Lions Gate Entertainment down on quarterly results

Lionsgate Studios

24/05/2024 19:01

** Shares of entertainment company Lions Gate Entertainment
 LGFa.N  fall 9.8% to over two-month low of $9.18 after posting
Q4 results
    ** LGFa on Thursday posted adj. quarterly net income of 27
cents/shr vs 21 cents/shr a year earlier
    ** Revenue from studio-owned Starz Networks slip to $345
million vs $347 million
    ** Co's domestic OTT subscribers were flat sequentially and
overall North American net subscribers dropped by 480,000
    ** Q4 revenue was $1.1 billion, above IBES estimates of
$1.073 billion
    ** Lions Gate spun off its studio business in a SPAC merger
with Screaming Eagle Acquisition Corp  SCRM.O  to form new
publicly traded entity, Lionsgate Studios  LION.O , that debuted
on May 14
        ** LION shares down nearly 8%
        ** Lions Gate now looks to fully separate its Studio and
STARZ businesses
    ** Six of 11 brokerages rate the stock "buy" or higher,
three "hold" and two "sell" or lower; their median PT is $12
    ** Including session losses, LGFa stock down 15.78% YTD

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))