STARZ (STRZ) Q2 FY26 earnings call

STARZ delivered a strong Q2 FY26, driven by successful content launches and strategic distribution partnerships, leading to year-over-year OTT revenue growth and outperformance on adjusted OIBDA and free cash flow. The company raised its full-year guidance for both metrics and is accelerating towards its leverage target, supported by a disciplined content strategy focused on owned IP and improved economics post-Universal Pay 2 exit. Management emphasizes a selective approach to M&A, prioritizing organic growth and balance sheet strength.