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Lionsgate acquires stake in Starz
MUMBAI: US media company Lionsgate has acquired a stake in Starz.
Under terms of the agreement, Lionsgate will exchange newly issued shares representing approximately 3.43 per cent of its outstanding common stock on a pro forma basis for a portion of Series A and Series B Starz common stock held by Dr. John Malone and his affiliates representing approximately 4.51 per cent of Starz common stock outstanding and 14.50 per cent of the total voting power of Starz common stock.
Dr. Malone will remain Starz’s largest voting shareholder with an approximate 6.1 per cent equity interest and approximately 32.1 per cent of the total voting power of Starz. Upon completion of the transaction, Dr. Malone will join Lionsgate’s board of directors.
Dr. Malone said, “Lionsgate has emerged as a leader in developing global content, and this transaction creates the potential for a number of strategic opportunities around the world with them. I’m delighted to add my voice to the Board of Directors of one of the most exciting content companies in the industry.”
Lionsgate chairman Mark H. Rachesky said, “We look forward to welcoming John to our Board of Directors and working together to create additional shareholder value. Now that Lionsgate has grown into an industry leader, we are excited to take the company to the next level as we continue to exploit the robust global demand for content.”
Lionsgate CEO Jon Feltheimer, vice chairman Michael Burns said, “John has been a pioneer in content distribution to the next generation consumer, and we’re delighted to add an investor of his caliber, experience and vision to our Board of Directors. We see tremendous value in Starz as well as the potential to explore a broad range of strategic initiatives in the future.”
Starz CEO Chris Albrecht said, “Lionsgate has been a great partner for us on projects in the past. We have tremendous respect for the business they have built and their leadership position in the entertainment industry. We’re pleased that they will be joining Dr. Malone as shareholders who support our vision.”