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Industry: Email Alert RSS FeedCost of Artisan takes its toll on Lions Gate; $8 million charge in 3Q.(Suppliers)(Artisan Entertainment, Lions Gate Entertainment Corp.)
Video Business, February, 2004 by Kaplan, Simone
In its last earnings report before its acquisition of Artisan Entertainment takes hold, Lions Gate Entertainment last week reported a wider net loss of $29.8 million in its third quarter, primarily as a result of one-time charges. Lions Gate lost $2.3 million in the third quarter last year.
The Vancouver-based company had an $8 million non-recurring expense related to the integration of Artisan, which it purchased for $199 million in mid-December, as well as a non-cash writedown of $10 million due to the restructuring of its Montreal-based animation partner CineGroupe. It also reported $7 million in additional marketing expenses as a result of a strong theatrical slate, which includes Oscar nominees The Cooler and Girl With a Pearl Earring and...
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