'La La Land' Distributor Lions Gate Delves Deeper Into TV With New UK Investment

Lions Gate Entertainment Corp. said on Thursday it's investing in a new UK-based TV production company Potboiler Television. The production company is a new venture from film and TV producers Andrea Calderwood ("The Last King of Scotland") and Gail Egan ("The Constant Gardener") and is positioned as a high-end TV drama company, according to a news release. Lions Gate has recently been praised for its big-screen successes, nabbing 26 Oscar nominations thanks notably to best-picture favorite "La La Land." But the media and entertainment company has been investing in and has also garnered success from its TV business. Lions Gate recently closed a deal to acquire cable TV network Starz and has entered distribution partnerships with overseas distributors, such as China streaming company iQIYI. This most recent TV investment with Potboiler gives Lions Gate a first-look deal for global distribution of Potboiler's TV content. Lions Gate's current slate encompasses close to 90 TV series on 40 different U.S. networks and include "Orange is the New Black" on Netflix Inc., "Nashville" on Walt Disney Co.'s ABC and "Casual" on Hulu. Shares of Lions Gate are up nearly 7% in the year to date, while the S&P 500 Index is up nearly 3%.