Lionsgate is launching its standalone film and TV studio business, Lionsgate Studios, on Nasdaq on Tuesday. Led by CEO Jon Feltheimer, the spun-off company will trade separately from Lionsgate’s Starz business under the ticker symbol LION, aiming to raise $350 million in proceeds. Lionsgate Studios consists of Lionsgate’s Motion Picture Group and Television Studio business, along with a 20,000-strong film and TV library.
In a statement, Feltheimer and vice chair Michael Burns expressed their belief in premium content and the value it brings to the company. The move is seen as a strategic and financial step towards the full separation of the studio and Starz businesses by the end of Lionsgate’s calendar 2024 year. The separation was carried out through a Special Purpose Acquisition Company (SPAC) called Screaming Eagle Acquisition Corp., with the parent company retaining 87.2 percent of the shares in Lionsgate Studios.
Launching Lionsgate Studios on Nasdaq provides the Hollywood studio with options like raising capital and potential mergers before the complete separation of the film and TV studios and Starz. This move is expected to position Lionsgate Studios as one of the world’s leading standalone, publicly-traded content companies.