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Starz Q2 Net Loss Widens on Linear TV Decline, Universal Output Deal Exit Charge
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TheWrap
The company remains on track to convert 70% of its adjusted operating income into free cash flow and raised its forecast for both metrics.
It also continues to expect positive year over year streaming revenue growth for the year.
Starz refinancing debt to boost free cash flowStarz ended the quarter with $59.6 million in cash and cash equivalents, total debt of $625.1 million and negative unlevered free cash flow of $14.7 million.
After exiting its Universal deal, Starz expects to report cash content spend below $600 million for the year.
It also obtained commitments to increase its credit facilities by $100 million, including a $67 million increase to its term loan and $33 million increase to its revolver, which is expected to close in the third quarter.