C$41.6 mil sale will take place March 15
VANCOUVER — Lionsgate is selling its North Vancouver studios to Bosa Development for C$41.6 million ($36.1 million).
Sale takes place March 15 and will make Bosa, the owner of Mammoth Studios here, the largest studio operator in Canada, controlling more than 500,000 square feet of sound and production space.
Bosa, a major real estate developer in British Columbia as well as Southern California, said the combined studios are expected to support more than 1,000 workers.
“This is a significant step in monetizing our noncore assets and further sharpening our focus on our core content creation and distribution businesses and library in a digital marketplace,” said Lionsgate president Steve Beeks.
Lionsgate reported a net loss of $14.1 million and revenues of $212.6 million in the fiscal second quarter ended Sept. 30.
Lionsgate’s studio facilities include eight soundstages crammed on 14 acres. Big-budget films produced there for Hollywood studios include “Catwoman,” “Elektra” and “Scary Movie 3.”
“Part of our strategy in making the deal was to acquire the existing management team at Lionsgate,” acquisitions VP Richard Weir told Daily Variety.
Peter Leitch, head of Lionsgate Studios and chairman of the British Columbia Motion Picture Production Industry Assn., will manage Bosa’s studio operations.
“By combining Lionsgate and Mammoth Studios, we will be able to cater to the entire spectrum of film and television production,” Leitch said.
Bosa’s Mammoth Studios, located in Burnaby, an eastern suburb of Vancouver, have been home to major productions, including “The Chronicles of Riddick” and “Fantastic Four.” Mammoth has the largest single enclosed stage in Canada.