Starz Entertainment Corp (STRZ) reported Q2 2025 revenue of $834.7 million, down 8.1% year-over-year and 25.3% quarter-over-quarter, reflecting a softer demand environment and challenging quarterly comps. Despite a robust EBITDA of $358.0 million and a strong EBITDA margin of 42.9%, the company posted a net loss of $59.4 million driven by higher interest expense, other non-operating items, and substantial depreciation and amortization. Operating income rose 181% year-over-year to $44.0 million, signaling an improving operating platform even as top-line weakness persisted. Net cash from operating activities was negative $158.9 million, contributing to a negative free cash flow of $167.9 million for the quarter. Liquidity remains tight: cash and cash equivalents stood at $229.1 million at quarter end, with total debt of $4.22 billion and net debt of approximately $3.99 billion; the current ratio was a weak 0.30, highlighting balance-sheet fragility despite steady gross margins and a resilient operating base. The quarter included $259 million of acquisitions, underscoring ongoing strategic investments alongside deleveraging challenges. Management did not provide explicit forward targets in the release; the outlook therefore hinges on subscriber dynamics, cost discipline, content monetization, and a credible path to refinancing and balance-sheet normalization.