Lionsgate produces and distributes motion pictures and television shows globally through theatrical, television, home video, and digital platforms. It acquired Summit Entertainment, another small studio, in January 2012 and the Starz premium cable channel in December 2016. A primary focus for the company is the young adult audience. It has two mega-grossing franchises in 'The Hunger Games' and 'The Twilight Saga,' as well as a number of lower-profile genre-oriented titles targeted at the horror, urban, and Hispanic markets. The company generated 18% of its FY18 revenue outside the U.S. With the Starz merger, Lionsgate created two new share classes to replace its old share classes. The new Lionsgate Series A voting shares are denominated LGF.A by the company, LGF/A by Bloomberg, and LGF-A by Yahoo Finance. The Series B nonvoting shares are likewise denominated LGF.B by the company, LGF/B by Bloomberg, and LGF-B by Yahoo Finance. There are 83 million Series A shares outstanding, and the LGF/A ticker retains the historical and volume trading data. There are 137.5 million Series B shares outstanding. Investors should note that Argus covers the ticker LGF/A, and therefore the market capitalization on the Argus website reflects only LGF/A and not the combined LGF/A and LGF/B shares.
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Joseph F. Bonner, CFASenior Analyst: Communication Services & Technology