Lionsgate has unveiled a deal to sell Lionsgate Play, its South Asia streaming service, to founder Rohit Jain.
Terms of the sales agreement, including a price tag, were not disclosed by Lionsgate. But Jain will take full ownership and manage Lionsgate Play and exit Lionsgate itself. And Lionsgate will license the Lionsgate Play brand name for the streaming platform to Jain, as well supply studio films and TV series to the expanding Asian platform as part of a multiyear agreement.
It’s understood Lionsgate has looked to monetize the streaming platform as a non-core asset, while it retains and runs core studio film and television businesses in India and Southeast Asia under its own corporate banner. Jain built and scaled the streamer in Asia over eight years as president of Lionsgate Play Asia.
The sales deal comes as Lionsgate Play recently turned its focus from a niche Hollywood service to becoming broader entertainment platform with a regional focus across Asia and its evolving digital landscape. Jain, who joined Lionsgate in 2018 to set up an office for the Hollywood studio in Mumbai, oversaw the launch of the premium streaming app as a partnership between Lionsgate India and Starz and was backed by an initial offering of Hollywood content from blockbuster movies to popular series.
To get Lionsgate Play beyond India, Jain established strategic partnerships with major teleco players, broadband services and global streaming platforms.
“Under his stewardship, the Lionsgate brand has gained greater resonance with audiences in South Asia and Southeast Asia, and Lionsgate Play has emerged as a distinctive premium streaming platform in one of the world’s fastest-growing digital entertainment markets. Rohit is an entrepreneur with a deep understanding of the Asia landscape, and he has the expertise and experience to lead Lionsgate Play into an exciting new phase of growth,” Lionsgate COO Brian Goldsmith said in a statement on Tuesday.
Besides growing Lionsgate’s South Asian businesses, Jain was charged with driving the Starz premium subscription platform into emerging Asian market. More recently, Lionsgate split off its studios business from Starz, which now operates as a standalone business.
“Lionsgate Play has established itself as a leading destination for Hollywood content in India and is now positioned to expand well beyond that, shaping a differentiated, future-ready streaming platform for the region,” Jain said in his own statement.
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