Form 4: Mignon Clyburn Reports Changes in Beneficial Ownership of Starz Entertainment Corp. Shares Following Arrangement Agreement

Director Mignon Clyburn reports the exchange of Starz Entertainment Corp. shares for New Lionsgate and Starz shares following the consummation of an arrangement agreement.

Summary

• On May 6, 2025, Mignon Clyburn, a director of Starz Entertainment Corp., reported changes in beneficial ownership following the consummation of an arrangement agreement.
• The agreement, dated January 29, 2025, and amended on March 12, 2025, involved Lionsgate Studios Corp. (New Lionsgate), LG Sirius Holdings ULC, and Lionsgate Studios Holding Corp.
• Clyburn's Class A and Class B shares were exchanged for New Lionsgate common shares and Starz common shares.
• The exchange was conducted 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 were converted into awards of New Lionsgate and Starz under their respective 2025 plans, preserving the aggregate fair market value.

Sentiment

Score: 7

Explanation: The document describes a completed corporate action, which is generally neutral to positive as it resolves uncertainty. The sentiment is moderately positive as it reflects the execution of a strategic plan.

Future Outlook

The document outlines the completion of a pre-defined arrangement agreement and the subsequent exchange and conversion of shares and equity awards, suggesting a restructuring or corporate action has been finalized.

Industry Context

This announcement reflects ongoing consolidation and restructuring within the media and entertainment industry, where companies are seeking to streamline operations and enhance shareholder value through strategic transactions.

Comparison to Industry Standards

• Similar transactions can be compared to the restructuring of ViacomCBS into Paramount Global, where assets were reorganized to focus on streaming services.
• The spin-off of WarnerMedia from AT&T and its subsequent merger with Discovery is another example of industry consolidation.
• These types of transactions are often benchmarked against metrics such as cost synergies, revenue growth, and shareholder returns post-restructuring.

Stakeholder Impact

• Shareholders are impacted by the exchange of shares and the potential changes in the value of their holdings.
• Employees and service providers are affected by the conversion of equity awards into awards of New Lionsgate and Starz.
• Directors who serve on both New Lionsgate and Starz boards are impacted by the partial conversion of their equity awards.

Key Dates

Keywords

Beneficial Ownership, Starz Entertainment Corp, Lionsgate, Share Exchange, Equity Awards, Arrangement Agreement, Director, Form 4