Lions Gate focusing on spinning off studio business over Starz

Lions Gate Entertainment

28/09/2022 15:04

Sept 28 (Reuters) - Lions Gate Entertainment Corp
 LGFa.N  said on Wednesday it was focusing on spinning off its
studio business first, even as it  explores alternative options
for its cable and streaming division, Starz.
    The company's film and TV studios have an extensive library,
with hits such as "Hunger Games, "The Expendables" and "Mad
Men".
    Lions Gate said in November last year that it was exploring
alternatives for Starz, the television network it bought for
$4.4 billion in 2016.
    "Despite the volatile market environment, we remain on a
path to separating our STARZ and studio businesses," the company
said in a regulatory filing.
    "As negotiations progress, we have increased our focus on
the possibility of spinning our studio business, creating a
number of financial and strategic benefits."
    Lionsgate also announced it would rebrand its international
streaming service, Starzplay, to Lionsgate+ in 35 countries. 
    The service competes with Netflix  NFLX.O  and Walt Disney
Co's  DIS.N  Disney+.
 (Reporting by Eva Mathews in Bengaluru; Editing by Anil
D'Silva)
 ((Eva.Mathews@thomsonreuters.com;))