Lionsgate, the premier independent producer and distributor of filmed entertainment, and Bosa Development Corporation today announced the sale of Lionsgate's North Vancouver, BC studio facilities to Bosa for $41.6 million CDN ($36.1 million U.S.), it was announced today by Nat Bosa, President of Bosa Development Corporation, and Steve Beeks, President of Lionsgate.
The sale will be effective March 15, 2006.
Bosa Development, which developed and owns Mammoth Studios, already one of the largest sound stages in Canada and home to such major feature films as X-MEN 2 and FANTASTIC FOUR, is significantly increasing its commitment to the British Columbia film industry with the acquisition of Lionsgate Studios.
Lionsgate Studios is one of the premier studio facilities in British Columbia, with eight sound stages located on 14 acres in North Vancouver, BC."We are very committed to the film industry in British Columbia," said Bosa.
"This is an industry that employs 35,000 people and injects $1 billion annually into the Provincial economy. We have a highly skilled workforce and a government that supports the industry. We are looking forward to helping the industry thrive and expand in the future."
Peter Leitch, who currently heads Lionsgate Studios and is the Chair of the British Columbia Motion Picture Production Industry Association, will manage all of Bosa's studio operations.
"I am very excited to be joining the Bosa organization," said Leitch.
"By combining Lionsgate and Mammoth Studios, we will be able to cater to the entire spectrum of film and television production."
Together, Lionsgate Studios and Mammoth Studios contain more than 500,000 square feet of sound stages and production support space, creating the largest studio facilities in Canada, and will foster more than 1,000 jobs in B.C.
"This is another significant step in monetizing our non-core assets and further sharpening our focus on our core content creation and distribution businesses and library in a digital marketplace," said Beeks.
"We are pleased to sell our studio facilities to a buyer committed to expanding the film industry of British Columbia."
The transaction was orchestrated for Lionsgate by EVP Corporate Development Marni Wieshofer and Beeks.
Lionsgate is the premier independent producer and distributor of motion pictures, television programming, home entertainment, family entertainment and video-on-demand content. Its prestigious and prolific library is a valuable source of stable, recurring revenue and is a foundation for the growth of the Company's core businesses. The Lionsgate brand name is synonymous with original, daring, quality entertainment in markets around the globe.