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Lionsgate has promoted Jim Packer and Ron Schwartz to be co-heads of its worldwide home entertainment operation, which generates nearly $1 billion annually.

The studio touted the promotions as underlining its focus on licensing film and TV content to a broad and growing spectrum of digital platforms — along with customizing home entertainment release strategies such as early VOD and day-and-date theatrical/VOD release windows as demonstrated by “Arbitrage” and “Margin Call.”

Packer will keep his current title and responsibilities as president of worldwide television and digital distribution and Schwartz will serve as president of Lionsgate Home Entertainment.

Both have signed long-term deals with Lionsgate and Scwartz has been promoted from his previous position as president and GM of Lionsgate Home Entertainment Sales & Distribution.

“Jim and Ron are ideally qualified to continue building our momentum, generate new opportunities for incremental revenue and margin growth and extend our home entertainment business in exciting new directions,” said Lionsgate CEO Jon Feltheimer.