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Starz Wars: The Bondholders Strike Back

After Lionsgate broke out its movie studio from Starz, some bondholders found themselves left out in the cold. Now they’re going to court.

Jon Feltheimer Lionsgate
Jon Feltheimer's Lionsgate, for its part, says it understands the frustration of the jilted bondholders, but argues that under the indenture terms, they may sue only if they aren’t receiving payments on time. Photo: Mark Davis/Getty Images
Eriq Gardner
March 11, 2025

For years, Wall Street analysts have insisted that Lionsgate would be worth billions more without the deadweight of Starz, its struggling cable network and streamer, dragging down its balance sheet. So when Lionsgate announced last year that it would spin off its studio unit, few were particularly shocked. But the exact way in which the company was cleaved in two left stakeholders miffed, with some bondholders going for a ride with the film and TV studio, and others getting stuck with… Starz.