Move Underscores Lionsgate Senior Management Stability
SANTA MONICA, Calif. and VANCOUVER, June 20 /CNW/ -- In a move reflecting
the long-term stability of its senior management team, Lionsgate (NYSE: LGF)
President Steve Beeks has signed a new long-term agreement, the Company
announced today. Beeks has also been named Chief Operating Officer,
recognizing his expanded management oversight of the Company's operations. He
continues as President of the Company.
Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer, Vice
Chairman Michael Burns and Beeks are all signed to contracts extending until
2010 and 2011. They collectively have nearly 20 years' experience at the helm
of the leading independent filmed entertainment studio, marking unusual
stability for the leadership of a major media and entertainment company.
"Steve's promotion and new title reflect the role he is already playing
in helping me manage Lionsgate's day-to-day operations as well as leading our
home entertainment, library and digital initiatives," said Lionsgate Chief
Executive Officer Jon Feltheimer. "He has shown the ideal combination of
strategic vision and superb tactical execution essential to our continued
growth and success."
Feltheimer noted that Beeks, who was named President of Lionsgate shortly
after the Company's December 2003 acquisition of Artisan Entertainment, is an
example of the Company's successful strategy of culling the "best and the
brightest" leadership from acquired companies as well as in-house.
"This is an exciting time to be part of Lionsgate's leadership, and I
look forward to continuing to work closely with Jon, Michael and the rest of
our team in growing the Company to the new levels of performance and industry
leadership expected by our shareholders," said Beeks.
In addition to overseeing corporate operations, Beeks is responsible for
helping to develop and execute the Company's strategy for international
expansion as well as identifying corporate acquisitions, strategic ventures
and other growth initiatives. Under his leadership, Lionsgate's home
entertainment business has grown to a new high of nearly $530 million in
annual revenues, achieved industry market share of approximately 6% and moved
aggressively into digital delivery. The Company just reported record library
revenues of $256 million for fiscal 2007, and Lionsgate continues to establish
new alliances for leveraging its 11,000-title library and new content into the
digital marketplace. Lionsgate's international business achieved its highest
revenue performance in fiscal 2007. During Beeks' three-year tenure as
Lionsgate President, the Company has also maintained one of the lowest
overhead-to-revenue percentages in the industry.
Beeks has been an executive of Lionsgate and its predecessor companies
for nearly 10 years. He was named President of Lionsgate Entertainment Inc.
shortly after Lionsgate acquired Artisan, and he became President of parent
company Lions Gate Entertainment Corp. in 2006. He previously served as
President of Artisan Home Entertainment, which he joined in January 1998,
following the purchase of the company by Bain Capital. He was responsible for
all business aspects of the division, whose revenues grew from $115 million to
$300 million during his tenure. As president of the division, he spearheaded
the marketing, advertising, sale and distribution of Artisan's theatrical
films and extensive library of feature films in the DVD and videocassette
market as well as overseeing the acquisition and/or production of new
Previously, Beeks started Hallmark Home Entertainment (HHE) for the
Hallmark Cards Company as an independent home video distributor in October
1994, distributing filmed entertainment produced by Hallmark as well as
several other independent suppliers. HHE became one of the leading
independent home video distributors with exclusive relationships with The
Samuel Goldwyn Company, October Films, Showtime Original Pictures and others.
From early 1986 until early 1994, he was Vice President, Business
Development, for The Paragon Group, a limited partnership formed to invest in
the entertainment industry, and he served as Executive Vice President and then
President, Home Entertainment Group, for Republic Pictures Corporation.
Lionsgate is the leading independent filmed entertainment studio, winning
the 2006 Best Picture Academy Award (R) for CRASH, and the Company is a
premier producer and distributor of motion pictures, home entertainment,
family entertainment, television programming and video-on-demand content. Its
prestigious and prolific library of more than 11,000 motion picture titles and
television episodes is a valuable source of recurring revenue and a foundation
for the growth of the Company's core businesses. The Lionsgate brand is
synonymous with original, daring, quality entertainment in markets around the
www.lionsgate.com (*) (*) (*) (*) (*)
For further information, contact:
Peter D. Wilkes
For further information:
For further information: Peter D. Wilkes of Lionsgate, +1-310-255-3726,
email@example.com Web Site: http://www.lionsgate.com