Starz reported its third-quarter 2026 earnings Thursday, which revealed the media company beat analyst expectations for the three month period ended Sept. 30.

During the quarter, Lionsgate’s “Michael” debuted on Starz and since its Aug. 10 release has become the best-performing Pay 1 title in the network’s history history.

Starz says in Q3 it narrowed its net loss to $34.8 million, which is down from $52.6 million in the comparable Q3 2025.

OTT revenue for the third quarter came in at $226.6 million, up 1.7% year over year from $222.8 million. Per Starz chif financial officer Scott Macdonald, “On a pro forma basis, adjusting for the strategic change in our Canadian operations to a content licensing arrangement in Q4 2025, OTT revenue growth for the quarter would have been 3.2%.”

Linear TV and other revenues were $95.8 million (down from $98.1 million last year). According to Starz, that dip was partially offset by increased distribution revenue, driven by Starz’s first owned original series, “Fightland.”

Wall Street forecast a loss of earnings per share (EPS) of $2.96 on $319.5 million in revenue, according to analyst consensus data provided by LSEG. Starz reported a diluted loss per share of $2.02 on $322.4 million in revenue.

“Our third-quarter results reflect the continued strength of the business and our focused execution against our four key financial priorities,” Starz president and CEO Jeffrey Hirsch said in a letter to shareholders. “Our portfolio approach to programming is driving a more durable revenue base, and we are just beginning to unlock the financial upside of increased ownership. We remain confident in our outlook and in our ability to continue delivering against our plan and create long-term value for our shareholders.”

Starz will host its Q3 earnings call at 5 p.m. ET. During that briefing with analysts, Variety has confirmed Hirsch will expand on the quarterly results, including the following planned remarks about the company’s outlook:

“Starz does not need to own the entire consumer ecosystem to grow. Traditional distribution, add-on subscriptions, strategic partnerships, and new bundles give us multiple ways to reach our audiences wherever they choose to watch. Our priority remains driving the success of the core business. We have set a high bar for any strategic transaction. It must accelerate our strategy and create greater value than we believe Starz can create on its own.”

(Pictured above: Lionsgate’s “Michael,” which is now the best-performing Pay 1 title in Starz history)