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Lionsgate and Lionsgate Studios reported their fourth quarter fiscal 2024 results, highlighting key financial figures and operational outcomes. The company achieved $1.1 billion in revenue but faced an operating loss of $60.9 million and a net loss of $39.5 million. Adjusted net income stood at $63.4 million.
Television segment profit rose by 83%, while the Film & Television Library earned a record $339 million in revenue. Lionsgate recorded $397 million in net cash flow for the year and $230 million in adjusted free cash flow. The Studio Business saw a 6.8% revenue increase, although the Motion Picture segment faced a 23% revenue drop. Media Networks' revenue declined by 7.1%, with a 28.4% drop in profit due to higher content amortization expenses.
Additionally, Lionsgate Studios became a separate publicly-traded entity on May 14, 2024. The company remains focused on completing the full separation of its studio and STARZ businesses by the end of the year.
Lionsgate (NYSE: LGF.A, LGF.B) and Lionsgate Studios (Nasdaq: LION) will announce their fourth quarter and full year earnings for fiscal 2024 on May 23, 2024, post-market close. The companies will also hold a conference call at 5:00 P.M. ET/2:00 P.M. PT on the same day to discuss the results. The financial outcomes of both companies will be covered in this call.
Lionsgate operates a comprehensive motion picture and television studio and the STARZ subscription platform, boasting a 20,000-title film and television library. It owns 87.2% of Lionsgate Studios, a standalone content company known for its diverse production and distribution services.
Lionsgate announced that Lionsgate Studios will launch on May 14, trading on NASDAQ under the symbol LION. This move makes Lionsgate Studios one of the world's largest standalone, publicly-traded content companies, raising $350 million from top investors. The transaction was facilitated by merging with Screaming Eagle Acquisition Corp, valuing Lionsgate Studios at $4.6 billion.
Lionsgate Studios will include the Motion Picture Group, Television Studio segments, and a library of over 20,000 titles, but excludes the STARZ platform. As a result, 87.2% of the shares will be held by Lionsgate, with the remaining 12.8% held by Screaming Eagle's shareholders and common equity investors. The full separation of Lionsgate and STARZ is expected by the end of 2024.
Stern Pinball, Inc., in collaboration with Lionsgate, has launched a new line of John Wick pinball games featuring the iconic hitman. The games offer film-inspired mechanical features, dynamic AI combat system, and artwork from the franchise. Players can experience high-speed chases, iconic locations, and an engaging gameplay featuring a new AI combat system. The games also include custom narration by Ian McShane, an original score by Charlie Benante, and artwork by Randy Martinez. to 1,000 games globally, the highly collectible Edition model offers a unique gaming experience with integrated lighting systems, mirrored backglass, high-definition cabinet decals, and exclusive pinball armor. The John Wick pinball games are available in Pro, Premium, and Edition models with pricing starting from $6,999.
Lionsgate announced an Exchange Agreement worth approximately $383 million in aggregate principal amount of 5.500% Senior Notes due 2029. The agreement aims to bolster the balance sheets of Lionsgate's Studio and STARZ Businesses in preparation for a full separation. The New Notes issued under the agreement will bear interest at a rate of 5.500% per year until the separation, following which they will be part of the Studio Business capital structure with an interest rate of 6.000% and maturity extended to 2030. The completion of the Exchange Agreement transactions is subject to certain closing conditions.
