Lionsgate Quarterly Results Lifted by TV Group

Lionsgate has posted third-quarter revenue of $885.4 million, operating income of $9.3 million and net loss attributable to shareholders of $45.6 million.

Revenue from the television production segment was $438.6 million, up 92.2 percent compared to the prior-year quarter. Segment profit declined 34.6 percent to $19.3 million.

Media networks segment revenue of $388.9 million was down 4.3 percent by comparison. Excluding the revenue from the former Pantaya streaming service in the prior-year quarter, segment revenue was down 1 percent, as reductions in domestic linear revenue were partially offset by growth in domestic streaming revenue and STARZPLAY International revenue. Segment profit decreased to $28.5 million, driven by higher programming and marketing expenses.

Total media networks’ global subscribers increased to 31.4 million, including STARZPLAY Arabia. Global streaming subscribers increased 44 percent year-on-year to 19.7 million. STARZPLAY International subscribers grew 98 percent to 8.5 million.

In the motion picture segment, revenue was up 10 percent to $275.3 million, while segment profit increased 35 percent to $67.5 million.

“Our television group achieved a banner performance in the quarter in new series pickups and current series renewals, our library continued to generate strong high-margin revenue and our motion picture group assembled a great pipeline of branded intellectual properties,” said Lionsgate CEO Jon Feltheimer. “Though Covid-related production delays resulted in diminished subscriber growth relative to our expectations in the first half of the year, putting pressure on revenues and segment profit in the current quarter, STARZ’s programming is back on track and expected to translate into continued subscriber growth going forward.”