New Contract Extends Tenure Until 2014
Michael Burns Extends Contract As Vice Chairman Until 2011
SANTA MONICA, Calif. and VANCOUVER, Oct. 14 /CNW/ -- Lionsgate
Co-Chairman and Chief Executive Officer Jon Feltheimer has signed a new
long-term agreement with Lionsgate extending his tenure until March 2014, the
Company announced today. His previous contract ended March 2011. Separately,
Michael Burns has also reached agreement to extend his contract as Vice
Chairman until September 2011. Feltheimer and Burns now will have 25 years'
combined experience at the helm of Lionsgate by the end of their respective
contracts, reflecting exceptional long-term stability. Lionsgate (NYSE: LGF)
is the leading next generation filmed entertainment studio.
"We are delighted to make this early decision to extend Jon's tenure as
Co-Chairman and CEO until 2014, providing Lionsgate with extraordinary
continuity as he and Michael Burns continue to grow the Company into one of
the premier next generation studios," said Co-Chairman Harald Ludwig on behalf
of Lionsgate's Board of Directors. "During Jon's eight and a half years of
leadership, Lionsgate has generated tremendous growth momentum, invested in a
series of strategic and financially accretive acquisitions and built a very
healthy balance sheet and strong cash position that is invaluable in the
current market environment. We are confident that Jon and Michael are setting
in place all of the elements for continued strong growth and industry
leadership in the future."
Lionsgate has built a leadership position in motion pictures, television
programming and home entertainment, assembled a 12,000-title filmed
entertainment library and established a strong beachhead in new channels and
digital delivery platforms through such recent acquisitions as: Redbus Film
Distributors (subsequently renamed Lionsgate U.K.); the Debmar-Mercury
television distribution and syndication company; Mandate Pictures; the launch
of the FEARNet channel with partners Sony and Comcast; a 42 percent investment
in Break.com; and a 43 percent investment in Roadside Attractions.
Lionsgate has generated such box office and critical successes as CRASH,
MONSTER'S BALL, 3:10 TO YUMA, RAMBO, THE BANK JOB, FORBIDDEN KINGDOM, CRANK,
GOOD LUCK CHUCK and the SAW and Tyler Perry franchises. Its television
business encompasses some of the hottest series on television, including the
Emmy Award-winning "Mad Men" and "Weeds," in addition to shows such as "Tyler
Perry's House of Payne," "Meet The Browns," "The Wendy Williams Show,"
"Trivial Pursuit," "Family Feud" and "South Park" in distribution and
syndication. The Company's home entertainment business has nearly 8% market
share and continues its strong growth propelled by the industry's highest box
office-to-DVD conversion rate, recent strong gains in BluRay sales and
continued strength in revenues from library, new theatrical,
television-to-DVD, fitness and family entertainment titles. Lionsgate
currently has a strong cash position and a new and unused $340 million JP
Morgan credit facility.
The Company filed a Form 8-K with the Securities and Exchange Commission
today containing the terms of Mr. Feltheimer's new employment agreement.
Lionsgate is the leading next generation filmed entertainment studio with
a major presence in the production and distribution of motion pictures,
television programming, home entertainment, family entertainment,
video-on-demand and digitally delivered content. The Company is leveraging its
content leadership and marketing expertise through a series of partnerships
that include the operation of the highly successful FEARnet branded channel
with Sony and Comcast, the recent announcement of the fall 2009 launch of a
new multiplatform entertainment venture with partners Viacom, Paramount
Pictures and MGM, investment in the leading young men's digital distribution
platform Break.com, ownership of the premier independent television
syndication company Debmar-Mercury LLC and an alliance with independent filmed
entertainment production and distribution company Roadside Attractions.
The Company's feature films have generated more than $450 million at the
North American theatrical box office in the past year, and Lionsgate has also
forged leadership positions in television and home entertainment. Lionsgate
handles a prestigious and prolific library of approximately 12,000 motion
picture and television titles that is an important source of recurring revenue
and serves as the foundation for the growth of the Company's core businesses.
The Lionsgate brand is synonymous with entrepreneurial innovation and
original, daring, quality entertainment in markets around the globe.
For further information, please contact:
Peter D. Wilkes
For further information:
For further information: Peter D. Wilkes of Lionsgate, +1-310-255-3726,
firstname.lastname@example.org Web Site: http://www.lionsgate.com