Lions Gate Entertainment Corp

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  • uploads///STRZA LGF spread
    Miscellaneous

    Starz and Lions Gate: The Latest in Media Consolidation

    On June 30, Starz (STRZA) and Lions Gate (LGF) announced a merger. Before the deal closes, Lions Gate will split into voting shares and non-voting shares.

    By Brent Nyitray, CFA, MBA
  • uploads///MGM
    Tech & Comm Services

    Must-know: Why we recommend buying MGM Studios shares

    MGMB (Metro-Goldwyn-Mayer) is a so-called mini–major movie studio that produces a handful of films each year and maintains no physical production facilities.

    By Mike Winston
  • uploads///STRZA LGF library
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 3

    If the merger caused cable providers to drop Starz because they didn’t want to work with Lions Gate, it wouldn’t be a MAE (material adverse effect).

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF shareholder value
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 2

    According to the MAE (material adverse effect) clause of the Starz-Lions Gate deal, legislation that limits intellectual property protection wouldn’t be considered a MAE.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF diverisified portfolio
    Miscellaneous

    Why the Starz-Lions Gate Deal Isn’t Really ‘Arbitrageable’

    In the risk arbitrage world, an 11.3% annualized return is about right given that the spread really isn’t “arbitrageable.”

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF benefits of pairing
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 1

    In the merger deal between Lions Gate Entertainment (LGF) and Starz (STRZA), the MAE (material adverse effect) clause lays out the circumstances under which either party can back out of the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF comps
    Consumer

    Could the Starz-Lions Gate Deal Get Competitive?

    John Malone and Lions Gate (LGF) already control 43% of the vote, so it would be almost impossible for a hostile buyer to get anywhere.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF benefits of pairing
    Miscellaneous

    Analyzing the Conditions of the Starz-Lions Gate Merger?

    Starz agreed to a non-solicitation agreement with a fiduciary out. During the pendency of the merger, it can shop itself or contact other potential buyers.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF shareholder value
    Miscellaneous

    What’s the Rationale for the Starz-Lions Gate Merger?

    Starz (STRZA) and Lions Gate are merging in a stock and cash transaction. This deal is about increasing content and distribution.

    By Brent Nyitray, CFA, MBA
  • uploads///VIAB Valuation
    Company & Industry Overviews

    What Do Viacom’s Key Valuation Metrics Mean?

    Viacom (VIAB) has a forward EV-to-EBITDA multiple of 7.4x and a price-cash-flow multiple of 7.7x. Comparing this to its peers, Viacom appears to be undervalued.

    By Shirley Pelts
  • uploads///Nflx content spend
    Company & Industry Overviews

    Netflix’s Focus on Original Programming Increased in 2015

    Netflix’s interest in ramping up its original programming was quite visible last year. Netflix planned to produce six original series in 2015 and intends to take this number to 31 in 2016.

    By Shirley Pelts
  • uploads///Nflx content spend
    Earnings Report

    Why Netflix Plans to Focus on Content in 4Q15

    Netflix will likely to go for additional debt next year to fund its content acquisition costs. Netflix had gross debt of $2.4 billion at the end of 3Q15.

    By Shirley Pelts
  • uploads///Nflx content spend
    Macroeconomic Analysis

    Disney and Netflix: Friends or Foes?

    OTT operators like Netflix are gaining popularity in the changing media landscape, so Netflix is becoming an important strategic partner for Disney.

    By Shirley Pelts
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