Steven Paul's SP Media forms joint venture with Lionsgate amid takeover interest
Lionsgate and producer Steven Paul's SP Media are launching a joint venture, majority-owned by Lionsgate, in which SP Media will invest and produce independent films for Lionsgate to distribute. It comes as Legendary is reported to be pursuing a takeover of Lionsgate.
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The story, neutrally told
Mixed · 2Lionsgate and Steven Paul's SP Media announced a joint venture in which SP Media will make an investment to help Lionsgate expand into new businesses, including further diversification of its talent management and production division 3 Arts Entertainment. DeadlineN “which will have the latter making a capital investment that will allow the former to continue its diversification of 3 Arts and other new businesses” Read at Deadline ↗ VarietyLC “Paul’s SP Media will make a “significant” investment in new initiatives together with Lionsgate” Read at Variety ↗ Left · 3SP Media will also produce independent feature films that Lionsgate will distribute, and Lionsgate will hold a majority stake in the joint venture and manage it. VarietyLC “which will be majority owned and controlled by Lionsgate” Read at Variety ↗ DeadlineN “Lionsgate will have the majority stake in the joint venture, and will manage it.” Read at Deadline ↗ The Hollywood ReporterLC “SP Media will also produce independent feature films that Lionsgate will distribute” Read at The Hollywood Reporter ↗ Left · 2The size of Paul's investment was not disclosed by the companies; The Hollywood Reporter cited an insider as saying Paul is leading an investment of around $100 million, while Variety said the amount was not disclosed. The Hollywood ReporterLC “Paul is understood to be leading an investment of around $100 million” Read at The Hollywood Reporter ↗ VarietyLC “The amount of Paul’s planned investment into the JV was not disclosed.” Read at Variety ↗
Centre · 1Deadline noted that Paul is not becoming a minority investor in Lionsgate overall but a co-financier in the joint venture, and that SP Media gains a distributor for its slate. DeadlineN “Paul is not becoming a minority investor in Lionsgate overall, rather a co-financier in the j.v.” Read at Deadline ↗ Left · 2Lionsgate CEO Jon Feltheimer called Paul "a savvy and experienced entrepreneur who has a longstanding relationship with our studio", and Paul called Lionsgate "one of the most dynamic and entrepreneurial content studios in the media space today". The Hollywood ReporterLC “Lionsgate is one of the most dynamic and entrepreneurial content studios in the media space today.” Read at The Hollywood Reporter ↗ VarietyLC “Steven is a savvy and experienced entrepreneur who has a longstanding relationship with our studio” Read at Variety ↗ Mixed · 2The announcement follows reports that Legendary Entertainment revived its bid for Lionsgate; Deadline said Legendary is in due diligence after sending a takeover offer last Tuesday, and that sources say no formal sale process is under way and no bankers have been hired. VarietyLC “comes after a report last week that Legendary Entertainment revived its bid to acquire Lionsgate.” Read at Variety ↗ DeadlineN “no formal process is underway for Lionsgate to accept acquisition offers; meaning no bankers have been hired” Read at Deadline ↗
Left · 1The Hollywood Reporter described Lionsgate as the subject of persistent M&A chatter since its 2025 separation from Starz, seen as a pure-play option with a 20,000-title film and TV portfolio. The Hollywood ReporterLC “Since its formal separation from Starz in 2025, the company has been seen as a pure play option amid continuing industry consolidation with a 20,000-title film and TV portfolio.” Read at The Hollywood Reporter ↗ Mixed · 2Paul is chairman, founder and CEO of Crystal Sky Pictures and SP Media Group, whose credits include the Baby Geniuses films, Ghost Rider, Ghost in the Shell and the Lionsgate-distributed Rambo: Last Blood. DeadlineN “Paul is the chairman, founder and CEO of Crystal Sky Pictures and SP Media Group” Read at Deadline ↗ VarietyLC “the Lionsgate-distributed “Rambo: Last Blood.”” Read at Variety ↗ Mixed · 2Paul has also lobbied for a federal film and TV tax incentive: Variety reported he and actor Jon Voight pitched President Trump, including at an Aug. 31 White House meeting, while Deadline said Paul and SP Media Group president Scott Karol are special advisors to Trump's Hollywood ambassador Voight and have worked on bipartisan tax-credit legislation. VarietyLC “At an Aug. 31 meeting at the White House, Paul cited his upcoming film about Richard Nixon’s early years” Read at Variety ↗ DeadlineN “have been working with federal lawmakers and industry groups on bipartisan legislation aimed at creating a U.S. film and TV tax credit” Read at Deadline ↗
Centre · 1Deadline recalled that in summer 2024 Paul led a group of investors in a $2.25 billion offer for National Amusements, the Redstone family holding company that owned 77% of Paramount's voting stock. DeadlineN “to make a $2.25 billion offer for National Amusements Inc., the Redstone family holding company that owned 77% of Paramount’s voting stock” Read at Deadline ↗ Left · 2Lionsgate's team on the deal was COO Brian Goldsmith, general counsel Bruce Tobey and senior VP of corporate development Suzy Felfeli, with Moelis as financial adviser; SP Media was represented by Karol, with Lazard as financial adviser and Paul Hastings as legal counsel. VarietyLC “Moelis served as financial adviser to Lionsgate and Lazard served as financial adviser to SP Media. Law firm Paul Hastings repped SP Media on the deal.” Read at Variety ↗ The Hollywood ReporterLC “Moelis served as financial advisor to Lionsgate and Lazard served as financial advisor to SP Media.” Read at The Hollywood Reporter ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left2 outlets
- Framing
- Frames the deal against Lionsgate's takeover prospects (THR) and Paul's political connections to Trump (Variety).
- Emphasis
- Variety stresses Paul's lobbying of Trump for a tax incentive; THR stresses sale chatter and an unnamed insider's $100 million figure.
- Leaves out or plays down
- Neither mentions Deadline's sourcing that no formal sale process is under way or Paul's 2024 Paramount-related bid.
- Charged language
- “Movie Producer Who Has Had Trump’s Ear”“Studio Sale Chatter”
- For example
-
“an entrepreneur and film producer who has personally lobbied President Donald Trump on a federal tax incentive for Hollywood” — Variety
“Steven Paul Invests In Lionsgate Joint Venture Amid Studio Sale Chatter” — The Hollywood Reporter
Centre1 outlet
- Framing
- Deal-focused trade report clarifying the structure and its relation to the Legendary approach.
- Emphasis
- That Paul is a co-financier in the JV, not a minority investor in Lionsgate, and that no formal sale process exists.
- Leaves out or plays down
- Gives no investment figure.
- For example
-
“Note, Paul is not becoming a minority investor in Lionsgate overall, rather a co-financier in the j.v.” — Deadline
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- Lionsgate and SP Media are forming a joint venture, majority-owned and controlled by Lionsgate.
- SP Media will produce independent films that Lionsgate will distribute.
- Companies did not disclose the investment amount.
- The announcement comes while Lionsgate is a reported takeover target.
- Moelis advised Lionsgate and Lazard advised SP Media.
Where accounts differ
-
Size of Paul's investment
- Left
- Variety says the amount was not disclosed; The Hollywood Reporter cites an insider saying around $100 million.
- Centre
- Deadline does not give an amount.
-
Status of Lionsgate sale
- Left
- Variety links the deal to Legendary reviving its bid; THR calls it persistent M&A chatter.
- Centre
- Deadline says Legendary is in due diligence but sources say no formal sale process is under way and no bankers hired.
-
Lionsgate holds the majority stake in the joint venture and controls it.
Reported- Reports 3
- The Hollywood Reporter, Variety, Deadline
-
SP Media will produce independent feature films that Lionsgate will distribute.
Reported- Reports 3
- The Hollywood Reporter, Variety, Deadline
-
The deal comes while Lionsgate is a possible takeover target, including a bid from Legendary Entertainment.
Reported- Reports 3
- The Hollywood Reporter, Variety, Deadline
Lionsgate organisation
Lionsgate CEO Jon Feltheimer presents the investment as helping drive continued growth of its businesses.
“his investment will help drive the continued growth of these businesses.” — Deadline
Steven Paul person
Paul praises Lionsgate and says he wants to build on his longstanding relationship with Feltheimer.
“I’m delighted to build on my longstanding relationship with Jon Feltheimer and the Lionsgate leadership team” — Variety
Left2 articles
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Lionsgate Forms Joint Venture With Steven Paul, Movie Producer Who Has Had Trump’s Ear
Neutral Reports the deal while foregrounding Paul's access to Trump.
-
Steven Paul Invests In Lionsgate Joint Venture Amid Studio Sale Chatter
Neutral Ties the deal to M&A speculation and cites an insider's $100 million figure.
Centre1 article
-
Neutral Explains deal structure and says no formal sale process exists.
Right0 articles
No coverage yet.
- 26 Oct 20:15 First DeadlineN Steven Paul’s SP Media Creates Joint Venture With Lionsgate To Expand New Businesses; Closes Film Pact
- 26 Oct 20:15 First VarietyLC Lionsgate Forms Joint Venture With Steven Paul, Movie Producer Who Has Had Trump’s Ear
- 26 Oct 20:15 First The Hollywood ReporterLC Steven Paul Invests In Lionsgate Joint Venture Amid Studio Sale Chatter
Times are when each article was published, or when we first saw it if the outlet gave no time.
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