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Lionsgate CEO Jon Feltheimer Believes In Netflix But Its “Pivot” Is Inevitable; For Starters, It Could Reconsider His ‘Knives Out’ Proposal

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Lionsgate CEO Jon Feltheimer believes Netflix still has a “tremendous business,” but they “didn’t pivot quite quickly enough” as their subscriber momentum stalled.Observations about Netflix’s effort to right the ship after losing $200 billion in market value provided just one of several appetizing morsels of industry analysis and career reflection offered during an hour-long conversation at SeriesFest in Denver.

The conversation between the Lionsgate boss and Liberty Global CEO Mike Fries provided an early highlight in the fest’s returned to in-person mode in its eighth edition, which runs through Tuesday.Feltheimer and Fries have known each other well for decades and Fries sits on Lionsgate’s board of directors, and that familiarity bred a number of candid moments. (Fries has skillfully gotten the likes of Jeffrey Katzenberg and Ted Sarandos to open up in past years at SeriesFest.) Feltheimer even offered a couple of business decisions he regretted, including greenlighting the disastrous Chaos Walking and passing on Damien Chazelle’s Babylon after scoring big on La La Land.Prodded by Fries to assess Netflix’s challenges, Feltheimer remarked that the company made a decision nearly a decade ago that has come back to apply significant financial pressure.

After successful early originals (including the Lionsgate-produced Orange Is the New Black) and the field largely to itself, “they decided they were just going to do a slash and burn and get to more subs than anyone and no one would ever catch them,” the executive said. “They would just spend and spend, and if anyone else tried to spend as much, they would go out of business.

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