Jon Feltheimer Lionsgate
Jon Feltheimer, CEO of Lionsgate, released its second quarter reporting revenues of $908.6 million, 1.6% higher than the prior-year quarter. Operating losses shrank from $68.2 million in the previous year’s quarter to $16.8 million in the most recent period.
Adjusted net loss attributable to Lionsgate shareholders in the quarter was $9.8 million or 4 cents a share. That beat Wall Street’s expectations. Analysts were predicting revenues of $885 million and an adjusted loss per share of 23 cents.
Also, Feltheimer announced that they will close Lionsgate+ and Starz operations in Latin America to focus on their operations in the US, UK, Canada, and Australia.
With this move, Lionsgate continues its strategy to exit smaller markets, as it did a few months ago in Spain and other European territories, to cut some of the company’s operating costs.
“After being approached by a key distributor in Latin America, we transacted a favorable agreement that motivated us to exit the territory by December 31, as we move towards focusing the service on the US and other English-speaking territories, the UK, Canada, and Australia, while also continuing to take significant cost out of the business,” Feltheimer said.
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