Lionsgate has named media executive Harry Sloan to its board of directors effective immediately, according to an individual with knowledge of the situation.
Sloan is replacing Discovery CEO David Zaslav, who stepped down from the board back in May, after it was announced he’ll take over a new company formed from a merger with WarnerMedia.
According to the 8-K filing, “The Board has determined that Mr. Sloan qualifies as an “independent” director of the Company under the New York Stock Exchange listing standards. Mr. Sloan has not yet been appointed to serve as a member of any Board committee.”
Sloan was one of the early investors in Lionsgate in 2000 when he was head of SBS Broadcasting, and he was also Co-Chair of the Lionsgate Board before he went to run MGM. In February 2011, Sloan and Jeff Sagansky founded Global Eagle, a new $190 million fund to acquire media and entertainment ventures.
Sloan’s appointment comes as Lionsgate is looking into its options regarding the pay-TV channel Starz, which could be either a spin-off into its own company or an outright sale.
Previously, the company said in a filing related to the studio’s quarterly earnings that its board of directors had authorized management “to explore potential capital markets alternatives for its Media Networks business (STARZ) including, but not limited to, a full or partial spin-off, split-off, issuance of a tracking stock or other transactions.”
Starz has 30 million global subscribers, with 18 million of them via the StarzPlay streaming service.