Investors had low expectations for Lionsgate’s June quarter following the disappointing performance of Now You See Me 2. But the studio vaulted the bar with help from a $26.3 million tax benefit — contributing to a 5% jump in the stock price in post market trading.

Lionsgate reported net income of $1.25 million, down from $40.7 million in the quarter last year, on revenues of $575.6 million, up 57.8%. The top line beat expectations for $494.3 million.

And earnings at a penny a share beat forecasts for a 17 cent loss.

“In addition to a very solid performance across all of our businesses, the most significant development in the quarter was our agreement to acquire Starz,” CEO Jon Feltheimer says. “Upon closing, it will be the largest and most transformative transaction in our history. The combination will accelerate the growth and diversification of both companies, deepening our portfolio of content, expanding our access to distribution, streamlining our pathways to the consumer and unlocking enormous opportunities for future growth.”

The Television Production operation tripled the number of domestic series episodes it delivered vs last year’s June quarter. It also received $27.3 million from Pilgrim Media Group. That “more than offset” a drop in overseas TV sales.

The Motion Picture segment struggled to overcome the marketing and distribution costs in a quarter with two wide releases vs. none in last year’s period.

But unlike most major entertainment companies, Lionsgate’s earnings release doesn’t provide specific year over year comparisons of revenues and profits for its individual operations.

It reports that Motion Picture revenues increased 31.6% to $362.5 million. Theatrical revenue “more than doubled” to $47.2 million. Television revenues within the Motion Pictures unit were up 10% to $53.3 million. And home entertainment revenue from movies and TV production hit $150.3 million, up 16%.

International  Motion Picture revenues were up 34% to $113.8 million.