Lions Gate Acquires 332 Titles
NY Daily News writes:
'Conan the Barbarian' has been captured. The Arnold Schwarzenegger classic was one of 332 movie titles snapped up yesterday by independent film studio Lions Gate Entertainment.
The seller was European media company Modern Entertainment.
The deal adds 'Ragtime,' 'Halloween II' and 'III,' 'Dead Zone,' 'Amityville II,' and 'Eight Million Ways to Die,' to Lions Gate's 8,000-title film library.
Lions Gate is bulking up to capitalize on demand for entertainment from TV networks, cable companies and home video retailers.
Modern Entertainment's horror movies would make a good fit for the movie company as it looks to launch its own horror- based cable TV network, said Jefferies entertainment analyst Robert Routh.
Investors have been fretting about Lions Gate lately as the once-hot DVD industry is now slowing down. Its stock fell 5% on Wednesday. It closed yesterday at $9.24, down 10 cents.
But analysts said Lions Gate is less vulnerable to the DVD slowdown because its films are mostly smaller independent titles instead of blockbusters. Unlike DreamWorks or Pixar, Lions Gate's profits are far less dependent on any single title.
Courtesy of NY Daily News