Here are 1-3 brief analogies for Lionsgate Studios (LION):

• A smaller, independent version of a major film and TV studio like Paramount Pictures or Warner Bros. Entertainment.
• Think of it as a pure-play content studio, similar to Sony Pictures Entertainment, but on a smaller scale.

• Film Production and Distribution: Creating and distributing feature films for global theatrical release, home entertainment, and digital platforms.
• Television Production and Distribution: Producing and distributing scripted and unscripted television series for various network, cable, and streaming platforms.
• Streaming and Content Platform (STARZ): Operating a global premium subscription streaming service and traditional linear television channels.

Lionsgate Studios (LION) primarily sells its film and television content, as well as distribution rights, to other companies. While its STARZ segment directly serves individual subscribers, a significant portion of the company's overall revenue is derived from business-to-business transactions.

Its major customers include, but are not limited to, the following categories and specific public companies:

• Global Streaming Services: These companies license Lionsgate's film and television content for their subscription video-on-demand (SVOD) platforms, representing a major revenue stream. Examples include:
  • Netflix, Inc. (NFLX)
  • Amazon.com, Inc. (AMZN) (for Prime Video)
  • Warner Bros. Discovery, Inc. (WBD) (for Max and various cable networks)
  • The Walt Disney Company (DIS) (for Hulu, Disney+, and various networks)
  • Comcast Corporation (CMCSA) (for Peacock and various NBCUniversal networks)
• Theatrical Exhibitors: These are movie theater chains that license and exhibit Lionsgate's films in their cinemas. Examples include:
  • AMC Entertainment Holdings, Inc. (AMC)
  • Cinemark Holdings, Inc. (CNK)
• Traditional Broadcast and Cable Networks: These television networks license Lionsgate's content for linear broadcast. Many are subsidiaries of the major media conglomerates listed above.
• Home Entertainment Retailers and Platforms: Companies that distribute Lionsgate's content for digital purchase/rental and physical media sales.

null

Jon Feltheimer Chief Executive Officer, Lionsgate

Jon Feltheimer has served as the Chief Executive Officer of Lionsgate since March 2000. Under his leadership, Lionsgate's market capitalization has grown from $80 million to over $5 billion. He has held leadership positions at Sony Pictures Entertainment, where he was head of the Columbia TriStar Television Group and executive vice president, overseeing the development of notable television shows such as "Mad About You," "The Nanny," "Walker, Texas Ranger," "Dawson's Creek," "Party of Five," and "The King of Queens." Feltheimer also held leadership roles at New World Entertainment and has been responsible for many hours of television programming and hundreds of films, including the global blockbuster *Hunger Games* and *John Wick* franchises. He previously served as an advisor for ZeniMax Media and was a member of the Telltale Games board of directors.

James W. Barge Chief Financial Officer, Lionsgate

James W. Barge has been the Chief Financial Officer of Lionsgate since October 2013. In this role, he oversees all financial operations, planning, strategy, investor relations, and information technology. Barge has been instrumental in the financial aspects of key corporate transactions, including Lionsgate's acquisition of the global entertainment platform eOne and the separation of its studio and STARZ businesses. Before joining Lionsgate, he served as the Executive Vice President and Chief Financial Officer of Viacom, Inc. from 2010 to 2012, and as its Executive Vice President, Controller, Tax, and Treasury from 2008 to 2010. Prior to Viacom, he spent 13 years at Time Warner Inc., where he held positions including Senior Vice President, Controller, and Chief Accounting Officer. He began his career at Ernst & Young. Barge is the lead Independent Director, Chair of the Audit Committee, and a member of the Nominating and Governance Committee of Scholastic Corporation.

Michael Burns Vice Chairman, Lionsgate

Michael Burns has served as Vice Chairman of Lionsgate since March 2000, having joined the company's Board of Directors in 1999. He has been a pivotal figure, alongside CEO Jon Feltheimer, in transforming Lionsgate into a diversified global content leader. Burns played a significant role in major acquisitions such as Starz and eOne. Before his tenure at Lionsgate, he worked as an investment banker, serving as Managing Director and Head of the Los Angeles Investment Banking Office at Prudential Securities Inc. from 1991 to March 2000, where he focused on raising equity within the media and entertainment industry. He also spent nine years at Shearson/American Express. Burns co-founded the Hollywood Stock Exchange in 1996. He currently serves on the Board of Directors of Hasbro, Inc.

Brian Goldsmith Chief Operating Officer, Lionsgate

Brian Goldsmith is the Chief Operating Officer of Lionsgate, where he oversees the company's corporate operations, corporate development activities, strategic partnerships, and digital initiatives. He collaborates closely with CEO Jon Feltheimer and Vice Chairman Michael Burns on merger and acquisition activities and initiatives related to the company's capital structure. Goldsmith joined Lionsgate following its September 2007 acquisition of Mandate Pictures, where he previously served as Chief Operating Officer and Chief Financial Officer. His career also includes experience as a financial analyst and strategic planner at Sony Pictures, and he began his professional journey as a financial analyst at Merrill Lynch. He played a key role in several acquisitions, including Summit Entertainment and Good Universe, and various asset sales.

Kevin Beggs Chairman of the Lionsgate Television Group and Chief Content Integration Officer

Kevin Beggs is the Chairman of the Lionsgate Television Group and Chief Content Integration Officer, overseeing the development and production of all scripted and non-scripted programming. A veteran with over 20 years at Lionsgate, he is a member of the corporate senior management team and has led the strategic expansion of the television production operations, establishing it as one of the world's largest independent television businesses. Since joining Lionsgate in 1998, he has guided the growth of the Television Group, overseeing iconic series such as "Orange is the New Black," "Mad Men," "Weeds," and "Nurse Jackie." Beggs also holds leadership roles on the boards and executive committees of several prominent industry organizations.

The key risks to Lionsgate Studios (LION) include:

1. Intense Competition, Changing Consumer Preferences, and Box Office Volatility: Lionsgate operates in a highly competitive entertainment industry, vying for market share against other major studios and a growing number of streaming services. This intense competition, coupled with evolving consumer preferences that increasingly favor digital and on-demand content, directly impacts Lionsgate's ability to attract and retain audiences, thereby threatening traditional revenue models. The unpredictability of box office success and the significant capital required to produce and market content, combined with recent instances of underperforming film releases, further underscore the volatility and financial risk inherent in this environment.
2. Financial Challenges and High Leverage: Lionsgate faces notable financial challenges, including reported operating losses, negative earnings per share, and increased expenses. The company carries a significant amount of debt, indicated by a low interest coverage ratio, which raises concerns about its capacity to meet debt obligations and can hinder future growth and investment opportunities. Lionsgate has explicitly acknowledged "substantial capital requirements and financial risks."
3. Dependence on Content Performance and Intellectual Property: While Lionsgate possesses a diversified content portfolio and valuable intellectual property, its business remains heavily reliant on the commercial success of its films and television programming. Poor performance of key releases can significantly impact financial results, as highlighted by a recent string of box office failures. Maintaining and protecting this intellectual property is crucial, and the company must continuously innovate its content offerings to sustain its competitive advantage.

• Intensifying competition and market consolidation in the streaming sector directly threatening STARZ. As larger, diversified media conglomerates (e.g., Disney, Warner Bros. Discovery, Paramount) and tech giants (e.g., Amazon, Apple) continue to invest billions into content libraries, bundle offerings, and aggressive pricing strategies, STARZ faces a significant disadvantage in scale and resources. This makes it increasingly challenging for STARZ to attract and retain subscribers, leading to higher churn rates and a struggle to compete for top-tier content and talent in a saturated market. The ability of mega-streamers to cross-promote and absorb losses for subscriber growth puts immense pressure on smaller, standalone services like STARZ.

• Growing consumer subscription fatigue and cost consciousness. With an ever-increasing number of streaming services and rising household expenses, consumers are becoming more selective about their subscriptions. Services perceived as non-essential or niche are often the first to be cut. STARZ, frequently viewed as a supplementary streaming option rather than a core offering, is particularly vulnerable to this trend, which could lead to subscriber attrition and hinder growth as consumers rationalize their monthly spending on entertainment.

The primary revenue-generating activities for Lionsgate Studios include motion picture production and distribution, television production and distribution, and the licensing of its extensive content library to various platforms, including streaming services.

Addressable Markets:

• Motion Picture Production and Distribution:
  • The global movie production and distribution market was valued at approximately $128.8 billion in 2023 and $130.0 billion in 2024.
  • This market is projected to grow from an estimated $82.53 billion in 2024 to $182.92 billion by 2034 globally, at a compound annual growth rate (CAGR) of 8.2%.
  • Another estimate for the global film distribution market size was $95.8 billion in 2023, with a projection to reach $105.75 billion by 2031.
  • The broader global film and video market (encompassing production and distribution) was estimated at $308.47 billion in 2024 and is expected to increase to $328.49 billion in 2025.
• Television Production and Distribution:
  • The global film and television production services market is predicted to grow from approximately $64.11 billion in 2025 to $97.07 billion in 2031.
  • The global TV distribution model market size was valued at $206.23 billion in 2024. Another source estimates this market at $208 billion in 2024, rising to an estimated $215.49 billion in 2025.
  • Global spending by broadcasters, channels, pay-TV platforms, and online services on original and acquired programming was $161.8 billion in 2023, with North America accounting for 52% of this total.
  • The global TV studio market size is estimated at $12.86 billion in 2025 and is projected to reach $20.29 billion by 2034. North America held over 35% of the global TV studio market share in 2024.
• Content Licensing and Streaming Services (as a distribution channel):
  • The global video streaming market was estimated at $129.26 billion in 2024 and is projected to reach $416.8 billion by 2030.
  • North America held the largest share of the global video streaming market at 31.3% in 2024.
  • Other estimates place the global streaming services market at $138.92 billion in 2024, with a projected growth to $255.04 billion by 2033.
  • The USA alone accounts for over 35.8% of global streaming consumption.
  • Another report indicates the global video streaming market size was $674.25 billion in 2024 and is projected to reach $2,660.88 billion by 2032. North America dominated this market with a 38.36% share in 2024.

Lionsgate Studios (LION) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and content-related opportunities:

1. Strong Film Slate and Franchise Expansion: Lionsgate anticipates significant growth from its robust film slate, with plans to release 2-4 tentpole films annually. The company is strategically expanding popular intellectual properties (IPs) such as The Hunger Games, John Wick, Saw, and Twilight across various mediums including film, television, animation, games, virtual experiences, and live shows. Upcoming productions include a new John Wick tentpole and TV series, as well as the Michael biopic and two Resurrection films.
2. Growth in Television Production and Series Deliveries: The company expects a substantial increase in its scripted television series deliveries, aiming to double them in the upcoming fiscal year (Fiscal 2027). Lionsgate has been actively refilling its television pipeline with key series renewals and new breakout shows, contributing to notable gains in the Television Production segment, which saw a 20% revenue increase in Q1 Fiscal 2026 due to increased episodic deliveries and higher-margin new series. Strengthened segment profit is expected in TV throughout the remainder of Fiscal 2026, driven by increased deliveries and incremental licensing revenue from titles like Hunting Wives.
3. Monetization of Extensive Content Library: Lionsgate has consistently achieved record-breaking trailing 12-month library revenue, reaching $1 billion in Q2 Fiscal 2026 for the fourth consecutive quarter. This highlights the enduring value of its vast content library, which the company is actively monetizing through various licensing deals.
4. Expansion into New Revenue Streams and Platforms: Lionsgate is exploring new partnerships and innovating its brands across new businesses and digital platforms. This includes tapping into the growing demand for multi-platform, cross-medium content to create new recurring revenue streams. Examples include licensing content to major digital platforms such as Disney+ and Amazon Prime, as well as a new partnership with Roblox for content licensing, which opens up a novel sales channel.

Share Repurchases

• Lionsgate Studios' adjusted free cash flow is a key metric considered for capital allocation decisions, including potential share repurchases.

Share Issuance

• Lionsgate Studios (LION) began trading as a separate publicly-traded company on NASDAQ on May 14, 2024, following its spin-off.
• As of November 3, 2025, Lionsgate Studios had 289,729,314 shares outstanding, representing an 11.28% increase in shares outstanding over one year.
• The spin-off transaction involved Screaming Eagle Acquisition Corp. and investors acquiring approximately a 12.2% stake in Lionsgate Studios, with the parent company retaining approximately 87.3%.

Inbound Investments

• Liberty Strategic Capital, a private equity fund, made an initial investment of approximately $30.8 million for a 5.5% stake in Lionsgate Entertainment (now Lionsgate Studios) on September 5, 2023.
• Liberty Strategic Capital increased its stake to 12.6% on May 30, 2025, gaining control of the studio.
• In June 2025, Liberty Funds further boosted its stake with two purchases totaling $5.2 million, bringing its total holdings to 36,896,270 shares.

Outbound Investments

• Lionsgate acquired Entertainment One (eOne) from Hasbro for $375 million in cash, plus assumed production financing loans, on December 27, 2023, adding 6,500 film and television titles to its library.
• The company has also made strategic acquisitions such as an investment in CP LG Library Holdings, LLC, which added 46 films to its library.
• Lionsgate acquired A & A, a company with key relationships in the sports and entertainment industry, with $29.4 million allocated to goodwill.

Capital Expenditures

• Lionsgate Studios reported capital expenditures of -$29.20 million in the last 12 months.
• The company used $109 million in operating activities and $112 million in adjusted free cash flow in Q1 FY2026 (ended June 30, 2025), driven by P&A and content spend.
• In Q2 fiscal 2026 (ended September 30, 2025), the company focused capital on preparing tentpole films for fiscal 2027 and beyond, including wrapping production on "Michael" and shooting "The Hunger Games" and two "Resurrection" films.