Roku and Apollo Global Management have submitted an offer to acquire a minority stake in Starz, a streaming and cable service owned by Lionsgate.
Apollo and Rocco are known to be among several unspecified candidates at the moment, the source confirms. hollywood reporter. There was a joint bid between Roku and a private investment firm first reported Per Wall Street Journal.
Lionsgate has long been expected to be looking to sell Starz or Spinoff, which it bought for $4.4 billion in 2016. In November 2021, Edge authorized Lionsgate management will begin to pursue a “full or partial spin-off” of Starz, among other options, according to a regulatory filing at the time.
On the February 2022 earnings call, Lionsgate Vice President Michael Burns did not comment Straight to Starz’s next steps, but he talked about “unlocking shareholder value.”
“We are working with an excellent team of advisors with additional strengths and experience as we continue to drive shareholder value across our two core businesses. “So it’s important to note that we will provide additional updates on our progress at the appropriate time,” Burns said at the time.
Lionsgate declined to comment on the matter on Tuesday.
Meanwhile, Roku is doing more original programming for its Roku channel and has just signed a film release deal with Lionsgate. Starz is known for shows like unknown s Ძალა Franchise.
Starz and Starzplay Arabia’s global streaming subscriber base is growing at a time when other platforms are concerned about stagnant numbers. In March, Abu Dhabi-based ADQ and pay-TV operator E-Vision agreed to buy a majority stake in Starzplay Arabia.
In the three months to December 31, 2021, Starz and Starzplay Arabia announced 19.7 million global streaming subscribers, up 44% year-over-year. Additionally, revenue was affected by COVID-19 production delays and a weak first quarter.
Shutting down premium cable and streaming services will earn Lionsgate money and allow it to explore more opportunities in traditional film and television studios.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
