Film Flops Like ‘Borderlands’ Lead Lionsgate to Steep Quarterly Losses, CEO Jon Feltheimer Acknowledges ‘Disappointing’ Results

variety.com:

Brent Lang Executive Editor “Borderlands,” “The Crow,” and other film flops deflated Lionsgate‘s quarterly earnings, leading the movie and TV studio to report a loss of $163.3 million.

It was a rough stretch that Lionsgate CEO Jon Feltheimer attributed to “a transitional, disrupted and difficult year for our industry,” one that saw the studio dealing with the aftershocks from the actors and writers strikes of 2023 that brought the industry to a standstill.

Feltheimer went on to bluntly characterize the financial results as “disappointing.” Revenue for the film and TV studio topped out at $948.6 million, down 7% from $1.01 billion in the year-ago period.

Lionsgate also reported an adjusted net loss attributable to shareholders of $102.5 million or 43 cents a share. The company beat Wall Street estimates, with analysts predicting that the company would post revenues of $921 million and earnings per share of 48 cents. “Our performance underscores the need to adhere even more rigorously to the risk mitigated business models, slate diversification and strict financial discipline that have always served us well,” Feltheimer said.