Lionsgate Television Halves Development Deals to Cut Costs, ‘Inefficiencies’
By Movieguide® Contributor
Lionsgate Television has cut more than half of its development deals to save money and trim “inefficiencies.”
The cut comes shortly after the purchase of eOne, an indie TV studio from Hasbro Entertainment, which occurred in December 2023.
Per Deadline, “A push to trim costs and eliminate ‘inefficiencies’ is an unfortunate but inevitable fallout from any merger or acquisition. In addition to being part of a post-transaction consolidation at Lionsgate, the reduction of the company’s TV deals also is likely tied to the ongoing contraction in the television business, which was accelerated after the strike. As Deadline has reported, studios have been trimming costs to adjust to the post-Peak TV era of fewer scripted TV series produced at lower price points.”
“Lionsgate acquired eOne for a purchase price of $375 million in cash, subject to certain purchase price adjustments, plus the assumption of production financing loans,” a press release said of the merger.
Movieguide® previously reported:
Entertainment giant Lionsgate announced Wednesday that its acquisition of Hasbro’s former entertainment platform, eOne, is officially complete.
“The transaction announced last August adds 6,500 film and television titles to Lionsgate’s large library; diversifies and strengthens its scripted and unscripted television businesses; extends its portfolio of brands and franchises; and expands its presence in Canada and the UK,” Deadline reported.
“The eOne acquisition concludes a busy year in which we continued to execute our strategy of strengthening our studio business as we prepare for the separation of Lionsgate and STARZ into pure play standalone companies,” said Jon Feltheimer, Lionsgate CEO. “As we’ve conducted our integration planning, our analysis has reaffirmed our conviction that eOne will be a valuable and highly accretive addition to our business. We are pleased to welcome eOne’s talented group of employees to our Lionsgate family.”
Managerial changes are coming to eOne beginning in April. Kerry Appleyard will be the senior vice president of “scripted and unscripted, and run both creative teams under the leadership of eOne Canada TV president Jocelyn Hamilton.”
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Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
