Jon Feltheimer News
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Lions Gate Entertainment Corp., the independent film studio behind “The Hunger Games,” reported a quarterly profit that beat analysts’ estimates on ticket sales for the final “Twilight” and improved international results.
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Jon Feltheimer and Michael Burns crank up the volume as an image flickers to life on a flat- screen TV in their offices at Lions Gate Entertainment Corp. in Santa Monica, California.
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Lions Gate Entertainment Corp. won approval to release “The Hunger Games” in China, Chief Executive Officer Jon Feltheimer said, gaining access to the world’s third-biggest movie market.
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As throngs of “Twilight” fans queue outside theaters today for the last film in the teen vampire series, Hollywood studios are lining up too, with more pictures based on young-adult books depicting a dark future.
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Lions Gate Entertainment Corp. rose the most in more than three years after video sales of “The Hunger Games” helped quarterly profit beat analysts’ estimates and bolstered the company’s outlook for the rest of the year.
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Until “The Hunger Games,” the biggest movie for Lions Gate Entertainment Corp. was “Fahrenheit 9/11,” the Michael Moore war commentary that took in almost $120 million in U.S. theaters.
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Lions Gate Entertainment Corp. posted a loss on costs to market the film hit “The Hunger Games” and the purchase of Summit Entertainment. The company also predicted $900 million in profit over the next three years.
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Lions Gate Entertainment Corp. relied on old-fashioned Hollywood schmoozing, legal wrangling and a stock deal with a friendly board member to fend off billionaire Carl Icahn ’s almost two-year hostile pursuit.
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As Carl Icahn presses his hostile takeover bid for Lions Gate Entertainment Corp., he’s finding his biggest obstacle isn’t a “poison pill” or management -- it’s former protégé Mark Rachesky, the largest stockholder.
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Lions Gate Entertainment Corp. acquired “Twilight” producer Summit Entertainment LLC for $412.5 million in cash and stock, uniting two of Hollywood’s largest independent studios.
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