Santa Monica-based entertainment company Lionsgate has promoted Adam Fogelson, the former head of STX Films and Universal Pictures, to lead its motion picture group as chair.
Fogelson will take over from longtime executive and producer Joe Drake, who led and expanded franchises such as “The Hunger Games” and “John Wick” during his tenure. Drake is expected to stay on to assist with the transition.
“Joe has been a great partner and a respected team leader, a truly entrepreneurial executive with one of the best business minds in the industry,” Lionsgate Chief Executive Jon Feltheimer said in a statement on Wednesday. “We are very fortunate to have Adam Fogelson, one of Hollywood’s most accomplished and innovative film executives, to succeed him.”
Fogelson, who most recently served as the vice chairmain of Lionsgate’s film group, joined the company in 2022. He is set to lead the division as the company prepares to spin off its studio unit into a merger with Screaming Eagle Acquisition Corp., a publicly traded blank-check company.
The deal is valued at $4.6 billion and, according to Lionsgate, will generate about $350 million in capital — funds that will be used to help pay for Lionsgate’s acquisition of eOne, which closed at the end of last year.
The creation of a separate entity, Lionsgate Studios, also will cleave Lionsgate’s film and TV studio from Starz, the cable TV network that Lionsgate bought in 2016. Lionsgate executives have said doing so will increase the stock value of both assets.
“We found a price that we thought was reasonable for raising equity but doesn’t really, ultimately, of course, [represent] the full value of how we consider the studio, but we’re always happy when investors old and new come in and make some money with this,” Feltheimer said during a Jan. 4 call with analysts. “The great thing about this transaction is we retain full optionality to treat Starz differently. Yes, clearly we think Starz is way more valuable than we’re given value for in the stock.”
This story originally appeared in Los Angeles Times.
