handily beat Wall Street estimates in its most recent fiscal quarter, as the company continued to explore spinning off or selling Starz, its cable and streaming business.
Those results were better than expected. Analysts had predicted Lionsgate would report revenue of $885 million and a loss of 12 cents per share. Shares of the company climbed more than 5% in after-hours trading on the strong report. During the quarter, Lionsgate sold a partial interest in StarzPlay Arabia for a $43 million cash gain.
Lionsgate’s future remains murky. Finding itself dwarfed by bigger media competitors such as Disney, Comcast and Warner Bros. Discovery and unable to match the resources of tech giants such as Amazon and Apple that have gotten into the content business, Lionsgate is often seen as an attractive acquisitions target. But so far, no sale has materialized. Instead, the company has explored several spinoff and sales scenarios, and nearly reached a deal to merge with Hasbro in 2017.
In the short term, the company’s film and television library was partly attributable for the improved results. Lionsgate said the 17,000 title library hit a record $845 million in revenue for the trailing 12 months.
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