Starz Entertainment Corp.

Good day, and thank you for standing by. Welcome to the STARS second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nilay Shah, Head of Investor Relations. Please go ahead.

Thank you for joining us for Starz Entertainment's second quarter 2026 earnings call. We'll begin with opening remarks from our President and CEO, Jeffrey Hirsch, followed by remarks from our CFO, Scott MacDonald. Also joining us on the call today is Alison Hoffman, President of Starz Networks. After our opening remarks, we'll open the call for questions. The matters discussed on this call include forward-looking statements, including those regarding expected future performance. Such statements are subject to a number of risks and uncertainties. Actual results could differ materially and adversely from those described in the forward-looking statements as a result of various factors. This includes the risk factors set forth in our most recently filed 10-KT for Stars Entertainment Corp. Starz undertakes no obligation to update these forward-looking statements due to new information or any future events unless required by law. The matters discussed today will also include non-GAAP financial measures and key performance indicators. These non-GAAP measures include adjusted EBITDA, unlevered free cash flow, equity free cash flow, and net debt. The reconciliation for these to the most directly comparable U.S. GAAP measures and additional required information is available in the 8K we filed this morning, which is available on the STARS Investor Relations website at investors.stars.com. This non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. I'll now turn the call over to Jeff.

Thank you, Nilay, and thank you all for joining us this morning. We delivered another strong quarter and entered the back half of 2026 with significant momentum across the business. We just completed a strong weekend with the penultimate episode of Raising Canaan Season 5 and the premiere of our first owned original, Fightland. Raising Canaan delivered the strongest episode of the season. Most notably, Season 5 has grown its audience from the first season five years ago, a rare achievement in today's television landscape. and I'm happy to report that Fightland premiered as Star's second best rated new IP launch of all time. Its opening weekend demonstrates significant audience overlap with the Power Universe, which will expand audience engagement and reduce subscriber churn. Now turning to the quarter. Our excellent second quarter results were driven by the finale of Outlander, the premiere of Raising Canaan Season 5 and The Housemaid. The content portfolio in the quarter generated the second highest audience engagement quarter of all time. This marks the fourth consecutive quarter of engagement growth since we separated. Consumer demand for our content, coupled with the results of our rate increase, delivered significant sequential OTT revenue growth. And perhaps more importantly, we returned to year-over-year OTT revenue growth in the quarter. Total revenue also increased sequentially in the quarter despite a difficult comparison to the first quarter. We expect this revenue trend to continue, putting us on a solid path toward achieving our outlook of positive annual OTT revenue growth in 2026. The strength of the quarter, our improved visibility into the second half of the year, and the early performance of Fightland increase our confidence that 2026 is shaping up to be a more significant inflection year for STARS than we initially anticipated. As a result, we are now raising our adjusted EBITDA growth forecast and our unleveraged free cash flow guidance, which Scott will get into in more detail. We also continue to see a clear and accelerating path toward our leveraged target and our 20% margin target, supported by improved OTT economics, greater scale and owned content, and continued operating discipline. Looking ahead, our content slate supports the momentum we are seeing across the business and positions us well for updated outlook. We have the highly anticipated return of P-Valley, the continued expansion of the Outlander universe through Blood of My Blood Season 2, and the upcoming Michael biopic following its impressive theatrical run. Further out, we continue to build our own content pipeline beyond Fightland with the Untitled Black Rodeo Show starting production this month and several other Starz-owned projects in development. During the quarter, we also made significant strides in the distribution side of the business. We have secured a long-term renewal with one of our largest distribution partners while expanding our fully distributed portfolio with two new partners. First, we launched a new partnership with Peacock during the quarter, making Stars available as an add-on subscription to the platform for the first time. This partnership allows us to market Stars to an additional 48 million subscribers, creating a new opportunity for customer acquisition and revenue growth. Second, we recently announced a new bundle with Crunchyroll on Prime Video, further demonstrating our ability to reach highly engaged audiences through targeted partnerships. Together, these relationships expand our distribution footprint, increase awareness of the Starz brand, and support our growth strategy while allowing us to reach large audiences without incremental platform investments. As our core business continues to strengthen and progress toward our goals of 20% adjusted OEBIDA margin, delevering, and increasing unlevered free cash flow conversion, we have the flexibility to be selective as we evaluate strategic initiatives. Our priority remains executing against our operating plan. We will only pursue M&A where it accelerates our strategy and creates value beyond what we could achieve organically. The progress we are reporting today is not being driven by a single title, a single partnership or a single quarter. It is the direct result of disciplined execution against the priorities we use to manage the business. Growing OTT revenue, expanding profitability, improving free cash conversion and reducing leverage. We have built a stronger business with a deeper and more balanced content slate, and we continue to create value through ownership, partnerships, and disciplined capital allocation. With that, I will turn it over to Scott to take you through the financial details and our updated outlook.