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Investing.com -- Lions Gate Entertainment Corp (NYSE:LGFa). shareholders approved a strategic plan to separate its film and television studio from its Starz network, Reuters reported. The decision is aimed at streamlining the company’s operations and enhancing its competitive edge in a rapidly evolving media landscape that is increasingly favoring streaming services like Amazon (NASDAQ:AMZN) Prime Video, YouTube, and Netflix (NASDAQ:NFLX) over traditional cable TV.
The newly independent Lionsgate Studios will encompass the company’s Motion Picture Group and Television Studio operations, along with a vast library boasting over 20,000 film and television titles. This move is expected to allow each entity to focus on their core strengths and market dynamics without the complexities of the combined structure.
The approval marks a significant step in Lions Gate’s efforts to adapt to the changing preferences of consumers, who are progressively opting for streaming content. By separating from Starz, the studio division can potentially capitalize on opportunities for growth and partnerships in the film and television production space.
The separation of Lionsgate Studios from Starz is part of a larger industry trend where companies are reevaluating their structures to better align with the shift towards streaming platforms. This strategic realignment is indicative of the company’s proactive approach to addressing the challenges and harnessing the opportunities presented by the new media environment.
The completion of the split will result in two distinct publicly traded companies, each with its own strategic priorities and operational focus. Shareholders and potential investors are now watching closely as Lions Gate Entertainment moves forward with its plans to become more agile and responsive to market demands.
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