Lionsgate Extends CEO Jon Feltheimer's Contract Through 202313 Oct, 2016 By: Erik Gruenwedel
Lionsgate has extended the employment contract of longtime CEO Jon Feltheimer through May 22, 2023, according to a regulatory filing.
Feltheimer, 65, earns base compensation of $1.5 million, and is eligible for an annual performance bonus of at least 100% of that amount. In addition, the executive has the option to purchase 2.3 million in stock options, company-provided life and disability insurance, reasonable club membership dues and limited use of the corporate jet.
Feltheimer is also due a $5 million bonus following completion of the $4.4 billion Starz acquisition provided select performance goals are achieved.
Santa Monica, Calif.-based Lionsgate saw home entertainment revenue increase 16% in the first quarter (ended June 30) to $150.3 million, compared with $129.5 million during the previous-year period. The studio attributed the increase in part to the release of four theatrical titles in the quarter compared to two theatrical releases in the prior-year period.
Overall, Lionsgate reported net income of $1.2 million on revenue of $553 million, compared with income of $40.6 million on revenue of $409 million during the previous-year period.