Lionsgate Shrinks Quarterly Loss Amid TV Revenue Rise
Lionsgate has released its first quarterly financial results since completing a spinoff of its studio business into a separately traded stock.
The Hollywood studio posted a fourth quarter net loss attributable to shareholder at $39.5 million, compared to a year-earlier $96.8 million loss, on overall revenue rising to $1.117 billion, against a year-earlier 1.08 billion.
That beat a Wall Street analyst estimate of $1.11 billion in overall revenues by $7 million for the latest quarter. Lionsgate posted an earnings per-share loss of 22 cents, compared to a year-earlier per-share loss of 42 cents.
On May 14, Lionsgate Studios debuted as a standalone, publicly traded company, having been formed by combining Lionsgate’s studio business with Screaming Eagle Acquisition Corp. (SEAC), a special purpose acquisition company.
Lionsgate emerged from the studio spinoff with a 87.2 percent stake in Lionsgate Studios and received $350 million in proceeds, while Screaming Eagle retains the remaining 12.8 percent stake.
During the fourth quarter, media networks revenue, which is mostly Starz, came to $361.5 million, just down from a year-earlier $389 million, while motion picture group revenue was $410.6 million, compared to $532.1 million in the prior year period.
And television production revenue rose sharply to $496.3 million during the fourth quarter, against a year-earlier $291.5 million.
