Lionsgate revenue jumped to over $1 billion in the latest quarter, up from $858 million, driven by a nearly 80% jump in the motion picture division.
A net loss of $888 — due to some big one-time charges — narrowed from $1.8 billion the year before. The adjusted numbers all beat Wall Street forecasts. The shares of up over 10%.
September is the end of Lionsgate’s fiscal second quarter.
Starz domestic OTT subscribers returned to growth, adding 200K, and total global OTT subscribers increased by 480K sequentially on a pro forma basis.
The charges: $876 million in charges related to Media Networks in the quarter included a $212 million restructuring charge from Starz’ exit of the U.K. and Latin America, and the write-off of non-core series domestically, as well as a $664 million non-cash goodwill and trade name impairment charge.
The motion picture segment saw revenue jump 77% to $395.9 million and profit rise 22% to $67.5 million. Growth came from strength in John Wick: Chapter Four home entertainment as well as the impact of carryover profits from theatrical wide releases in the first six months of fiscal 2024. Continued library strength also drove profits.
In television production, segment revenue dipped 9% to $393.9 million on the strike impact, while profit surged to $63.2 million from $13.6, driven by the delivery of the John Wick prequel event series The Continental to Peacock and Amazon Prime Video.
And media networks saw revenue up 5% year-over-year to $416.5 million on growth in domestic streaming revenue and Lionsgate+, partially offset by lower domestic linear revenue. Profit grew to $66.6 million from $21 million.
Domestic OTT subscribers returned to growth in the quarter (+200K) and total global OTT subscribers increased by 480K sequentially on a pro forma basis.
Also Read More: World News | Entertainment News | Celeb News
Source: DLine
