Lionsgate CEO Jon Feltheimer said the company is planning to unveil its plans for Starz by the late summer and close a deal by next spring as the process to monetize the premium channel and streamer moves forward.
“We are targeting an announcement of our plan by the end of the summer and expect a transaction could close as early as our fiscal fourth quarter,” the chief executive said on a conference call to discuss the company’s latest earnings. Lionsgate’s fiscal year ends in March.
Feltheimer said the company is engaged in conversations with bankers and “a number of potential strategic partners.”
Canal+, a division of French conglomerate Vivendi, has been in the mix as potential suitor as have Roku and Apollo Global management bidding jointly for a minority stake. DirecTV is also interested.
Lionsgate, acquired Starz for $4.4 billion in 2016. It announced last fall it was exploring strategic options for the cable network and streamer that has been growing fast in streaming under Jeff Hirsch but failed to provide a bump for its parent, which calculated that selling all or a part of the asset could unlock value.
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