The co-chairs of Lionsgate’s Motion Picture Group just signed “long-term agreements” that will maintain their oversight of feature film acquisitions, production and distribution, the independent studio says this morning. The release offers no additional information about the terms of their deals. But the duo will “continue to play an integral role in moving our business forward,” CEO Jon Feltheimer and Vice Chairman Michael Burns said in a joint statement. Among other things they will help by “cultivating exciting new properties and diversifying our feature film business into new areas geared to our next generation consumers.”
Rob Friedman and Patrick Wachsberger co-chaired Summit Entertainment before Lionsgate bought it in 2012. Since then, the company says, it has grossed more than $1 billion a year at international box offices with hits including the Hunger Games franchise, Divergent, and Now You See Me. Upcoming releases include Gods Of Egypt, a live-action Power Rangers film, and Deepwater Horizon which will star Mark Wahlberg.
Friedman and Wachsberger said in a statement that Lionsgate’s “opportunities are limitless, and we look forward to many years of helping the company continue to build its stature as a forward-looking global content leader.”