Lionsgate extends CEO Jon Feltheimer’s contract until 2025 –

Lionsgate has extended CEO John Feltheimer’s contract for an additional year, through August 21, 2025.

Fellheimer signed a new contract in 2020 that could keep him at the studio until August 2025. On August 12, Lionsgate’s compensation committee decided to exercise an option under the studio head’s employment agreement to keep him as CEO. in 2025, the study said in a filing with the Securities and Exchange Commission.

On July 28, Lionsgate announced that Fellheimer would see his total compensation drop to $5.58 million in fiscal 2022, according to the company’s latest power of attorney. That’s less than in fiscal 2021, when Fellheimer received $19 million in full pay and the $11 million he earned as part of his fiscal 2020 total compensation package.

Fellheimer’s compensation for 2022 included an unchanged base salary of $1.5 million, but his bonus was reduced to $2.8 million, down from his previous annual bonus of $10 million in 2021. receive an annual performance bonus based on new performance criteria, with a bonus target of $7 million starting in fiscal 2023.

“Any portion of Mr. Fellheimer’s annual bonus in excess of $1.5 million in any given year may be transferred to him in the form of fully purchased common stock,” the SEC said in a statement.

Feltheimer’s contract extension came shortly after Lionsgate Television Group revealed it had 14 new shows picked up as series and 15 current series renewed for additional seasons.

The studio also saw global subscriber growth on Starz, which could be a selling point for the spinoff. Lionsgate shares are up 9% in fiscal 2022 and are up more than 20% after the company’s first-quarter earnings release.