Lionsgate on Wednesday made it official: the Hollywood studio is acquiring a majority stake in 3 Arts Entertainment.
“We’re excited to be partnering with a best-in-class talent management company that shares our entrepreneurial culture and vision for the future,” Lionsgate CEO Jon Feltheimer said in a statement. Terms of the deal for the Los Angeles-based management firm were not disclosed.
But Lionsgate said the transaction creates a “uniquely competitive platform combining a global distribution infrastructure, deep production expertise and prolific talent relationships.” 3 Arts will continue to operate under the leadership of its partners with an operating board.
“This deal checks all the boxes — a strategic and accretive transaction for our shareholders and a win/win partnership for both companies. It enables us to deepen our already successful relationship with 3 Arts and allows them to offer a richer palette of opportunities to their clients,” Feltheimer added.
The news follows 3 Arts fielding offers as it considered a sale. It also comes as Lionsgate has become more aggressive in pursuing creative talent to exploit ownership rights, especially after acquiring Starz to get deeper into television.
The 3 Arts management team added in their own statement: “We’re thrilled to be partnering with one of the most dynamic and innovative entertainment companies in the business.” Acquiring 3 Arts will help to get Lionsgate’s TV division closer to comedy talent in particular and attract more and better creative talent overall.
Launched in 1991, 3 Arts has a client roster underpinning a production slate that includes TV properties like Unbreakable Kimmy Schmidt, Silicon Valley, Baskets, It’s Always Sunny in Philadelphia and The Mindy Project.
