Lionsgate beat expectations with its first-quarter results, delivering revenues of $901 million and reporting strong gains at Starz.
The independent studio recorded a first-quarter loss of $144.1 million, largely due to shareholder litigation settlements. Adjusted net profit attributable to Lionsgate shareholders was $48.2 million.
“We’re pleased to report a strong quarter with robust free cash flow and outstanding growth at Starz,” said Lionsgate CEO Jon Feltheimer. “Our great results at Starz reflect our slate of hit premium programming, strong over the top subscriber growth and retention, and healthy gains in our MVPD business. Coupled with the global expansion strategy we have begun to execute, we see a very clear path to outsized value creation for our platform.”
Media networks revenues were up 5 percent to $377.3 million, lifted in part by OTT gains, with profit up 19 percent to $122.7 million. Domestic subscribers increased by 1.3 million to reach 25.1 million. Motion picture revenues slipped by 2 percent to $379 million but profit was up 45 percent to $12.9 million. Television production revenues fell to $152.1 million, with profit falling to $9.4 million.