SELLER: Chris Albrecht LOCATION: Los Angeles, CA PRICE: $7,093,000 SIZE: 7,021 square feet, 6 bedrooms, 6 full and 2 half bathrooms YOUR MAMA’S NOTES: Though he had to hack nearly two million dollars off the original asking price of $8,995,000, Starz president and CEO Chris Albrecht sold a comfortably sumptuous Mediterranean villa in L.A.’s Brentwood… Read more »
Starz COO Jeffrey Hirsch plans to keep his gig through 2020 as part of a new contract the Lionsgate-owned operation disclosed today.
Hirsch was promoted to COO in June, a little less than a year after he moved from Time Warner Cable to become President of Global Marketing and Product Planning.
Since then he has focused on introducing Starz’ streaming services and app, and the network’s rebranding. He will continue to oversee Affiliate Sales, Marketing, Programming…
“The Hunger Games” studio Lionsgate has closed its $4.4 billion deal to acquire pay-TV network Starz, after the two companies’ shareholders approved the merger in a near-unanimous vote, Lionsgate announced in a Thursday statement.
Under the terms of the deal, each share of Lionsgate common stock (LGF) will be reclassified into half voting and half newly created non-voting shares. Holders of Starz Series A common stock (STRZA) will also receive $18 in cash per share, as well as 0.6784 of a share of Lionsgate non-voting stock. Essentially, that offer adds up to a total value of $32.73 per share, an 18 percent premium for STRZA shareholders.
Holders of Starz Series B common stock (STRZB) will get $7.26 in cash, 0.6321 of a share of Lionsgate voting stock and 0.6321 of a share of Lionsgate non-voting stock.
“After planning the integration of Lionsgate and Starz for the past five months, we are more excited than ever at the value created by the combination of our two great companies,” Lionsgate CEO Jon Feltheimer and Vice Chairman Michael Burns said in the statement. “Chris and his team have built Starz into a strong brand, a world-class distribution platform and a premium programming leader, and we’re delighted to welcome them to the Lionsgate family. Working together, we believe that the strategic opportunities are enormous, and we’re pleased that our shareholders recognize the transformative potential of the transaction.”
“Lionsgate and Starz have a shared vision – to make incredible content for audiences across the world and capitalize on technology and innovation to distribute that content across multiple platforms and devices,” Starz CEO Chris Albrecht said in the statement. “There is no better time to be in this business and no better company to be a part of. I am thrilled to join Jon, Michael and the rest of the Lionsgate team in growing our combined company into a global content powerhouse.”
According to a June joint statement, the combined company will include: a 16,000-title film and television library; the largest independent television business in the world, including 87 original series on 42 U.S. networks; a feature film business that has generated over $7 billion at the global box office over the past four years; operation of or investment in 30 channel platforms around the world, including the flagship Starz platform reaching 24 million U.S. subscribers, the Starz Encore network with over 32 million subscribers and five OTT services; and a growing presence in location-based entertainment and video games, driven by the company’s deep portfolio of brands and franchises.
Lionsgate and Starz are now one: The studio just closed the $4.4 billion cash and stock deal, announced in June, to buy the No. 2 premium network company.
“After planning the integration of Lionsgate and Starz for the past five months, we are more excited than ever at the value created by the combination of our two great companies,” Lionsgate CEO Jon Feltheimer and Vice Chairman Michael Burns said in a joint statement. “Working together, we believe that the strategic…
For the record: Starz moved a step closer to merging with Lionsgate today as the premium network company’s shareholders voted overwhelmingly to support the agreement to sell itself to the studio for $4.4 billion cash and stock.
Nearly 95% of the shares that voted, about 142 million, favored the deal. Owners of nearly 9.6 million shares abstained. About 98% of the votes cast also approved a non-binding proposal to support compensation agreements for Starz executives.
Starz CEO Chris Albrecht says that the premium cable network will, once its merger with Lionsgate closes, be on its way to building a “global content powerhouse.”
In a memo to employees Friday, Albrecht wrote that the companies “will be merging the best resources and efforts of our businesses in order to create a world-class entertainment company.”
The main news to come out of the memo was that, as expected, Starz’ home entertainment and international TV divisions will be merged into Lionsgate’s existing operations.
Otherwise, Albrecht confirmed the management structure of post-merger Starz, which will continue to operate independently as a Lionsgate division. Chief Operating Officer Jeffrey Hirsch will continue to oversee affiliate sales, technology, program planning and other areas, with Chief Marketing Officer Alison Hoffman reporting to Hirsch.
Chief Financial Officer Scott Macdonald will step down effective May 1, as the financial operations are transferred to Lionsgate.
“The company’s leadership represents the best in the business with proven track records for delivering results,” Albrecht wrote. “We believe this leadership will guide us to be a global content powerhouse that gives the combined entity greater scale for attracting top-tier talent, creating platform-defining content and distributing it with an incredible array of options.”
Starz CFO Scott Macdonald plans to leave the company, and its home entertainment operations will be folded into Lionsgate’s, when the studio buys the premium network owner, CEO Chris Albrecht told staffers today in a memo. Macdonald will depart on May 1 after helping Starz’s Finance and Accounting group blend into Lionsgate’s operation.
And Starz Distribution, the home entertainment business, will consolidate into Lionsgate Worldwide Home Entertainment Operation. The…