Lions Gate Entertainment Corp. (LGF) said Monday that Chief Executive Officer Jon Feltheimer's tenure has been extended until May 28, 2018, effective immediately, under a new long-term agreement with the entertainment company.
In addition to Feltheimer, Vice Chairman Michael Burns, Co-Chief Operating Officers Steve Beeks and Brian Goldsmith, and General Counsel and Chief Strategic Officer Wayne Levin have all signed new long-term agreements with the company in the past year.
Dr. Mark Rachesky, Chairman of the Board, Lionsgate said, "We are pleased to make this early decision to extend Jon's tenure as CEO until 2018, providing Lionsgate with extraordinary continuity as he and Michael Burns continue to grow the Company into a next generation global content leader."
Feltheimer was appointed CEO of Lionsgate in March 2000. Prior to joining Lionsgate, Feltheimer spent nine years at Sony Pictures Entertainment or SPE as head of the Columbia TriStar Television Group and head of Sony Entertainment Television.
Lionsgate noted that during Feltheimer's 13 years as CEO, he and Burns have guided the company's growth into a global entertainment company. Lionsgate's market capitalization has risen to nearly $4 billion from $80 million during Feltheimer's tenure as CEO.
In 2012, Lionsgate purchased Summit Entertainment, launched the global blockbuster "Hunger Games" franchise, and continued growth as well as diversification of its television business.
The company currently has 28 television shows on 20 different networks. This includes brands such as the multiple Emmy Award-winning "Mad Men", in addition to comedy "Weeds", new comedy "Anger Management", the network series "Nashville" and the upcoming "Orange Is The New Black".
Lionsgate results have benefited from the loyal young-adult fan base for its "Twilight Saga" series and "Hunger Games" movies. The company gained the Twilight Saga film series through its acquisition of Summit Entertainment for $412.5 million.
Last Thursday, Lionsgate reported a turnaround to profit in the fourth quarter on higher revenues. The company's net income for the fourth quarter was $163.0 million or $1.10 per share, compared to loss of $22.7 million or $0.17 per share in the same period last year. Revenues for the quarter grew 22 percent to $785.7 million from $645.2 million in the year-ago period.
LGF closed Friday's trading at $28.80, up $0.77 on a volume of 5.23 million shares.
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