'Now You See Me,' 'Let Me Explain' overperform
The stock closed up 1%, gaining 32 cents to $31.82 a share Thursday. The stock has doubled in value this year following strong earnings reports and optimism that the studio can create a new young-adult franchise similar to its “Twilight” and “The Hunger Games” — most likely with “Divergent,” set for a March release.
Kevin Hart’s stand-up comedy film “Let Me Explain” has performed well above expectations with $20.5 million in eight days. “Now You See Me” has also overperformed, grossing $111.7 million domestically and $59 million internationally in six weeks.
Additionally, Lionsgate’s dramedy “Orange Is the New Black” is showing serious traction as Netflix renewed the series June 27 for a second season before the first had even bowed on the streaming platform.
On June 19, FX gave a 10-episode series order to a Lionsgate comedy starring Kelsey Grammer and Martin Lawrence. Series is produced by Lionsgate TV under distrib Debmar-Mercury’s “10/90″ deal format that calls for accelerated production of 100 episodes if the initial 10-episode test run fares well.
The stock has hit more than two dozen record highs this year and has quadrupled in value since Lionsgate reached a $311 million settlement to cash out Carl Icahn’s 33% stake at $7 a share in August, 2011.
One Wall Street analyst predicted last week that “The Hunger Games: Catching Fire,” which debuts Nov. 22, will gross $900 million worldwide — up 22% from the $690 million that “Hunger Games” took in last year.