Lionsgate (LGF) Announces Extension of CEO Feltheimer's Employment

October 13, 2016 8:23 AM EDT

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Lionsgate (NYSE: LGF) Chief Executive Officer Jon Feltheimer has signed a new long-term agreement extending his tenure until May 2023, effective immediately, the Company announced today.

During Mr. Feltheimer's 16 years as CEO, Lionsgate has grown into a global content leader with a feature film slate averaging nearly $2 billion annually at the worldwide box office, a television business encompassing nearly 80 series on 40 networks and a library that handles more than 16,000 motion picture and television titles. The Company is also building a suite of streaming channels and is an innovator in creating and delivering content to online platforms around the world.

Lionsgate has complemented its organic growth during the past year with a majority investment in leading reality producer Pilgrim Media Group, a strategic partnership with Discovery Communications and Liberty Global and a majority investment in Primal Media in the UK. In June 2016, Lionsgate announced the $4.4 billion acquisition of Starz as part of the continued growth and evolution of its content platform, effectively doubling the scale of the Company under Mr. Feltheimer's recent leadership.

"We are pleased to extend Jon's tenure as CEO until 2023, providing Lionsgate with great continuity as he and Michael Burns continue to lead the Company's evolution into a vertically integrated global content platform that unlocks strategic opportunities for our business and creates long-term value for shareholders," said Lionsgate Chairman of the Board Dr. Mark Rachesky.

"We were early believers in the value of premium content in today's ecosystem, and we believe that the Company continues to take the right steps to move closer to consumers, adapt to market developments and capitalize on opportunities in a fast-changing environment," Dr. Rachesky continued.

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