Santa Monica-based entertainment company Lionsgate has promoted Adam Fogelson, former head of STX Films and Universal Pictures, to lead its film group as president.
Fogelson will replace longtime executive and producer Joe Drake, who directed and expanded franchises such as “The Hunger Games” and “John Wick” during his tenure. Drake is expected to stay on to help with the transition.
“Joe has been a great partner and respected team leader, a truly entrepreneurial executive with one of the best business minds in the industry,” Lionsgate CEO Jon Feltheimer said in a statement Wednesday. “We are very fortunate to have Adam Fogelson, one of Hollywood's most successful and innovative film executives, succeed him.”
Fogelson, who most recently served as vice president of Lionsgate's film group, joined the company in 2022. He is set to lead the division as the company prepares to spin off its studio unit in a merger with Screaming Eagle Acquisition Corp., a publicly traded company. publicly traded blank check company.
The deal is valued at $4.6 billion and, according to Lionsgate, will generate around $350 million in capital, funds that will be used to help pay for Lionsgate's acquisition of eOne, which closed late last year.
Creating a separate entity, Lionsgate Studios, will also separate Lionsgate's film and television studio from Starz, the cable television network that Lionsgate bought in 2016. Lionsgate executives have said doing so will increase the value of Lionsgate's stock. both active.
“We found a price that we thought was reasonable to raise capital, but ultimately, of course, doesn't. [represent] “The overall value of how we view the study, but we're always happy when investors new and old come in and make some money off of this,” Feltheimer said during a Jan. 4 call with analysts. “The best thing about this transaction is that we retain the full option to treat Starz differently. Yes, we clearly believe that Starz is much more valuable than the stock gives us.”
