Todd Spangler NY Digital EditorLionsgate came in below Wall Street expectations for the first three months of the year, but its TV production division again had stellar results and its Starz streaming business kept on growing.The company previously announced that it would look at spinning off or selling Starz, the premium cable network and streamer it acquired in 2016, as part of reducing debt.
Among the suitors are Roku and Apollo Group, which have teamed on a bid to acquire a minority stake in Starz.On the earnings call Thursday, CEO Jon Feltheimer said Lionsgate is aiming to announce its plan for Starz by the end of this summer and that the company expects a transaction could close as early as the first quarter of calendar year 2023. “We are engaged in a robust and productive process with our bankers and a number of potential strategic and financial partners,” Feltheimer said, without identifying prospective buyers. “Even after executing our strategic plan for Starz, we will continue to partner with them in the creation of great IP, building our library and achieving important synergies between Starz and our studio business.”Overall, the company reported revenue of $929.9 million, up 6% year over year, while its net loss more than doubled to $104.6 million for the quarter ended March 31.
That translated to adjusted net income of $13 million, or adjusted earnings per share of 6 cents. Lionsgate’s operating loss for the period was $50.4 million, compared with an operating profit of $14.3 million for the first three months of 2021.Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.Lionsgate fell short of Wall Street forecasts.
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