Home EntertainmentTV Lionsgate Q3 Beats Street; TV Production Sales Swell On Library; Theatrical Revenue Falls On Covid; Starz Hits 14.6M OTT Subs

Lionsgate Q3 Beats Street; TV Production Sales Swell On Library; Theatrical Revenue Falls On Covid; Starz Hits 14.6M OTT Subs

Lionsgate Q3 Beats Street; TV Production Sales Swell On Library; Theatrical Revenue Falls On Covid; Starz Hits 14.6M OTT Subs

Lionsgate said Thursday television production revenue jumped 20% to $228 million last quarter and swung to a profit of $29 million from a $5.7 million loss, driven by strong library sales and 3 Arts Entertainment.

Motion Picture revenue of $250 million plunged from $474 million reflecting fewer theatrical releases due to ongoing cinema closures amidst Covid-19. Segment profit of $50 million was about flat.

At media networks global subscribers led by Starz hit 28 million last quarter, with global OTT subs, a focus of the company now, rising by 900,000 to 14.6 million. Starzplay International OTT subscribers grew 26% in the quarter, domestic OTT subscribers gained 300,000.

Lionsgate posted total revenue for its fiscal third quarter of $836 million, down from $998 million the year before but ahead of forecasts. Ditto with adjusted, diluted EPS that came it at $0.21, up from $0.14.

Net losses narrowed to $17 million to $97 million. Shares were up 3.45% in after-hours trading.

“We’re pleased to report our fourth strong quarter in a row – strong in terms of financial results, global subscriber growth at STARZ and another outsized library performance, all reflecting the continued resilience of our business model,” said Lionsgate CEO Jon Feltheimer, who recently extended his contract to 2024.

“With the strong year we’re having in F21, we’re in great shape to take advantage of the imbalance between content supply and demand in the current environment with an increased investment in content and marketing across our core businesses in F22,” he said.

Execs are hosting a conference call to discuss the numbers and business at 5 pm ET.



This article is auto-generated by Algorithm Source: deadline.com

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