Lions Gate Entertainment Corp. (NYSE: LGF) reported Monday that it is forming a joint venture with a private investment group to expand its pay television operations in Asia, according to Associated Press.
The financial details were not disclosed, but the company described the deal as an equal partnership with Saban Capital Group, which specializes in media and entertainment projects.
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Lions Gate established Tiger Gate, its Asia television subsidiary, in 2008 with partners William Pfeiffer and Paul Presburger. Tiger Gate operates THRILL, a thriller and horror channel, and KIX, an action channel, in Indonesia. The two channels are expanding to Hong Kong and Singapore this month, and to other Asian countries later in the year.
With Saban Capital Group's backing, Tiger Gate will launch additional channels and acquire existing media properties in the region. Tiger Gate will distribute both Lions Gate movies and locally produced content, in addition to producing local feature film and television content.
Tiger Gate will continue to be run by Pfeiffer, its CEO, and Presburger, Lions Gate's executive vice president of international business development.
Lions Gate shares fell 3 cents to close at $6.22.
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