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Lionsgate (NYSE: LGF.A, LGF.B) is a renowned global content leader in motion picture and television production, complemented by the STARZ premium global subscription platform. With operations headquartered in Santa Monica, California, and Vancouver, BC, Lionsgate continues to be a key player in the entertainment industry.
In the first quarter of fiscal 2024, ending June 30, 2023, Lionsgate reported a revenue of $908.6 million, with an operating loss of $16.8 million and a net loss of $70.7 million attributable to its shareholders. However, the company demonstrated resilience with an adjusted net loss of $9.8 million and an Adjusted OIBDA of $85.7 million. CEO Jon Feltheimer highlighted the success of their strategic moves, including a definitive agreement to acquire global entertainment platform eOne from Hasbro, anticipated to enrich Lionsgate's already extensive library and strengthen its scripted and unscripted television segments.
The company's film and television library revenue surged to a record $896 million over the trailing 12 months. During the recent quarter, Lionsgate fortified its financial position with $323 million in cash reserves and a $1.25 billion undrawn revolving credit facility. Additionally, the purchase of $85 million of bonds for $61 million led to a $24 million reduction in net debt, showcasing prudent financial management.
Media Networks Segment
The Media Networks segment, primarily driven by STARZ, reported a stable revenue of $381.1 million, bolstered by gains in domestic streaming and international revenues, which offset declines in domestic linear revenue. Segment profit saw significant improvement, growing to $31.9 million from a loss of $37.0 million in the prior year, largely due to strategic international market exits and cost optimizations. STARZ increased its global OTT subscribers by 100K sequentially.
Studio Business
The Studio Business, encompassing Motion Picture and Television Production, recorded $625.0 million in revenue. The Motion Picture segment experienced a remarkable 46% revenue increase to $406.5 million, driven by hit releases like John Wick: Chapter 4 and robust home entertainment performance. Meanwhile, the Television Production segment, despite a dip in revenue to $218.5 million due to last year's unusually high content deliveries, saw profit growth of 17% to $22.9 million.
Despite the macroeconomic challenges, Lionsgate's strategic initiatives and financial prudence have positioned it for long-term success. The company's commitment to innovation and delivering bold, original content continues to resonate with audiences worldwide, making Lionsgate a pivotal name in the entertainment industry.
Stern Pinball, Inc., in collaboration with Lionsgate, has launched a new line of John Wick pinball games featuring the iconic hitman. The games offer film-inspired mechanical features, dynamic AI combat system, and artwork from the franchise. Players can experience high-speed chases, iconic locations, and an engaging gameplay featuring a new AI combat system. The games also include custom narration by Ian McShane, an original score by Charlie Benante, and artwork by Randy Martinez. to 1,000 games globally, the highly collectible Edition model offers a unique gaming experience with integrated lighting systems, mirrored backglass, high-definition cabinet decals, and exclusive pinball armor. The John Wick pinball games are available in Pro, Premium, and Edition models with pricing starting from $6,999.
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