Vote of confidence for Lionsgate brass
Feltheimer, Burns extend contracts for several more yearsLionsgate Films co-chairman and CEO Jon Feltheimer has signed a new deal extending his tenure until March 2014.
Vice chairman Michael Burns also re-signed, agreeing to stay with the company until September 2011.
Feltheimer's extension signals a major vote of confidence in his continued stewardship, since his current agreement would not have expired for another three years. The company filed a Form 8-K with the SEC containing the terms of Feltheimer's new contract.
"During Jon's 8 1/2 years of leadership, Lionsgate has generated tremendous growth momentum, invested in a series of strategic and financially accretive acquisitions and built a very healthy balance sheet and strong cash position that is invaluable in the current market environment," co-chairman Harald Ludwig said. "We are confident that Jon and Michael are setting in place all of the elements for continued strong growth and industry leadership in the future."
On Feltheimer's watch, Lionsgate has turned out Oscar winner "Crash," "Monster's Ball," "3:10 to Yuma," "Rambo," the "Saw" franchise and Tyler Perry's half-dozen movies. LGF's features have generated more than $450 million at the North American boxoffice in the past year.
The company also produces the popular TV series "Weeds," "Tyler Perry's House of Payne" and Emmy winner "Mad Men."
Lionsgate has a 12,000-title TV and film library and plans to launch a multiplatform entertainment venture with Paramount, MGM and Viacom in October 2009. The company retains a new and unused $340 million JPMorgan credit facility.