Form 4: Michael Burns Reports Changes in Beneficial Ownership of Starz Entertainment Corp. Following Lionsgate Transaction
SEC Form 4 Filing
Michael Burns, Vice Chair of Starz Entertainment Corp., reports changes in beneficial ownership following the consummation of the Lionsgate transaction on May 6, 2025, involving share exchanges and equity award conversions.
Summary
- On May 6, 2025, Michael Burns, Vice Chair of Starz Entertainment Corp., reported changes in beneficial ownership due to the consummation of transactions outlined in the Arrangement Agreement dated January 29, 2025, and amended on March 12, 2025.
- The transactions involved Lionsgate Studios Corp. (New Lionsgate), LG Sirius Holdings ULC, and Lionsgate Studios Holding Corp.
- Each share of Starz Entertainment Corp.'s Class A voting shares and Class B non-voting shares held by Burns were exchanged for New Lionsgate new common shares and Starz Entertainment Corp. common shares.
- This exchange occurred pursuant to the Initial Share Exchange, Second Share Exchange, and Reverse Stock Split as defined in the Form S-4.
- Equity awards held by employees, service providers, and directors of Starz Entertainment Corp. were converted into awards of New Lionsgate or Starz under their respective 2025 plans, preserving the aggregate fair market value of the awards.
- Following the transaction, Burns directly owns 1,888,698 Class A Common Shares and 3,635,881 Class B Common Shares.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing related to a previously announced transaction. The sentiment is neutral as it simply reports changes in ownership.
Future Outlook
The document does not contain specific forward-looking statements beyond the consummation of the described transactions.
Industry Context
This announcement reflects the completion of a significant corporate transaction involving Starz and Lionsgate, which is relevant to the media and entertainment industry. Such transactions often lead to restructuring and changes in ownership and management.
Stakeholder Impact
- Shareholders of Starz Entertainment Corp. are impacted by the share exchange and the creation of New Lionsgate.
- Employees and service providers of Starz Entertainment Corp. are impacted by the conversion of equity awards into awards of New Lionsgate or Starz.
- Directors of Starz Entertainment Corp. who will be directors of both New Lionsgate and Starz are impacted by the partial conversion of equity awards.
Key Dates
| Date | Description |
|---|---|
| 2025-01-29 | Date of the Arrangement Agreement between Starz Entertainment Corp. and Lionsgate Studios Corp. |
| 2025-03-12 | Date of the amending agreement to the Arrangement Agreement. |
| 2025-05-06 | Date of the transaction and reporting of changes in beneficial ownership. |
| 2025-05-08 | Date of signature on the Form 4 filing. |
Keywords
Starz Entertainment Corp, Michael Burns, Lionsgate, beneficial ownership, share exchange, equity awards, Form 4
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