<SEC-DOCUMENT>0001193125-24-266380.txt : 20250522
<SEC-HEADER>0001193125-24-266380.hdr.sgml : 20250522
<ACCEPTANCE-DATETIME>20241127060127
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-266380
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIONS GATE ENTERTAINMENT CORP /CN/
		CENTRAL INDEX KEY:			0000929351
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2700 COLORADO AVENUE
		STREET 2:		SUITE 200
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
		BUSINESS PHONE:		877-848-3866

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		250 HOWE STREET
		STREET 2:		20TH FLOOR
		CITY:			VANCOUVER
		PROVINCE COUNTRY:   	A1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIONS GATE ENTERTAINMENT CORP /CN/
		DATE OF NAME CHANGE:	19971205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BERINGER GOLD CORP
		DATE OF NAME CHANGE:	19970618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GUYANA GOLD CORP
		DATE OF NAME CHANGE:	19960212
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HTML><HEAD>
<TITLE>CORRESP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Letterhead of Wachtell, Lipton, Rosen&nbsp;&amp; Katz] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">November&nbsp;27, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp; Transportation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Robert Shapiro </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Joel Parker </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Cara Wirth </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Taylor Beech </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Lions Gate Entertainment Corp. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman"><B>Filed October&nbsp;15, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-282630</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf
of our client, Lions Gate Entertainment Corp. (&#147;Lionsgate&#148;), we are providing Lionsgate&#146;s responses to the comments of the Staff (the &#147;Staff&#148;) of the Division of Corporation Finance (the &#147;Division&#148;) of the U.S.
Securities and Exchange Commission (the &#147;SEC&#148;) set forth in its letter, dated November&nbsp;13, 2024, with respect to the above-referenced Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (the &#147;Registration
Statement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lionsgate has filed via EDGAR Amendment No.&nbsp;1 to the Registration Statement (the &#147;Amended Registration
Statement&#148;), which reflects Lionsgate&#146;s responses to the comments received by the Staff and certain updated information. For the Staff&#146;s convenience, the text of the Staff&#146;s comment is set forth below in bold, followed by
Lionsgate&#146;s response. All page references in the responses set forth below refer to page numbers in the Amended Registration Statement. Terms not otherwise defined in this letter shall have the meanings set forth in the Amended Registration
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> Filed October&nbsp;15, 2024 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Questions and Answers about the Transactions, page xxi </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to include a Question and Answer that addresses the Interests of Lionsgate and LG Studios
Directors and Officers in the Transactions. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on
pages&nbsp;x&#8201;-&#8201;xi and xviii&#8201;-&#8201;xix of the Amended Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to include a Question and Answer about current and anticipated levels of indebtedness for each
of New Lionsgate and Starz. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page xxxiii of the Amended
Registration Statement in response to the Staff&#146;s comment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Q: How many New Lionsgate new common shares will I receive in the Transactions?, page xxiii </U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to further explain the Exchange Ratio and LG Studios Reorganization Ratio, including that the
LG Studios Reorganization Ratio is subject to change pending a final determination of the number of New Lionsgate shares issued, as you state on page 162. Please provide additional disclosure in the Background of the Transactions section as well.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages xxii, xxiv - xxv, xxix - xxx, 86, 121 - 123, 155 -
156 and 158 of the Amended Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, Lionsgate respectfully advises the
Staff that Lionsgate has revised the Transactions to include a reverse stock split of Starz following the exchange transactions. As a result, the Starz common shares will be consolidated on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">15-to-1</FONT></FONT> basis, such that every fifteen Starz common shares will be reclassified and combined into one Starz common share. Lionsgate has revised the disclosure in the Amended Registration Statement, including
on pages vii, xii, xxv, xxvi, xxx, 8, 12, 14, 20, 75, 79, 102 - 103, 113, 154, 155, 158, 179, 187 - 188, 448 and 452. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary, page 1 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to highlight revenues, net losses, and indebtedness for the Starz Business and Lionsgate
Studios for the periods presented in the proxy statement/prospectus. Please include statements regarding the anticipated changes in indebtedness upon completion the Transactions. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 22 of the Amended Registration Statement in response to the Staff&#146;s comment.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Background of the Transactions, page 107 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please name the investment and financial advisors that assisted Lionsgate in considering the several
separation structures that you mention towards the top of page 107 and confirm whether they are the same advisors that ultimately assisted in the Transactions. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 115 of the Amended Registration Statement in response to the Staff&#146;s
comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to discuss in greater detail the reasons behind the decision to separate the Starz Business
and the LG Studios Business and the reasons why the Lionsgate Special Committee determined that the collapse of Lionsgate&#146;s dual-class share structure was in the best interests of Lionsgate and its shareholders. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages 116 and 120 of the Amended Registration Statement in response to the
Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>In reference to the July&nbsp;19, 2024 meeting, please revise to include any discussions by the Lionsgate
Special Committee in determining to go above the <FONT STYLE="white-space:nowrap">9.5-10%</FONT> premium range previously contemplated and summarize any discussions that ultimately led the Lionsgate Special Committee to determine that a 12% premium
was appropriate. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages 121 - 122 of the Amended
Registration Statement in response to the Staff&#146;s comment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that representatives of MHR Fund Management, LLC were present during specific portions of certain
Lionsgate Special Committee meetings that involved discussions related to the review of materials they had presented. Please describe the materials presented and clarify which representatives of MHR Fund Management were present. In that light, we
note that Lions Gate Entertainment&#146;s director Mark H. Rachesky, M.D., is the Founder and Chief Investment Officer of MHR Fund Management. Please clarify whether he attended any meetings on behalf of MHR Fund Management, recused himself, or
otherwise. Please disclose this relationship, along with his beneficial ownership, in the &#147;Interests of Lionsgate Directors&#148; section. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages x - xi, xix, 16 - 17, 119, 121 and 151 - 152 of the Amended Registration
Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your statement &#147;[t]hereafter, over the next two weeks, the Lionsgate Special Committee and its
advisors continued discussing the proposed reclassification.&#148; Please revise to summarize any material discussions that occurred during this time period. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page&nbsp;120 of the Amended Registration Statement in response to the Staff&#146;s
comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that the Lionsgate Special Committee engaged Houlihan Lokey on June&nbsp;21, 2024 and Kroll on
July&nbsp;14, 2024 and both financial advisors delivered their opinions on October&nbsp;3, 2024. However, we note that negotiations with MHR Fund Management and other holders of LGEC Class&nbsp;A common stock occurred prior to October&nbsp;3, 2024.
Please clarify whether the discussions regarding the premium occurred with the input of Houlihan and Kroll and to what extent their analyses contributed to the final determination of the premium. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages&nbsp;119 and 121 of the Amended Registration Statement in response to the
Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Condensed Consolidated Financial Information of New Lionsgate Basis of Pro Forma Presentation, page 149 </U>
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>On page 151, you state that the repayment and issuance of new debt are considered probable transactions
requiring transaction accounting adjustments. Please tell us how you determined that such transactions are probable and the status of any related agreements. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate respectfully advises the Staff that New Lionsgate has the intent and ability to complete one or more financing
transactions on or prior to the completion of the Transactions, and has already completed portions of the expected new debt financing since June&nbsp;30, 2024. In anticipation of the Transaction, through the date of this letter, Lionsgate executed
IP credit facilities of $1,060&nbsp;million in aggregate (prior to debt issuance costs), which are expected to remain outstanding with New Lionsgate following the completion of the Transactions. In addition, during November 2024, the remaining
$250.0&nbsp;million outstanding balance on the Term Loan B was fully repaid. At September&nbsp;30, 2024, Lionsgate Studios had $314.4&nbsp;million and $421.5&nbsp;million outstanding on Term Loan A and revolving line of credit, respectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lionsgate is in advanced discussions with financial institutions to obtain an asset based revolving credit facility that will replace its
current credit facility and it is expected that commitments will be obtained prior to Lionsgate requesting effectiveness of the registration statement.&nbsp;Based on financing obtained in anticipation of the Transactions received to date, New
Lionsgate expects to have outstanding debt of approximately $1,755.3&nbsp;million upon consummation of the Transactions, comprised of a new partially drawn revolving credit facility, other asset backed facilities and the Exchange Notes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The completed and additional financing transactions are expected to replace certain existing
indebtedness of Lionsgate and management believes the presentation of the pro forma impact of the anticipated capital structure and related impact to interest expense is material to investors and has included the pro forma impact of these
transactions in those statements along with disclosures related to the sensitivity of changes in borrowings and interest rates to interest expense in footnote 3(h). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 2. Discontinued Operations, page 159 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please tell us why the discontinued operations adjustment for investment in films and television programs
and program rights is different than the programming content recorded on Starz balance sheet as of June&nbsp;30, 2024. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate respectfully advises the Staff that the consolidated Lionsgate investment in films and television programs and
program rights balance is net of intercompany eliminations. These eliminations include reductions for the intercompany profit that is included in the programming content of the Starz Business related to the licensing of motion picture and television
programming content from the Studio Business and the timing differences between when the Starz Business records certain programming content and the revenue recognized by the Studio Business. The discontinued operations adjustment for investment in
films and television programs and program rights is different than the programming content on Starz&#146;s combined balance because the discontinued operations adjustment is net of these eliminations and reflects the actual out of pocket and third
party cost of the programming amounts which are reflected in the consolidated balance. The Starz combined balance sheet is prepared on a stand alone basis and does not include these eliminations which only exist in consolidation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 3. Transaction Accounting Adjustments, page 160 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Refer to footnote (b). Please revise your disclosure to explain how the $340.9&nbsp;million cash transfer
from the Starz business was determined. In addition, tell us how you concluded that the expectation that Starz will incur $350&nbsp;million of new debt is probable. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages 170 - 171 of the Amended Registration Statement in response to the Staff&#146;s
comment, to illustrate how the cash transfer from the Starz business is determined. As of September&nbsp;30, 2024, it is expected that $308.1&nbsp;million will be transferred from the Starz business primarily based on the currently expected new
indebtedness at the Starz business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lionsgate respectfully advises the Staff that Starz intends and believes it has the ability to
complete one or more financing transactions on or prior to the completion of the Transactions. Starz is in advanced discussions with financial institutions and it is expected that commitments will be obtained prior to Lionsgate requesting
effectiveness of the registration statement.&nbsp;These financing transactions are expected to replace certain existing indebtedness reflected in the combined financial statements of the Starz Business and management believes the presentation of the
pro forma impact of the anticipated capital structure and related impact to interest expense is material to investors, as is the allocation of capital resources between New Lionsgate and Starz upon completion of the Transactions. Lionsgate
respectfully advises the Staff that the sensitivity of changes in borrowings and interest rates to interest expense are also included in footnote 3(d). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Refer to footnote (l)&nbsp;and (m). Please tell us in detail how you calculated the pro forma weighted
average number of basic and diluted shares outstanding for all periods presented. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has
revised the disclosure on page 176 of the Amended Registration Statement in response to the Staff&#146;s comment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Information About New Lionsgate After the Transactions </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Material Contracts, page 189 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your statement regarding the material contracts within the meaning of applicable Canadian securities
legislation here and on page 277. Please confirm that you have summarized and filed as exhibits all material contracts required by Item 601(b)(10) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate respectfully advises the Staff that it will summarize and file all material contracts required by Item 601(b)(10) of
Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> as exhibits in a subsequent amendment to the Registration Statement prior to requesting acceleration of the effectiveness thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Information about Starz After the Transaction, page 271 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclose the basis on which Starz Networks is a &#147;leading&#148; provider of premium subscription video
programming (e.g., by revenue, subscribers, etc.). </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages 6,
72 and 294 of the Amended Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please describe the term &#147;linear services&#148; in further detail. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 294 of the Amended Registration Statement in response to the Staff&#146;s
comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your statement that &#147;[a]cross its digital platforms, the STARZ app provides an alternative for
subscribers looking for a competitively priced option.&#148; Please clarify which &#147;digital platforms&#148; you are referencing here and revise to include additional information on the STARZ app&#146;s competitive pricing, including any metrics
management may use to assess pricing. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 295 of the
Amended Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>19.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your statement that &#147;[s]ubscribers have access to a vast library of quality content and a <FONT
STYLE="white-space:nowrap">top-rated</FONT> user experience, along with the ability to download and watch STARZ original series, blockbuster theatricals and favorite classic television series and movies.&#148; Please revise to quantify the
&#147;vast&#148; library content and qualify your statement regarding the <FONT STYLE="white-space:nowrap">&#147;top-rated</FONT> user experience&#148; either by providing metrics or stating that it is management&#146;s belief.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 295 of the Amended Registration Statement in response
to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>20.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your statements regarding programming for &#147;women and diverse audiences&#148; and &#147;women
and underrepresented audiences.&#148; Please provide additional detail regarding these statements, including how you develop and choose programming for such audiences. Additionally, we note your statement regarding your choice of programing that
&#147;drive[s] subscription and engagement with key cohorts.&#148; Please clarify if and how you track subscription and engagement with key cohorts and revise to state whether such &#147;key cohorts&#148; are women, diverse audiences,
underrepresented audiences, or otherwise. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages 296 and 297
of the Amended Registration Statement in response to the Staff&#146;s comment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Affiliation Agreements, page 273 </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>21.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your affiliation agreements with distributors, including your statement that &#147;[t]he agreements
are generally structured to be multi-year agreements with staggered expiration dates.&#148; Please revise to disclose the expiration dates here and state whether there are any current plans for when the agreements expire in 2027. In this light, we
note your statement on page 41 that the renewal negotiation process for affiliation agreements is typically lengthy. To the extent possible, please quantify or give examples of the length of prior negotiation periods. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised its disclosure on pages 296 <FONT STYLE="white-space:nowrap">-</FONT> 297 of the Amended Registration
Statement in response to the Staff&#146;s comment. Lionsgate respectfully advises the Staff that Lionsgate believes the precise expiration dates of its affiliation and distribution agreements are highly confidential and commercially sensitive. If
one affiliate becomes aware that another affiliate&#146;s agreement is set to expire around the same time, it could create a significant negotiation disadvantage. Moreover, knowing that Lionsgate cannot risk losing carriage from both affiliates
simultaneously, the affiliate could use this information as leverage to secure more favorable terms. Lionsgate also keeps such expiration dates strictly confidential to prevent competitors from gaining a strategic advantage. If competitors know when
Lionsgate&#146;s distribution agreements are set to expire, they could target those affiliates during the renegotiation period, offering more favorable terms to disrupt Lionsgate&#146;s relationships or weaken its negotiating position. This could
jeopardize Lionsgate&#146;s ability to maintain stable carriage and diminish its market presence, giving competitors an opportunity to capture Lionsgate&#146;s audience or distribution channels. Although Lionsgate believes the specific expiration
dates are commercially sensitive for these reasons, Lionsgate believes they are not material to investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Output and Content License Agreements, page
274 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>22.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your statement that &#147;[t]he majority of acquired content on Starz&#146;s services consists of
movies that have been released theatrically.&#148; Please disclose the percentage of acquired content and original content available on Starz&#146;s services. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages 297 and 299 of the Amended Registration Statement in response to the
Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>23.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that &#147;Starz has an exclusive multiyear output licensing agreement with Lionsgate for Lionsgate
label titles theatrically released in the U.S. starting January&nbsp;1, 2022, and for Lionsgate&#146;s Summit label titles theatrically released in the U.S. starting January&nbsp;1, 2023.&#148; Please revise to disclose the number of years under
this agreement and clarify the duration of exclusivity with Starz, if different than the number of years under the agreement. Please also discuss any renewal rights by Starz and pricing agreements (market price or otherwise) with Lionsgate.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, Lionsgate has revised its disclosure on pages 297 and 299
of the Amended Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>24.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note the chart in the middle of page 274 that lists the &#147;Significant output programming
agreements&#148; and &#147;Significant library programming agreements.&#148; Please provide more detail in the chart including, for example, the number of agreements and duration of each agreement with the respective studios.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 297 of the Amended Registration Statement in response
to the Staff&#146;s comment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Regulatory Matters, page 274 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>25.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please update your disclosure here and in the &#147;Regulation&#148; section at the top of page 275 to
describe the material effects that government regulations have on your capital expenditures, earnings and competitive position. Refer to Item 101(c)(2)(i) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 298 of the Amended Registration Statement in response to the Staff&#146;s
comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of Starz</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Finite-Lived Intangible Assets, page 288 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>26.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Regarding your impairment analysis, you state that the estimated undiscounted cash flows exceeded the
carrying amount of the assets and therefore no impairment charge was required. Please revise to provide qualitative and quantitative information necessary to understand the estimation uncertainty and the impact this critical accounting estimate has
had or is reasonably likely to have on financial condition or results of operations. Refer to Item 303(b)(3) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 312 of the Amended Registration Statement in response to the Staff&#146;s
comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Income Taxes, page 289 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>27.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please provide more robust disclosure of your assessment of the positive and negative evidence considered in
establishing your valuation allowance. Refer to Item 303(b)(3) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on page 313 of the Amended Registration Statement in response to the Staff&#146;s
comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Agreements Relating to the Transactions, page 348 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>28.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>For each description of the agreements to be entered into to effectuate the transactions, please revise to
describe and quantify, as applicable, any revenue sharing percentages, commissions, fees, costs, lump sum payments, etc. and material terms of the anticipated relationship between the related parties following the separation and distribution. Refer
to Item 404 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate respectfully
advises the Staff that it will provide responsive disclosures regarding the terms of the anticipated relationship between the related parties following the Transactions in a subsequent amendment to the Registration Statement prior to requesting
acceleration of the effectiveness thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Material U.S. Federal Income Tax Consequences of the Transactions for Lionsgate Shareholders, page 351 </U>
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>29.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise the disclosure in this section to acknowledge and reflect that the tax consequences are the
opinion of counsel. Refer to Item 4(a)(6) of Form <FONT STYLE="white-space:nowrap">S-4.</FONT> Additionally, please revise to address and express a conclusion for each material federal tax consequence. A description of the law is not sufficient. If
there is a lack of authority directly addressing the tax consequences of the transaction, conflicting authority or significant doubt about the tax consequences of the transaction, counsel may issue a &#147;should&#148; or &#147;more likely than
not&#148; opinion to make clear that the opinion is subject to a degree of uncertainty. In such cases, counsel should explain clearly why it cannot give a &#147;will&#148; opinion. Refer to Staff Legal Bulletin No.&nbsp;19. Finally, we note your
statement that the disclosure in this section is a &#147;discussion&#148; and &#147;does not constitute . . . tax advice.&#148; Investors are entitled to rely on the opinion expressed. Refer to Section III.D.1 of Staff Legal Bulletin No.&nbsp;19.
Please revise accordingly. This comment also applies to the disclosure in the section titled &#147;Material U.S. Federal Income Tax Consequences of the Transactions for LG Studio Shareholders.&#148; </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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 8
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: With respect to the Staff&#146;s comment to revise the discussion under the
headings &#147;Material U.S. Federal Income Tax Considerations of the Transactions for Lionsgate Shareholders&#148; and &#147;Material U.S. Federal Income Tax Consequences of the Transactions for LG Studio Shareholders&#148; to revise the disclosure
to acknowledge and reflect that the tax consequences are the opinion of counsel and address and express a conclusion for each material federal tax consequence, Lionsgate respectfully notes that the disclosure explains that, while the Transactions
may be <FONT STYLE="white-space:nowrap">tax-free,</FONT> the IRS could assert that the Transactions do not qualify for <FONT STYLE="white-space:nowrap">tax-free</FONT> treatment for U.S. federal income tax purposes and, as a result, no assurance can
be provided as to the U.S. federal income tax consequences. As the law is unclear, the disclosure discusses possible alternatives and the U.S. federal income tax consequences thereof. Thus, under Sections III.A.2 and III.C.1 of Staff Legal Bulletin
No.&nbsp;19, Lionsgate respectfully notes that no opinion should be required with respect to such Transactions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Further, Lionsgate
respectfully notes that, in accordance with Sections III.C.1 and III.D.1 of Staff Legal Bulletin No.&nbsp;19, the disclosure recommends that U.S. Holders consult with their tax advisors with respect to tax consequences other than U.S. federal income
tax consequences, matters for which the facts and circumstances of a particular U.S. Holder may be relevant, and matters for which the law is uncertain. Such recommendations do not disclaim reliance on tax matters on which counsel has opined. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Material Canadian Federal Income Tax Consequences of the Transactions for Lionsgate Shareholders, page 358 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>30.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your statements here and in the section titled &#147;Material Canadian Federal Income Tax
Consequences of the Transactions for LG Studios Shareholders&#148; that conclude that: </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">non-residents</FONT> of Canada generally will not be subject to tax under the
Canadian Tax Act; and</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>holders of LG Studios common shares who hold such shares as capital property for purposes of the Canadian Tax
Act will generally not realize either a capital gain or a capital loss as a result of the transactions.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Based on
these statements, it appears that a Canadian tax opinion covering the material foreign tax consequences is required. Please revise the disclosure to reflect that these tax consequences are the opinion of counsel and file the Canadian tax opinion as
an exhibit. Refer to Footnote 40 of Staff Legal Bulletin No.&nbsp;19. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate has revised the disclosure on pages
446 and 454 of the Amended Registration Statement in response to the Staff&#146;s comment. Lionsgate respectfully advises the Staff that it will file a Canadian tax opinion covering the material foreign tax consequences as an exhibit to the Amended
Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Index to Financial Statements, page <FONT STYLE="white-space:nowrap">F-1</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>31.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please tell us your consideration of including financial statements of Lionsgate Studios Holding Corp. in
future amendments. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate respectfully advises the Staff that as Lionsgate Studios Holding Corp.
was recently organized by Lionsgate for the purpose of completing the Transactions with only nominal capital, it believes that its financial statements may be omitted from future amendments because the financial statements are not material to
investors in making their voting or investment decision. Lionsgate believes the omission of the financial statements of Lionsgate Studios Holding Corp. is supported by the Division of Corporation Finance&#146;s Financial Reporting Manual section
1160.1, whereby financial statements of a registrant that is a &#147;business combination related shell company&#148; may be omitted. Lionsgate respectfully refers the Staff to the correspondence of Next.e.GO N.V. with the SEC, dated May&nbsp;31,
2023, where the Staff did not object to the omission of the financial statements of a recently organized shell company in similar circumstances. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Starz Business of Lions Gate Entertainment Corp. Condensed Combined Financial </U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Statements for the Years Ended March&nbsp;31, 2024 and 2023 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Audited Combined Financial Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note
10. Revenue, page <FONT STYLE="white-space:nowrap">F-32</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>32.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please explain your consideration of disclosing disaggregated revenues at a more detailed level for the
nature, amount, timing, and uncertainty of revenues and cash flows. We note that you derive revenues from different types of subscribers both domestically and internationally as part of your subscriber base. Refer to ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">50-6</FONT> and ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">606-10-55-89</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-91.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Lionsgate respectfully advises the Staff that it considered ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">50-6</FONT> and ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-55-89</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-91</FONT> when determining the level of disaggregated revenue
information to include in the Starz Business combined financial statements. As part of this evaluation, Lionsgate considered that the nature, amount, timing and uncertainty of all Starz Business revenues and cash flows are affected by common
economic factors. Lionsgate views its revenue as subscription-based revenues for a single product which is recognized over the period of the subscription and that its investors are primarily concerned with the number of total subscribers to its
service. The Starz branded premium video service, which is Starz&#146;s single product, is delivered and available to subscribers through two sales channels, traditional television content distributors and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-top</FONT></FONT> (&#147;OTT&#148;) streaming platforms and distributors so that the consumer is able to choose the preferred method of viewing the Starz service. In both channels, the end consumers are all
receiving access to the same bundle of content and all revenue contracts are priced on a per subscriber basis, with an immaterial amount of revenue based on a fixed monthly fee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For its geographical regions, approximately 99.6% of Starz&#146;s revenue is earned from subscription to its video service in North America,
with an immaterial amount derived from its international operations in India (which is presented as other revenues in its segment disclosure) and revenue from licensing of distribution rights to third parties who distribute the content on <FONT
STYLE="white-space:nowrap">non-Starz</FONT> platforms throughout the world. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on these considerations, Lionsgate concluded that there
are no disaggregated categories needed to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.&#8195; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;*&#8195;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 27, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions related to this letter, please do not hesitate to contact Fabiola
Urdaneta at (212) 403-1121. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Sincerely</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Fabiola Urdaneta</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fabiola Urdaneta</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bruce Tobey </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Executive Vice President and General Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lions Gate Entertainment Corp. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adrian Kuzycz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Executive Vice
President and Associate General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lions Gate Entertainment Corp. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">David Shapiro </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton,
Rosen&nbsp;&amp; Katz </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mark A. Stagliano </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen &amp; Katz </P>
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