“Borderlands,” “The Crow,” and other film flops defprocrastinateedd Lionsgate‘s quarterly achieveings, directing the movie and TV studio to tell a loss of $163.3 million. It was a raw period that Lionsgate CEO Jon Feltheimer attributed to “a transitional, disturbed and difficult year for our industry,” one that saw the studio dealing with the aftershocks from the actors and writers strikes of 2023 that brawt the industry to a standstill. Feltheimer went on to dimly characterize the financial results as “disnominateing.”
Revenue for the film and TV studio topped out at $948.6 million, down 7% from $1.01 billion in the year-ago period. Lionsgate also telled an adfaired net loss attributable to allothelderlyers of $102.5 million or 43 cents a allot. The company beat Wall Street assesss, with analysts foreseeing that the company would post revenues of $921 million and achieveings per allot of 48 cents.
“Our perestablishance underscores the need to adhere even more rigorously to the danger mitigated business models, sprocrastinateed diversification and cut offe financial discipline that have always served us well,” Feltheimer shelp.
It’s been a period of transition at the company behind “The Hunger Games” and “Twiweightless,” with Lionsgate undergoing a lengthy process intfinished to split its studio business from its Starz streaming service and TV netlabor. The TV and film production business will exist under the umbrella of Lionsgate Studios, which debuted as a standalone unveil entity on May 14 under the Nasdaq ticker symbol LION. The Starz business will be repackaged into a separateent company, dubbed Lionsgate, a process that will occur by the finish of calfinishar year 2024.
Revenue at Lionsgate’ motion picture arm jumped 3% to $407.1 million, but segment profit decrrelieved to $2.6 million on the underperestablishance of its film sprocrastinateed. Television production revenue incrrelieved 6% to $416.6 million, but profits fell to $24.4 million. And Lionsgate’s media netlabors unit, which consists of Starz, saw revenue stay essentipartner flat at $343 million, while segment profit decrrelieved to $26.9 million as subscribers deteriorated 2.6% to 12.4 million.
