Rob Friedman and Patrick Wachsberger Renew Long-term Agreements as Co-Chairs of Lionsgate Motion Picture Group
Company Generated Over $2 Billion at Worldwide Box Office for Two Straight Years, Continues to Build Portfolio of Film Brands and Franchises
SANTA MONICA, Calif. and VANCOUVER, Jan. 14, 2015 /PRNewswire/ -- Underscoring the continued growth and momentum of the Company's motion picture business, Rob Friedman and Patrick Wachsberger have renewed their long-term agreements as Co-Chairs of Lionsgate's (NYSE: LGF) Motion Picture Group, the Company announced today.
Messrs. Friedman and Wachsberger will continue to oversee all aspects of Lionsgate's domestic and international feature film acquisition, production and distribution operations. In the nearly three years since Lionsgate's January 2012 acquisition of Summit Entertainment, the Company has achieved record years of more than $2 billion at the worldwide box office in 2012 and 2013 and grossed more than $1 billion at the international box office for three straight years.
The Company's film business has grown to encompass approximately 30 releases annually from its Lionsgate and Summit labels as well as from Pantelion Films, its joint venture with Televisa serving Hispanic audiences, its urban Codeblack Pictures label, its partnership with specialty film platform Roadside Attractions and its thriving Lionsgate U.K. business.
"Rob and Patrick's complementary skills are invaluable in growing our motion picture operations worldwide, and their experience, expertise and relationships will continue to play an integral role in moving our business forward," said Lionsgate Chief Executive Officer Jon Feltheimer and Vice Chairman Michael Burns. "We're pleased that they will continue leading our superb motion picture teams in expanding our portfolio of brands and franchises, cultivating exciting new properties and diversifying our feature film business into new areas geared to our next generation consumers."
"Jon and Michael have created a dynamic and entrepreneurial culture in which to continue growing Lionsgate's film business, and we're fortunate to be supported by an extraordinary group of production, acquisition, marketing and distribution executives," said Friedman and Wachsberger. "Our opportunities are limitless, and we look forward to many years of helping the Company continue to build its stature as a forward-looking global content leader."
During their tenure, Lionsgate's global blockbuster Hunger Games franchise has continued to gain momentum, grossing more than $2.2 billion at the worldwide box office to date and entering several new lines of business. The first film in the Divergent franchise launched to nearly $300 million at the box office worldwide, with three eagerly-anticipated sequels slated for release beginning with Insurgent, which will debut on March 20. The Company also scored a blockbuster hit with Now You See Me, and Now You See Me 2 is currently in production and slated for worldwide release in June 2016.
Lionsgate's upcoming release slate also includes such eagerly-anticipated properties as the epic action adventure Gods of Egypt, the live action Power Rangers film and J.C. Chandor's action thriller Deepwater Horizon, starring Mark Wahlberg.
Lionsgate has also recently announced several location-based entertainment initiatives, including The Hunger Games travelling exhibit and The Hunger Games live theatrical experience, which debuts in London, England next year, and the Company continues to ramp up licensing and merchandising initiatives for its portfolio of brands.
In addition, Lionsgate has established a global sales and distribution infrastructure comprised of output deals covering 80% of the world's movie-going population outside China and India and its IDC joint venture serving Latin America. The Company has also continued to expand its presence in China, where it has recently released hits such as Now You See Me and Escape Plan.
Prior to joining Lionsgate, Messrs. Friedman and Wachsberger were Co-Chairmen of Summit Entertainment, building the studio into a leading independent worldwide motion picture production and distribution company. Under their direction, Summit launched the global blockbuster The Twilight Saga franchise, whose five films grossed more than $3.3 billion at the worldwide box office, and scored with such hits as the action comedy Red and The Hurt Locker, the 2010 Academy Award winner for Best Picture and Best Director.
ABOUT LIONSGATE
Lionsgate is a premier next generation global content leader with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, digital distribution, channel platforms and international distribution and sales. The Company currently has more than 30 television shows on over 20 different networks spanning its primetime production, distribution and syndication businesses, including such critically-acclaimed hits as the multiple Emmy Award-winning Mad Men and Nurse Jackie, the comedy Anger Management, the broadcast network series Nashville, the syndication success The Wendy Williams Show and the critically-acclaimed hit series Orange is the New Black.
Its feature film business has been fueled by such recent successes as the blockbuster first three installments of The Hunger Games franchise, the first installment of the Divergent franchise, Now You See Me, John Wick, Warm Bodies, Roadside Attractions' A Most Wanted Man, Lionsgate/Codeblack Films' Addicted and Pantelion Films' Instructions Not Included, the highest-grossing Spanish-language film ever released in the U.S.
Lionsgate's home entertainment business is an industry leader in box office-to-DVD and box office-to-VOD revenue conversion rates. Lionsgate handles a prestigious and prolific library of approximately 16,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate and Summit brands remain synonymous with original, daring, quality entertainment in markets around the world. www.lionsgate.com
For further information, please contact:
Peter D. Wilkes
310-255-3726
[email protected]
Logo - http://photos.prnewswire.com/prnh/20130919/LA83194LOGO
SOURCE Lionsgate
Share this article