Report: Two Lionsgate Executives Planning Exit

Two key movie executives at Lionsgate reportedly are looking to depart the studio/distributor as it seeks a possible third-party merger deal.

Erik Feig, co-president of the motion picture group, and Patrick Wachsberger, co-chairman of the motion picture group, are planning to leave – with Feig seeking to launch his own production company, according to The Hollywood Reporter, which cited sources familiar with the situation.

Neither executive or Lionsgate is commenting on the report.

The executive moves come after Lionsgate co-chairman Michael Burns Jan. 24 made it known on CNBC the company was “very interested” to consolidate with a major media company.

Meanwhile, Feig is on a hot streak followed his involvement with Oscar nominee and box office hit, La La Land ($446 million) and this year’s feel-good sleeper, Wonder, which has generated more than $265 million at the box office.

Feig, who co-chaired the motion picture group with home entertainment executive Steve Beeks, until the latter’s departure late last year, reportedly seeks to focus on children’s programming.

Wachsberger joined Lionsgate following the acquisition of Summit Entertainment in 2012.

Lionsgate had 14 executives on the second-quarter call last November – a tally streamlined to six on the most-recent call.

 

 

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