Lionsgate forms joint venture with Steven Paul's SP Media to fund new businesses and indie films

Lionsgate will hold the majority stake in the venture and manage it, Deadline and The Hollywood Reporter reported. Financial terms were not disclosed. Deadline reported that Paul is a co-financier of the venture, not a minority investor in Lionsgate itself.

Lionsgate CEO Jon Feltheimer said in a statement that the investment will help drive the growth of the studio's businesses. Paul's producing credits include the Ghost Rider films and the Lionsgate-distributed Rambo: Last Blood.

Why it matters: The deal comes as Legendary is conducting due diligence on Lionsgate after sending the studio a takeover offer last week, according to Deadline. Lionsgate has operated as a standalone studio since separating from Starz in 2025.