Starz once held one of the most valuable licensing agreements in pay television, locking in exclusive Pay-1 rights to Sony Pictures’ theatrical releases. But that era is over. Netflix and Disney now divide those rights, and Starz has been left with in-house content and post-Pay-1 windows. As subscriber growth stagnates and competition intensifies, this transition reveals a deeper story of diminished bargaining power, declining content appeal, and a strategic pivot that may prove too little, too