Starz Entertainment Corp.

Good day and thank you for standing by. Welcome to the Star's third quarter of 2026 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, we'll open up for questions. To ask a question during the session, you'll need to press star 1-1 on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's call is being recorded. I would now like to hand it over to our first speaker, Investor Relations. Please go ahead.

Good afternoon. Thank you for joining us for Stars Entertainment's third 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 Stars 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 Starz 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. Thank you, Nilay, and thank you all for joining us today.

I am pleased to report that STARS delivered another strong quarter. We are executing against our four key priorities of growing OTT revenue, adjusted EBITDA, and free cash flow, while reducing leverage. The business is performing ahead of plan despite a tough operating environment for many in the industry. For the second consecutive quarter, OTT revenue grew year-over-year, and total revenue also returned to year-over-year growth, reflecting our improving financial performance. We generated meaningful free cash flow and accelerated our progress toward our leverage target. Over the last four months, we secured multiple new distribution agreements, including a new agreement with Verizon Fios, underscoring the value Starz provides to our distribution partners. Our content portfolio continues to drive strong performance. Raising Caning concluded its final season at an all-time audience high, while our first-owned original Fightland continued to build on its successful premiere. Blood of My Blood reinforced the enduring appeal of the Outlander universe, while acquired series SWAT Exiles added proven franchise programming to our lineup. Most notably, Lionsgate's Michael became the best-performing pay-one title in Starz history. We programmed Starz deliberately, using our portfolio approach to sustain engagement year-round while maintaining disciplined investments. A consistent offering of compelling titles builds deeper engagement, which supports retention and a more durable revenue base. We saw that connection again in the third quarter, as long-tenured subscribers on the app, those who have been with us for a year or more, reached all-time highs in both number and share. Now, turning to our outlook. Last quarter, we raised our adjusted EBITDA growth forecast and unlevered free cash flow guidance. Based on our performance through the third quarter, we are reaffirming our full-year outlook for mid-single-digit adjusted OEBDA growth and our unleveraged free cash flow guidance. Looking ahead, we remain confident in achieving a 20% adjusted OEBDA margin and leverage of 2.5 times or lower in the back half of 2027. Our upcoming slate reinforces that confidence. P-Value returns in the fourth quarter, and its teaser was our best-performing teaser in more than 2.5 years, Signaling strong audience interest ahead of the new season. We expect the series to drive both subscriber growth and engagement as we close out 2026 and enter 2027. Next year, we will debut several major titles, including the 18-episode first season of Power Origins, the fifth installment of the Power Universe, and our second-owned original, the Untitled Black Rodeo series, now in production. We are just beginning to unlock the financial potential of these own titles, Owning more of our own content gives us greater control over costs and allows us to retain more of the long-term value of successful IP. We are already seeing the benefits. Our Bell Canada licensing agreement established a new international revenue stream, while the Skyco Commission on Fightland generated international revenue and improved the economics of the series. As our own library grows, we expect to capture more of the economic value created by our content. We also believe STARS is well positioned to benefit as the industry moves toward greater consolidation and bundling. We anticipated this shift years ago and built STARS as a complementary platform agnostic service with focused programming for a distinct audience. That makes us a natural fit within aggregated offerings and allows us to complement larger entertainment services without competing for the same broad audiences. STARS does not need to own the entire consumer ecosystem to grow. Traditional distribution, add-on subscriptions, strategic partnerships, and new bundles give us multiple ways to reach our audiences wherever they choose to watch. Our priority remains driving the success of the core business. We have set a high bar for any strategic transaction. It must accelerate our strategy and create greater value than we believe STARS can create on its own. We are delivering against our plan, creating new revenue streams through ownership and positioning STARS to benefit from the industry's continued evolution. Overall, we remain focused on creating long-term shareholder value. We entered 2026 expecting an inflection in the business. Nine months in, we are ahead of where we expected to be. With that, I'll turn it over to Scott to take you through the financial results and our outlook.