Starz beats the Street
DetailsMichelle Clancy | 02 May 2015
Starz posted better-than-expected first quarter earnings results this week, beating Wall Street’s expectations with both its reported Q1 revenue and earnings per share.
The company boasted earnings per share of $0.79 on $450.7 million in revenue for its most recent three-month period.
It also reported that it reached 23.7 million subscribers for the main cable net, making it the No. 2 premium network, ahead of Showtime and behind HBO. It added 400,000 users during the quarter.
The news dovetails with a confirmation of some industry speculation that Lions Gate Entertainment was close to buying Starz Starz when the two entered a stock-swap deal in February.
John Malone (Starz' biggest shareholder) got a board seat at Lions Gate, and Starz got 3.43% of LGF in trade for 4.5% of Starz. Starz CEO Chris Albrech describes the two companies as "kissing cousins.”