1. Paramount Global, but with Starz instead of Showtime.

2. A smaller, independent version of Warner Bros. Discovery, focused on its studio and Starz network.

• Motion Picture Production & Distribution: Creates and distributes feature films globally.
• Television Production & Distribution: Develops, produces, and distributes television series and programming.
• Home Entertainment: Provides content for home viewing through digital sales, rentals, and physical media.
• Starz Network & Streaming: Operates the premium cable and streaming platform, Starz, offering original and licensed content.
• Games: Develops, publishes, or licenses interactive entertainment based on its intellectual property.
• Music: Produces and distributes musical content, primarily soundtracks and related compositions.
• Location-Based Entertainment: Creates themed attractions and experiences utilizing its film and TV franchises.

Lionsgate Studios (LION) primarily sells its film and television content, as well as its STARZ network, to other companies for distribution and licensing. Its major customers include:

• Netflix, Inc. (symbol: NFLX) - A leading global subscription streaming service that licenses a wide array of film and television content.
• Amazon.com, Inc. (symbol: AMZN) - Operates Amazon Prime Video, a major streaming service and a significant platform for digital media sales and rentals.
• Comcast Corporation (symbol: CMCSA) - A leading U.S. multichannel video programming distributor (MVPD) that distributes the STARZ network and licenses other film and television content.

Jon Feltheimer, Chief Executive Officer

Jon Feltheimer has served as CEO of Lionsgate since March 2000, and his leadership has been instrumental in transforming the company into a diversified global content leader. Prior to joining Lionsgate, he held significant leadership roles at Sony Pictures Entertainment (SPE), where he was the head of the Columbia TriStar Television Group and executive vice president, overseeing the creation of TriStar Television and the development of popular shows like Mad About You and The King of Queens. He also held a leadership position at New World Entertainment. Under his guidance, Lionsgate has expanded its film and television library and made strategic acquisitions, including eOne and an increased investment in 3 Arts Entertainment.

James W. Barge, Chief Financial Officer

James W. “Jimmy” Barge has been the Chief Financial Officer of Lionsgate since October 2013. He is responsible for all financial operations, planning, strategy, investor relations, and information technology. Barge played a key role in significant corporate transactions, including Lionsgate's acquisition of eOne and the separation of its studio and STARZ businesses. Before his tenure at Lionsgate, he served as Executive Vice President and Chief Financial Officer of Viacom Inc. from 2010 to 2012. He also spent 13 years at Time Warner Inc., holding positions such as Senior Vice President, Controller, and Chief Accounting Officer. Earlier in his career, he spent 13 years at Ernst & Young, rising to industry leader, and completed a two-year fellowship in the SEC's Office of the Chief Accountant. He currently serves as the lead Independent Director and Chair of the Audit Committee for Scholastic Corporation.

Michael Burns, Vice Chairman

Michael Burns has served as Vice Chairman of Lionsgate since March 2000, having joined the board in 1999. Working alongside CEO Jon Feltheimer, he has been instrumental in transforming Lionsgate from a smaller independent film company into a major global content leader. Burns has played a key role in several major acquisitions, including Summit Entertainment, Starz, and eOne. Prior to Lionsgate, he had an 18-year career in investment banking. This included nine years as a managing director and head of Prudential Securities' Los Angeles investment banking office, where he focused on equity financing within the media and entertainment sectors. He also spent nine years at Shearson/American Express, co-heading its Media Group.

Brian Goldsmith, Chief Operating Officer

Brian Goldsmith is the Chief Operating Officer of Lionsgate, overseeing corporate operations, corporate development, strategic partnerships, and digital initiatives. He has been crucial in numerous acquisitions and divestitures, such as the acquisition of Summit Entertainment and Good Universe, and the sale of Lionsgate's stake in EPIX. Goldsmith also played a significant role in the May 2025 separation of Lionsgate's studio and STARZ businesses. Before becoming COO in October 2012, he served as Executive Vice President of Corporate Development and Strategy. Prior to Lionsgate, Goldsmith was Chief Operating Officer and Chief Financial Officer of Mandate Pictures and Senator International, joining Lionsgate after its acquisition of Mandate in 2007. He began his career as a financial analyst at Merrill Lynch and worked as a financial analyst and strategic planner at Sony Pictures.

Kevin Beggs, Chairman, Lionsgate Television Group & Chief Content Integration Officer

Kevin Beggs is the Chairman of the Lionsgate Television Group and Chief Content Integration Officer, responsible for the development and production of all scripted and non-scripted programming. Since joining Lionsgate in 1998, Beggs has guided the Television Group's expansion into one of the largest independent television businesses globally. Under his leadership, Lionsgate has produced a diverse roster of successful television series, including award-winning shows like Orange is the New Black, Mad Men, Weeds, and Nurse Jackie. He has also held leadership roles in various industry organizations, including serving as Chairman for four years of the National Association of Television Program Executives (NATPE).

The key risks to Lionsgate Studios (LION) business are primarily financial challenges, intense competition in the entertainment industry, and the inherent inconsistency of content performance.

1. Financial Performance, Increased Expenses, and High Leverage: Lionsgate Studios faces substantial financial risks, characterized by operational challenges, increased expenses, and significant debt. The company has reported operating and net losses, with a concerning trend of rising direct operating, distribution, and marketing costs. Its financial statements reveal negative profit margins, a negative book value per share, and substantial negative free cash flow, indicating potential financial instability and a heightened risk profile. High levels of debt related to content financing contribute to significant interest expenses, which could hinder future growth and investment opportunities.

2. Intense Competition and Changing Consumer Preferences: The entertainment industry is highly competitive, with numerous studios and streaming services vying for market share. Lionsgate must continuously innovate to attract and retain audiences amidst changing consumer preferences, as audiences increasingly gravitate towards digital and on-demand content. This shift threatens traditional revenue models and necessitates significant investment in original content and competitive pricing, especially for services like Starz, which has been part of the Lionsgate ecosystem (though now separated). Lionsgate also operates with fewer resources than larger, more diversified competitors, which can limit its marketing reach, slate investment, and ability to compete for ideas, talent, and acquisitions.

3. Inconsistent Content Performance: The success of Lionsgate Studios is heavily reliant on the performance of its film and television content. While the company benefits from strong franchises like "John Wick" and "The Hunger Games," there is an inherent risk of failure with major releases. Inconsistent content performance can lead to disappointing financial results, impacting revenue and overall profitability.

The intense competition and ongoing consolidation in the global streaming and media landscape. Larger, vertically integrated players with significant financial resources (e.g., Netflix, Disney, Warner Bros. Discovery, Amazon, Apple) are heavily investing in content production, distribution, and direct-to-consumer platforms. This creates substantial pressure on Lionsgate, a mid-sized independent studio with its Starz network, to compete for audience attention, acquire desirable intellectual property, retain talent, and secure sustainable market share in an increasingly crowded and expensive content environment. This pressure directly impacts content acquisition costs, subscriber growth for Starz, and the overall profitability and strategic positioning of the company.

Lionsgate Studios (symbol: LION) operates within several significant addressable markets for its main products and services.

Motion Picture Production and Distribution

• Global: The global movie production and distribution market is estimated at approximately US$82.53 billion in 2024 and is projected to increase to US$182.92 billion by 2034, with a compound annual growth rate (CAGR) of 8.2%.
• U.S.: The U.S. movie market is expected to be approximately US$23.44 billion in 2024 and is projected to reach US$34.64 billion by 2033, growing at a CAGR of 4.43% from 2025 to 2033. The Movie & Video Production market in the U.S. was valued at $40.7 billion in 2025 and is projected to be $42.0 billion in 2026.

Television Programming and Series (including Streaming/OTT)

• Global: The combined global online video and traditional TV markets are projected to reach US$1 trillion in annual revenue by 2030. The global television services market size was valued at USD 373.59 billion in 2024 and is predicted to increase from USD 390.47 billion in 2025 to approximately USD 579.50 billion by 2034. The global video streaming market size was estimated at USD 129.26 billion in 2024 and is projected to reach USD 416.8 billion by 2030.
• U.S.: The U.S. Broadcasting and Cable TV Market size was valued at over USD 127.53 billion in 2025 and is poised to surpass USD 155.46 billion by 2035, growing at a 2% CAGR from 2026 to 2035. The U.S. video streaming market size was estimated at USD 18.79 billion in 2023 and is expected to grow at a CAGR of 19.8% between 2024 and 2030, reaching USD 66.41 billion by 2030. The U.S. Television Services market size was USD 117.68 billion in 2024 and is projected to be worth around USD 186.90 billion by 2034.

Games

• Global: The global video game market generated a revenue of approximately USD 298.98 billion in 2024 and is expected to reach approximately USD 600.74 billion by 2030.
• U.S.: The U.S. video game market is expected to grow significantly, reaching USD 67.61 billion by 2032.

Lionsgate Studios (LION) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strong Film and Television Content Pipeline and Franchise Expansion: The company plans to release 2-4 tentpole films annually and is focused on the continued expansion and reinvigoration of its successful franchises, such as "The Hunger Games" and "John Wick." Additionally, the television group has seen renewals for a significant number of its scripted series, indicating a robust television content pipeline.
2. Continued Monetization of its Extensive Film and Television Library: Lionsgate Studios consistently reports record or growing trailing 12-month library revenue, reaching $1.05 billion for the period ending December 31, 2025. This extensive library serves as a significant source of recurring revenue through licensing and distribution across various platforms.
3. Diversification of Intellectual Property (IP) Monetization through New Ventures: Lionsgate is actively leveraging its content beyond traditional theatrical and television distribution. This includes exploring non-theatrical ventures such as live experiences (e.g., "The Hunger Games" live experiences), video game projects ("John Wick" video game projects), and consumer products and licensing deals.
4. Growth in Television Production and Content Deliveries, enhanced by Strategic Acquisitions: The company anticipates increased content deliveries in its television segment, particularly following the resolution of guild strikes. The acquisition of eOne has also strengthened its scripted and unscripted television business, adding thousands of titles to its library and enhancing production capabilities.
5. International Market Expansion and Global Licensing Opportunities: Lionsgate Studios is committed to expanding its presence in international markets and capitalizing on significant international licensing opportunities for its upcoming films. Strategic content distribution deals in European territories and new partnerships with leading streaming services are expected to broaden its global audience reach and fuel revenue growth in untapped markets.

Share Issuance

• Lionsgate Studios Corp. issued 253.4 million common shares as of March 31, 2024, which increased to 288.7 million by March 31, 2025, primarily due to its formation through a series of transactions and amalgamation.
• The number of shares outstanding increased by 16.68% in one year, reaching 290.19 million as of March 2026.

Inbound Investments

• Liberty Strategic Capital, a private equity fund led by Steven Mnuchin, acquired a 5.5% stake in Lions Gate Entertainment (now Lionsgate Studios) for approximately $30.8 million in September 2023.
• Liberty Strategic Capital further increased its stake to 12.6% by May 30, 2025.
• The formation of Lionsgate Studios Corp. on May 14, 2024, following the spin-off of film and television businesses and a merger with Screaming Eagle Corporation, valued the studio at $4.6 billion.

Outbound Investments

• Lionsgate completed the acquisition of Entertainment One (eOne) from Hasbro, Inc. on December 27, 2023.
• In fiscal 2024, Lionsgate acquired an additional interest in 3 Arts Entertainment for $49.2 million.
• The studio also acquired the Spyglass library and made a sports-management investment through its 3 Arts division.

Capital Expenditures

• Lionsgate Studios reported capital expenditures of -$65.90 million in the last 12 months ending around March 2026.
• Capital expenditures were -$29.20 million in the last 12 months ending around February 2026.
• Capital allocation in Q1 and Q2 fiscal 2026 (ended June 30, 2025, and September 30, 2025) was focused on prints and advertising (P&A) and content spend, including preparing tentpole films like "Michael," "The Hunger Games," and two "Resurrection" films for fiscal 2027 and beyond.