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Lionsgate Vice Chairman Michael Burns Extends Contract Through 2017

Michael Burns

The top executive has reupped with the studio after the acquisition of Summit Entertainment.

TORONTO - Lionsgate vice chairman Michael Burns has extended his contract through Oct. 2017.

Burns is staying on for five more years following the mini-studio's acquisition of Summit Entertainment and success with the teen tentpole The Hunger Games.

Lionsgate also arranged a new $800 million revolving credit facility and paid down a $500 million term loan to acquire Summit two years early.

"We're delighted that Michael will continue to help guide Lionsgate's growth through 2017," said Lionsgate CEO Jon Feltheimer in a statement.

Burns received $5.57 million in total compensation for fiscal 2012, due to a base salary of $950,000, a $4 million bonus and another $600,000 in stock awards.