Douglas Wardlaw

Doug Wardlaw asked about Starz's strategy for balancing reliance on spin-offs from established franchises like Power and Outlander versus developing new original content, and how they weigh starting new shows against 'sure thing' spin-offs.

Answer

President of STARZ Networks Alison Hoffman explained that franchising is a core strength, with successful spin-offs driving engagement and acquisition. She noted that these reliable franchises also serve as platforms to launch new IP, threading audiences from established shows to new ones, which is a key part of their programming and investment strategy.

Douglas Wardlaw from JPMorgan Chase & Co. inquired about Madison Square Garden Sports Corp.'s capital return strategy, specifically whether it is influenced by the teams' playoff performance, given current cash and debt balances.

Answer

Victoria Mink, EVP, Chief Financial Officer, and Treasurer, stated that capital allocation priorities include maintaining liquidity, investing in the core business, and ensuring a strong balance sheet. She highlighted recent refinancings that improved rates and extended maturities, increasing the Knicks' borrowing capacity. Mink added that the company remains opportunistic about future cash flow uses and would not rule out a return of capital program.

Douglas Wardlaw inquired about Madison Square Garden Sports Corp.'s strategy for capital returns, considering current cash and debt balances, and whether these plans are influenced by team playoff performance.

Answer

Victoria Mink, EVP, CFO, and Treasurer, stated that capital allocation priorities include maintaining liquidity, investing in the core business, and ensuring a strong balance sheet. She highlighted recent refinancings that improved rates and extended maturities, increasing the Knicks' borrowing capacity. Mink also mentioned the company's opportunistic approach to cash flow, not ruling out future capital return programs.