscal 2025, we actually went into the strike with a full pipeline, with a couple of waiver movies that'll fill the back half of the year. When you look at our forward-looking production pipeline, we are as loaded as possible. We've been, you know, we have a content strategy that sort of relies on a couple of big, branded, all-audience IP movies every year, and then wanna be in that faith space, the action space, leaning into horror as well. We got a fantastic mix of that in 2025. But when you look into how we're gonna fill our pipeline after that, as I said earlier, we're launching Highlander with Chad Stahelski, who is behind, obviously, our big Wick, our Wick universe, and he's now setting off to deliver that movie for 2026. We've reimagined Now You See Me with Ruben Fleischer, who is an absolute master at shepherding franchises. If you think he did Venom and Uncharted, couldn't be happier about that. That's gonna start in the spring. We've on the Wick side, we've got multiple spinoffs and Wick 5 that we started to work on right when the writers' strike started, and we've gotten back to work as soon as it ended. Our faith business is fully loaded with some of the best brands in that space. As Jon mentioned earlier, we've got our first Jason Blum movie and hope we can do more there. So very, very excited and have pretty much everything we need to keep hitting our stride. I think you've heard it. I was gonna say, I think you've heard us say before, we have all of the ability to do anything else the major studios do, but we do tend to pivot a little bit more, you know, quickly, and I think we prepped pretty well for this in film and television. And, frankly, you know, we're up and running already and have full pipelines in all of our businesses. Well, great, I appreciate it. I was also wondering if you have any kind of insights as to how the economics of the business might change given the strikes resolution, and if that was starting to be contemplated in how industry deals are, were being priced. Because, you know, how there used to be full content sales at, like, cost + 20 or 30, but now there's less exclusivity. But 'cause you might be selling content in a couple windows. I'm just wondering if there's anything, any kind of change in the industry dynamics that way. Yeah, I think we're going through right now, you know, the agreement. There's no question about it. There's gonna be some cost attached to this, and that's okay. Maybe we have to work a little harder to take some costs out of, you know, the business, things that we can actually manage. One of the things that's going on right now is that Kevin, on the studio side, and Jeff are really working to be really smart about the slate for Starz that they're putting together. And again, we've just got to continue to be really thoughtful about the business. And we and buyers other than Starz, our outside buyers, we're gonna just have to be smart about how we pay for things. And again, I think that they've come up with something that's really equitable for all the participants, and so we've all just got to figure out a smart way to pay for it. Great. Thank you very much. Thanks, David. Operator, can we get the next question, please? As a reminder, if you do have a question, please press star then one to enter the question queue. The next question comes from Matthew Harrigan with Benchmark. Please go ahead. Oh, I'm sorry I didn't detach from the queue. I was also gonna ask you about the long-term effects of the strike on the cost side. So I'm fine. Congratulations on the quarter and all the momentum you have. Thank you, Matthew. Appreciate that. Thank you, Matthew. Sure. Operator, are there any more? Go ahead. There are no further questions at this time, which concludes our question and answer session. I would like to turn the conference back over to Nilay Shah for any closing remarks. Thanks, everyone. Please refer to the press releases and events tab under the investor relations section of the company's website for a discussion on certain non-GAAP forward-looking measures discussed on this call. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.