Lionsgate, the Santa Monica studio and owner of the Starz cable network, came in well above market expectations as it reported results for its third quarter Thursday.
It pulled in $1 billion in revenue and $16.6 million in net income, or adjusted earnings per share of $0.26.Lionsgate’s results reflected a welcome development for a smaller studio trying to survive in an industry pushed to prioritize streaming over theatrical and linear television.
That Wall Street-driven new normal arguably penalizes smaller-scale entertainment companies while encouraging consolidation and mergers.Wall Street had predicted a loss of two cents per share for the third quarter, against a loss of $0.12 per share in the prior quarter and earnings of $0.02 per share in the same quarter a year ago, according to a survey by Zacks Investment Research.“We reported a strong financial quarter with record trailing 12-month library revenues affirming the value of our intellectual properties,” said Lionsgate CEO Jon Feltheimer.
The mini-major has been mostly on the sidelines in terms of theatrical exhibition, partially due to ever-shifting COVID concerns, with last quarter’s only theatrical releases being “Prey for the Devil” and “Alice, Darling.” This year is expected to be critical for the studio in that department.
Read more on thewrap.com
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