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Lionsgate Shares Rise After It Reports Early Repayment Of Summit Debt

By DAVID LIEBERMAN, Executive Editor | Thursday October 18, 2012 @ 12:50pm PDTTags: Lionsgate Finance

The stock is up 3.5% on the surprising announcement. Helped by the strong performance of films including The Hunger Games and The Twilight Saga – and especially the $800M revolving credit facility it negotiated last month – the independent studio says that it paid off “all amounts outstanding” from the $500M it borrowed to buy Summit. Lionsgate paid off the remaining balance of $299.2M with cash from the credit facility. That effectively lowered the interest burden to 3% from 7%, saving about $12M in interest expense per year. Lionsgate also made Summit a guarantor of its senior credit facility and 10.25% Senior Secured Second-Priority Notes due 2016.

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Lionsgate Fiscal Q1 Earnings Slammed By Marketing And Interest Expenses

By DAVID LIEBERMAN, Executive Editor | Thursday August 9, 2012 @ 1:12pm PDTTags: Big Deals Film, Lionsgate Finance

Lionsgate shares are down about 3.4% in after-hours trading after it surprised investors by reporting a net loss for the quarter that ended in June. The independent studio lost $44.2M, down from a $10.3M profit last year, on revenues … Read More »

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Lionsgate To Increase Borrowing In Credit Facility As It Pays Down Debt

By DAVID LIEBERMAN, Executive Editor | Wednesday July 11, 2012 @ 6:52pm PDTTags: Lionsgate Finance

The financial types at Lionsgate are working overtime to take advantage of today’s super low interest rates — and prepare for the 2013 expiration of a major five-year credit facility. The company is just beginning to chat with banks about … Read More »

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Lionsgate Shares Down On Fiscal Q3 Earnings Miss

By DAVID LIEBERMAN, Executive Editor | Thursday February 9, 2012 @ 1:25pm PSTTags: Jon Feltheimer, Lionsgate Finance, The Hunger Games, Twilight

The production company’s shares dove more than 8% in initial after-hours trading — but recovered to a more modest loss later — after it released what appears to be a dreary report. Lionsgate had a net loss of $1.7M in the last three months of the year vs a $6M loss at the end of 2010, on revenues of $343M, down 23.6%. Analysts expected revenues to be much higher, at $358.8M. The company’s net loss, at 1 cent a share, also contrasts with the 9 cent profit that the Street anticipated. Lionsgate says that revenues suffered from the lack of a wide theatrical release in the quarter; last year it had three. As a result, motion picture revenues fell 28.6% to $233.3M. TV production was down by 6.8% to $89.7M. Home entertainment also struggled with revenues from movie releases of $128.9M (-28.8%) — slightly offset by $34M for TV shows (+108.6%). Lionsgate said it made $7.3M from its 31,2% stake in EPIX, an improvement from the $11.1M loss on the investment in the same quarter in 2010. But that was somewhat offset by the $2.1M loss on its 51% of TV Guide Network a slight increase from the $2M loss last year. Read More »

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Lionsgate Blames Theatrical Film Woes For Fiscal 2Q Earnings Miss

By DAVID LIEBERMAN, Executive Editor | Wednesday November 9, 2011 @ 4:43am PSTTags: Abduction, Blue Mountain State, Boss, Conan the Barbarian, Epix, Jon Feltheimer, Lionsgate, Lionsgate Finance, Lionsgate Stock, Mad Men, Netflix, The Wendy Williams Show, TV Guide Network, Warrior, Weeds

The film and TV company had a net loss of $24.6M, an improvement from its $29.7M loss in the quarter last year, on revenues of $358.1M, down 21.5%. That revenue figure was far below the $421.5M that analysts expected. And the net loss, at 18 cents a share, was below the 13 cent loss the Street had forecast. The bottom line could have looked even worse: Lionsgate included the $11.0M it collected from its sale of Maple Pictures. The company also was able to add $6.1M from its 31.2% stake in EPIX vs a $19.8M loss from last year’s quarter. Lionsgate says that it suffered from “underperformance of theatrical films in the quarter” — where releases included the Conan The Barbarian remake, Warrior, and Abduction – as well as “timing of DVD releases which offset gains in the Company’s television and digital businesses.” The movie operation generated $218.9M in revenues, down 36%. Read More »

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Lionsgate CEO Jon Feltheimer’s $7.9M Compensation Package For FY 2011 Up 116.8% Thanks To Carl Icahn

By DAVID LIEBERMAN, Executive Editor | Friday July 29, 2011 @ 2:10pm PDTTags: Carl Icahn, Carl Icahn Proxy Fight, Jon Feltheimer, Lionsgate, Lionsgate Carl Icahn, Lionsgate Finance, Michael Burns

Billionaire Carl Icahn did a big favor for Lionsgate execs when he accumulated more than 33% of the stock in June 2010. That triggered change-in-control clauses in executives’ contracts, accelerating their stock payments for the fiscal year that ended this … Read More »

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‘Lincoln Lawyer’ Contributes To Roaring 4Q Results For Lionsgate

By DAVID LIEBERMAN, Executive Editor | Tuesday May 31, 2011 @ 1:25pm PDTTags: Lionsgate, Lionsgate Finance

Lionsgate Entertainment soundly beat analysts’ profit estimates for the quarter that ended in March, helped by income from The Lincoln Lawyer, VOD showings of its movies and revenue from its interest in EPIX. The company reported net income of $46.1 … Read More »

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Lionsgate Talking To Canada’s Alliance Films About Deal For Maple Pictures

By DAVID LIEBERMAN, Executive Editor | Thursday April 28, 2011 @ 3:27pm PDTTags: Alliance Films, Carl Icahn, Lionsgate, Lionsgate Finance

Canada’s already cozy film market may soon become a little cozier. We hear that the country’s No. 1 independent film distributor, Alliance Films, is angling to acquire one of its largest competitors, Maple Pictures — and is deep into talks … Read More »

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Lionsgate Keeps Icahn Out Of Board Room; UPDATE: Carl Vows Fight To “Save Studio”

By MIKE FLEMING JR | Tuesday December 14, 2010 @ 12:37pm PSTTags: Carl Icahn, Lionsgate, Lionsgate Carl Icahn, Lionsgate Finance, Lionsgate Shareholders, Lionsgate Shareholders Meeting, Lionsgate Tender Offer, Mark Rachesky
Mike Fleming

UPDATE 1:30 PM: Carl Icahn released the following reaction to Lionsgate shareholders today re-electing current Lionsgate management’s board of directors and not his own proposed 5 directors. from the sound of it, Icahn has zero intention of giving up:

We are disappointed

… Read More »

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Lionsgate Losing Proxy PR Battle To Icahn

By NIKKI FINKE, Editor in Chief | Thursday December 9, 2010 @ 7:42am PSTTags: Carl Icahn, Carl Icahn Lionsgate Board, Carl Icahn Proxy Fight, Carl Icahn Shares, Lionsgate, Lionsgate Finance, Lionsgate Shareholders, Lionsgate Shareholders Meeting

The Carl Icahn vs Lionsgate proxy war heated up overnight. That’s because two major proxy advisory firms counseled shareholders to support the entire or majority of Icahn’s dissident slate of directors for the embattled TV/film studio. A Lionsgate insider acknowledged to me … Read More »

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Carl Icahn Extending Lionsgate Offer

By THE DEADLINE TEAM | Tuesday November 23, 2010 @ 8:42am PSTTags: Carl Icahn, Carl Icahn Lionsgate Share Offer, Carl Icahn MGM Debt, Carl Icahn Shares, Carl Icahn Tender Offer, Lionsgate, Lionsgate Carl Icahn, Lionsgate Finance, MGM Debt

His $7.50-per-share offer had been set to expire Monday but has been extended to December 2. Icahn is the biggest shareholder in Lionsgate, at 33%. The offer expires on the same day that MGM is supposed to receive confirmation of its bankruptcy plan – Icahn owns 18% of MGM’s debt. Icahn has repeatedly criticized Lionsgate for … Read More »

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Carl Icahn Extends Lionsgate Share Offer

By MIKE FLEMING JR | Friday November 12, 2010 @ 12:59pm PSTTags: Carl Icahn, Carl Icahn Lionsgate, Carl Icahn Lionsgate Share Offer, Carl Icahn MGM, Carl Icahn MGM Debt, Carl Icahn Shares, Lionsgate, Lionsgate Finance, Lionsgate MGM, Lionsgate Stock, Lionsgate Tender Offer, Movies
Mike Fleming

Though Carl Icahn’s attempt to take control of Lionsgate was dealt a setback recently by a Supreme Court judge in British Columbia who dismissed Icahn’s lawsuit to stop a Lionsgate de-leveraging move that pushed his 38% stake down to 33.5%, … Read More »

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Lionsgate’s 2nd Quarter Swings To Loss

By THE DEADLINE TEAM | Tuesday November 9, 2010 @ 2:44pm PSTTags: Alpha & Omega, Carl Icahn Lionsgate, Lionsgate, Lionsgate Finance, Movies, The Expendables, The Last Exorcism

The company reported a 2nd quarter net loss of $29.7 million compared to net income of $31.7 million same quarter last year. But Lionsgate did report revenue of $456.3 million, an increase of 25% over last year. The revenue rise was boosted mainly … Read More »

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Carl Icahn Makes Another Offer To Buy Up Even More MGM Debt

By THE DEADLINE TEAM | Tuesday October 26, 2010 @ 1:45pm PDTTags: Carl Icahn, Carl Icahn Lionsgate MGM Merger, Carl Icahn Shares, Carl Icahn Tender Offer, Gary Barber, Lionsgate Carl Icahn, Lionsgate Finance, Lionsgate MGM, Lionsgate MGM Merger, MGM Bankruptcy, MGM Spyglass, Movies, Roger Birnbaum

Carl Icahn has made another offer to MGM lenders in hopes of thwarting the prepackaged bankruptcy plan and Spyglass deal. He’s now offered to buy $1.6 billion in debt at a premium price of 53 cents on the dollar; last week, … Read More »

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Lionsgate Says Merger With MGM Would Save $100 Million A Year

By THE DEADLINE TEAM | Monday October 25, 2010 @ 12:40pm PDTTags: Carl Icahn Lionsgate MGM Merger, Gary Barber, Lionsgate, Lionsgate Finance, Lionsgate MGM Merger, MGM Spyglass, Movies, Roger Birnbaum

In a letter sent to MGM on Monday, Lionsgate said its proposed merger with the studio would amount to $100 million in annual savings while boosting cash flow by $120 million over five years. Documents were also filed with the … Read More »

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Lionsgate Spurns Latest Carl Icahn Offer

By MIKE FLEMING JR | Wednesday September 8, 2010 @ 5:47pm PDTTags: Carl Icahn, Carl Icahn Proxy Fight, Carl Icahn Tender Offer, Kick-Ass, Lionsgate, Lionsgate Carl Icahn, Lionsgate Finance, Lionsgate Stock, The Expendables, The Last Exorcism
Mike Fleming

Lionsgate has recommended to shareholders that they spurn Carl Icahn’s latest offer to pay $7.50 for outstanding shares. The company just filed its Schedule 14D-9 Report. The report described a September 7 meeting of the board of directors, which unanimously rejected the offer and voted to recommend that shareholders do … Read More »

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Icahn Offers $7.50 Per Lionsgate Share; Annual Meeting Delayed Until After Oct. 12

By NIKKI FINKE, Editor in Chief | Tuesday August 31, 2010 @ 10:17am PDTTags: Carl Icahan Hostile Takeover, Carl Icahn, Carl Icahn Lionsgate, Carl Icahn Tender Offer, Lionsgate Annual Meeting, Lionsgate Debt-For-Equity, Lionsgate Finance, Lionsgate Hostile Takeover, Lionsgate Shares, Mark Rachesky

Every Icahn move has deep reverberations inside the film/television studio whose management is increasingly paranoid about how their actions will be viewed by him. What a destabilizing situation. Now Carl Icahn’s hostile takeover attempt intensifies with his $7.50 a … Read More »

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Lionsgate Reports Net Q1 Loss Of $64M; Blames Underperformance Of ‘The Killers’; Spent $30.6 Million Fighting Off Carl Icahn

By NIKKI FINKE, Editor in Chief | Monday August 9, 2010 @ 5:18pm PDTTags: Carl Icahan Hostile Takeover, Carl Icahn, Lionsgate, Lionsgate Finance, Lionsgate Stock, Mandate Pictures

Earnings season has produced better-than-expected results at the major studios and networks with only Disney left to report tomorrow. (Watch for Deadline’s full summary.) But Lionsgate just reported bad news when Carl Icahn is breathing down its neck for that … Read More »

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Lionsgate Suddenly Dilutes Icahn Holdings

By NIKKI FINKE, Editor in Chief | Tuesday July 20, 2010 @ 1:44pm PDTTags: Carl Icahn, Carl Icahn Proxy Fight, Carl Icahn Tender Offer, Lionsgate, Lionsgate Carl Icahn, Lionsgate Deleveraging Transaction, Lionsgate Finance, Lionsgate Hostile Takeover, Lionsgate Stock, Lionsgate Stockholders, Lionsgate Tender Offer, Wall Street

Ceasefire Ends; Lionsgate Ponders Icahn’s $6.50 A Share Bid

So now Carl Icahn owns only 33.5% of the film and TV studio, and not the 37.9% he had as of yesterday. Nasty, nasty, nasty. Though it is interesting … Read More »

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