Lionsgate has prolonged longtime CEO Jon Feltheimer’s contract for one more 5 years by July 31, 2029.
Feltheimer signed a brand new deal in 2020 that aimed to maintain him on the studio by Aug. 2025. On Aug. 8, Lionsgate’s compensation committee permitted a brand new employment settlement with the studio head to maintain him as CEO for one more 5 years, the studio stated in a Securities and Trade Fee submitting on Wednesday.
Feltheimer has served as CEO of the Hollywood studio since March 2000 alongside vice chairman Michael Burns, and that adopted a nine-year run at Sony Photos the place he labored on common reveals like Mad About You, The Nanny, Dawsons Creek and Social gathering of 5.
The most recent deal replaces Feltheimer’s present employment settlement, which was amended on Aug. 12, 2022 to run by to 2025. The brand new contract has him incomes an annual base wage of $1.5 million and being eligible for an annual efficiency bonus.
The primary bonus beginning with the studio’s 2025 fiscal yr will probably be $7.5 million and the utmost bonus will probably be double that concentrate on quantity. The brand new contract additionally incorporates phrases for vested frequent shares, fairness awards, profit packages and different incentives.
Extending Feltheimer’s contract follows the media large lately launching Lionsgate Studios as a standalone, publicly traded firm, cut up off from the Starz premium platform. Launching Lionsgate Studios on NASDAQ has aimed to present the Hollywood studio choices earlier than finishing a long-awaited separation of the movie and TV studios and Starz, together with elevating recent capital and merging with current companies.
Lionsgate Studios is made up of Lionsgate’s Movement Image Group and Tv Studio enterprise, together with a 20,000-strong movie and TV library. Different latest measures to spice up shareholder worth embody giving traders an upcoming vote on a plan to break down two lessons of shares into one class and supply a 12 p.c premium to class A voting shareholders at Lionsgate.
Starz in North America, the place Lionsgate is focusing its progress efforts for the premium platform, ended the latest first monetary quarter with 13.2 million streaming subscribers, down from 13.38 million clients on the finish of the fourth quarter of fiscal 2024.