10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

Form 10-Q

___________________________________________________________

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2014

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File No.: 1-14880

___________________________________________________________

Lions Gate Entertainment Corp.

(Exact name of registrant as specified in its charter)

___________________________________________________________

British Columbia, Canada	N/A
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer  Identification No.)

250 Howe Street, 20th Floor

Vancouver, British Columbia V6C 3R8

and

2700 Colorado Avenue, Suite 200

Santa Monica, California 90404

(Address of principal executive offices)

___________________________________________________________

(877) 848-3866

(Registrant’s telephone number, including area code)

___________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ	Accelerated filer o	Non accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨  No  ý

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Title of Each Class	Outstanding at February 2, 2015
Common Shares, no par value per share	139,853,866 shares

Item	Page
PART I — FINANCIAL INFORMATION
1. Financial Statements	4
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
3. Quantitative and Qualitative Disclosures About Market Risk	70
4. Controls and Procedures	73
PART II — OTHER INFORMATION
1. Legal Proceedings	74
1A. Risk Factors	74
2. Unregistered Sales of Equity Securities and Use of Proceeds	75
3. Defaults Upon Senior Securities	76
4. Mine Safety Disclosures	76
5. Other Information	76
6. Exhibits	76

2

FORWARD-LOOKING STATEMENTS

This report includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “potential,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “forecasts,” “may,” “will,” “could,” “would” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those discussed under Part I, Item 1A. “Risk Factors” found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on May 29, 2014, which risk factors are incorporated herein by reference, as updated by the risk factors found under Part II, Item 1A. "Risk Factors" herein. These risk factors should not be construed as exhaustive and should be read with the other cautionary statements and information in our Annual Report on Form 10-K, and this report.

We caution you that forward-looking statements made in this report or anywhere else are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially and adversely from those made in or suggested by the forward-looking statements contained in this report as a result of various important factors, including, but not limited to, the substantial investment of capital required to produce and market films and television series, increased costs for producing and marketing feature films and television series, budget overruns, limitations imposed by our credit facilities and notes, unpredictability of the commercial success of our motion pictures and television programming, risks related to acquisition and integration of acquired businesses, the effects of dispositions of businesses or assets, including individual films or libraries, the cost of defending our intellectual property, difficulties in integrating acquired businesses, technological changes and other trends affecting the entertainment industry, and the other risks and uncertainties discussed under Part I, Item 1A. “Risk Factors” found in our Annual Report on Form 10-K filed with the SEC on May 29, 2014, which risk factors are incorporated herein by reference, as updated by the risk factors found under Part II, Item 1A. "Risk Factors" herein. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods.

Any forward-looking statements, which we make in this report, speak only as of the date of such statement, and we undertake no obligation to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Unless otherwise indicated or the context requires, all references to the “Company,” “Lionsgate,” “we,” “us,” and “our” refer to Lions Gate Entertainment Corp., a corporation organized under the laws of the province of British Columbia, Canada, and its direct and indirect subsidiaries.

3

PART I — FINANCIAL INFORMATION

Item 1.Financial Statements.

LIONS GATE ENTERTAINMENT CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2014			March 31, 2014
	(Amounts in thousands, except share amounts)
ASSETS
Cash and cash equivalents	$	28,886		$	25,692
Restricted cash	7,508			8,925
Accounts receivable, net of reserves for returns and allowances of $64,815 (March 31, 2014 - $106,680) and provision for doubtful accounts of $4,074 (March 31, 2014 - $4,876)	974,579			885,571
Investment in films and television programs, net	1,447,393			1,274,573
Property and equipment, net	22,430			14,552
Equity method investments	211,680			181,941
Goodwill	323,328			323,328
Other assets	71,372			71,067
Deferred tax assets	54,329			65,983
Total assets	$	3,141,505		$	2,851,632
LIABILITIES
Senior revolving credit facility	$	160,500		$	97,619
5.25% Senior Notes	225,000			225,000
Term Loan	223,021			222,753
Accounts payable and accrued liabilities	271,101			332,457
Participations and residuals	463,093			469,390
Film obligations and production loans	737,565			499,787
Convertible senior subordinated notes	113,271			131,788
Deferred revenue	279,958			288,300
Total liabilities	2,473,509			2,267,094
Commitments and contingencies
SHAREHOLDERS’ EQUITY
Common shares, no par value, 500,000,000 shares authorized, 140,259,641 shares issued (March 31, 2014 - 141,007,461 shares)	668,492			743,788
Retained earnings (accumulated deficit)	4,352			(157,875		)
Accumulated other comprehensive loss	(4,848		)	(1,375		)
Total shareholders’ equity	667,996			584,538
Total liabilities and shareholders’ equity	$	3,141,505		$	2,851,632

See accompanying notes.

4

LIONS GATE ENTERTAINMENT CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands, except per share amounts)
Revenues	$	751,299		$	839,939		$	1,753,558		$	1,908,396
Expenses:
Direct operating	400,576			397,513			945,840			965,756
Distribution and marketing	171,439			233,535			421,637			550,497
General and administration	61,407			65,577			186,975			186,120
Depreciation and amortization	1,708			1,530			4,685			4,766
Total expenses	635,130			698,155			1,559,137			1,707,139
Operating income	116,169			141,784			194,421			201,257
Other expenses (income):
Interest expense
Cash interest	10,567			11,484			29,546			39,682
Amortization of debt discount and deferred financing costs	2,984			4,090			10,048			12,878
Total interest expense	13,551			15,574			39,594			52,560
Interest and other income	(623		)	(1,771		)	(2,188		)	(4,750		)
Loss on extinguishment of debt	690			—			1,276			36,653
Total other expenses, net	13,618			13,803			38,682			84,463
Income before equity interests and income taxes	102,551			127,981			155,739			116,794
Equity interests income (loss)	10,898			(1,321		)	37,353			13,158
Income before income taxes	113,449			126,660			193,092			129,952
Income tax provision	15,264			37,897			30,865			27,067
Net income	$	98,185		$	88,763		$	162,227		$	102,885
Basic net income per common share	$	0.70		$	0.64		$	1.17		$	0.75
Diluted net income per common share	$	0.65		$	0.59		$	1.10		$	0.71
Weighted average number of common shares outstanding:
Basic	139,963			137,946			138,618			137,097
Diluted	151,713			155,137			151,716			154,197
Dividends declared per common share	$	0.07		$	0.05		$	0.19		$	0.05

See accompanying notes.

5

LIONS GATE ENTERTAINMENT CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Net income	$	98,185		$	88,763		$	162,227		$	102,885
Foreign currency translation adjustments	(2,373		)	517			(4,166		)	4,104
Net unrealized gain (loss) on foreign exchange contracts, net of tax	277			(114		)	693			(770		)
Comprehensive income	$	96,089		$	89,166		$	158,754		$	106,219

See accompanying notes.

6

LIONS GATE ENTERTAINMENT CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

	Common Shares					Retained Earnings (Accumulated Deficit)			Accumulated  Other Comprehensive Income (Loss)
	Number		Amount									Total
	(Amounts in thousands, except share amounts)
Balance at March 31, 2014	141,007,461		$	743,788		$	(157,875	)	$	(1,375	)	$	584,538
Exercise of stock options	268,247		4,404									4,404
Share-based compensation, net of withholding tax obligations of $14,939	621,604		38,901									38,901
Conversion of October 2004 2.9375% Notes and April 2009 3.625% Notes	2,938,533		24,024									24,024
Issuance of common shares to directors for services	18,390		521									521
Repurchase of common shares, no par value	(4,594,594	)	(123,626		)							(123,626		)
Dividends declared			(26,287		)							(26,287		)
Excess tax benefits on equity-based compensation awards			6,767									6,767
Net income						162,227						162,227
Foreign currency translation adjustments									(4,166		)	(4,166		)
Net unrealized gain on foreign exchange contracts, net of tax									693			693
Balance at December 31, 2014	140,259,641		$	668,492		$	4,352		$	(4,848	)	$	667,996

See accompanying notes.

7

LIONS GATE ENTERTAINMENT CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended
	December 31,
	2014			2013
	(Amounts in thousands)
Operating Activities:
Net income	$	162,227		$	102,885
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	4,685			4,766
Amortization of films and television programs	639,472			636,818
Amortization of debt discount and deferred financing costs	10,048			12,878
Non-cash share-based compensation	48,691			41,044
Distribution from equity method investee	7,788			9,849
Loss on extinguishment of debt	1,276			36,653
Equity interests income	(37,353		)	(13,158		)
Deferred income taxes	11,243			13,272
Changes in operating assets and liabilities:
Restricted cash	1,417			(29,754		)
Accounts receivable, net	(94,803		)	(46,376		)
Investment in films and television programs	(815,469		)	(692,943		)
Other assets	(1,416		)	(1,696		)
Accounts payable and accrued liabilities	(52,700		)	4,205
Participations and residuals	(6,070		)	38,236
Film obligations	(33,953		)	11,208
Deferred revenue	(8,124		)	17,947
Net Cash Flows Provided By (Used In) Operating Activities	(163,041		)	145,834
Investing Activities:
Proceeds from the sale of equity method investees	14,575			9,000
Investment in equity method investees	(14,750		)	(17,250		)
Distributions from equity method investee in excess of earnings	—			4,169
Other investments	(2,000		)	—
Repayment of loans receivable	—			4,275
Purchases of property and equipment	(11,293		)	(6,116		)
Net Cash Flows Used In Investing Activities	(13,468		)	(5,922		)
Financing Activities:
Senior revolving credit facility - borrowings	681,500			782,219
Senior revolving credit facility - repayments	(618,619		)	(926,574		)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013	—			440,640
10.25% Senior Notes - repurchases and redemptions	—			(470,584		)
Convertible senior subordinated notes - borrowings	—			60,000
Convertible senior subordinated notes - repurchases	(16		)	—
Production loans - borrowings	533,781			359,582
Production loans - repayments	(261,868		)	(301,385		)
Pennsylvania Regional Center credit facility - repayments	—			(65,000		)
Repurchase of common shares	(129,859		)	—
Dividends paid	(23,536		)	—
Excess tax benefits on equity-based compensation awards	6,767			—
Exercise of stock options	4,404			10,869
Tax withholding required on equity awards	(14,939		)	(14,376		)
Net Cash Flows Provided By (Used In) Financing Activities	177,615			(124,609		)
Net Change In Cash And Cash Equivalents	1,106			15,303
Foreign Exchange Effects on Cash	2,088			(2,264		)
Cash and Cash Equivalents - Beginning Of Period	25,692			62,363
Cash and Cash Equivalents - End Of Period	$	28,886		$	75,402

See accompanying notes.

8

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. General

Nature of Operations

Lions Gate Entertainment Corp. (the “Company,” “Lionsgate,” "Lions Gate," “we,” “us” or “our”) is a leading global entertainment company with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries.

The unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and nine months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. The balance sheet at March 31, 2014 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014.

Certain amounts presented in prior years have been reclassified to conform to the current year’s presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs for investment in films and television programs; estimates of sales returns and other allowances and provisions for doubtful accounts; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies acquired; income taxes and accruals for contingent liabilities; and impairment assessments for investment in films and television programs, property and equipment, equity investments, goodwill and intangible assets. Actual results could differ from such estimates.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update relating to the recognition of revenue from contracts with customers, which will supersede most current U.S. GAAP revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance will be effective for the Company's fiscal year beginning April 1, 2017, and can be applied either retrospectively or under a cumulative-effect transition method. The Company is currently evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.

9

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

2. Investment in Films and Television Programs

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Motion Pictures Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	454,576	$	509,831
Acquired libraries, net of accumulated amortization	11,153		14,329
Completed and not released	124,674		50,785
In progress	473,052		351,047
In development	30,765		22,336
Product inventory	22,342		31,248
	1,116,562		979,576
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	227,513		212,929
In progress	96,441		76,459
In development	6,877		5,609
	330,831		294,997
	$	1,447,393	$	1,274,573

The following table sets forth acquired libraries that represent titles released three years prior to the date of acquisition. These libraries are being amortized over their expected revenue stream from the acquisition date over a period up to 20 years:

		Total Amortization Period	Remaining Amortization Period	Unamortized Costs
Acquired Library	Acquisition Date			December 31, 2014		March 31, 2014
		(In years)		(Amounts in thousands)
Artisan Entertainment	December 2003	20.00	9.00	$	6,702	$	10,236
Summit Entertainment	January 2012	20.00	17.00	4,451		4,093
Total acquired libraries				$	11,153	$	14,329

The Company expects approximately 47% of completed films and television programs, net of accumulated amortization, will be amortized during the one-year period ending December 31, 2015. Additionally, the Company expects approximately 81% of completed and released films and television programs, net of accumulated amortization and excluding acquired libraries, will be amortized during the three-year period ending December 31, 2017.

3. Equity Method Investments

The carrying amounts of equity method investments at December 31, 2014 and March 31, 2014 were as follows:

	December 31, 2014
Equity Method Investee	Ownership Percentage	December 31, 2014		March 31, 2014
		(Amounts in thousands)
EPIX	31.2%	$	98,416	$	78,758
POP (formerly TVGN)	50.0%	92,134		86,298
Other Equity Method Investments(1)	Various	21,130		16,885
		$	211,680	$	181,941

10

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Equity interests in equity method investments for the three and nine months ended December 31, 2014 and 2013 were as follows (income (loss)):

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
Equity Method Investee	2014			2013			2014			2013
	(Amounts in thousands)
EPIX	$	11,214		$	5,614		$	27,446		$	21,236
POP (formerly TVGN)	(1,115		)	(5,223		)	(4,663		)	(3,166		)
Other Equity Method Investments(1)	799			(1,712		)	14,570			(4,912		)
	$	10,898		$	(1,321	)	$	37,353		$	13,158

_________________________

(1)The Company records its share of the net income or loss of Other Equity Method Investmentson a one quarter lag and, accordingly, during the three and nine months ended December 31, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and nine months ended September 30, 2014 and 2013, respectively. Equity interest income from Other Equity Method Investments of $14.6 million for the nine months endedDecember 31, 2014 includes a gain on the sale of the Company's investment in FEARnet of $11.4 million. The Company sold all of its 34.5% interest in FEARnet on April 14, 2014, for a sales price of approximately $14.6 million. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014.

The Company licenses certain of its theatrical releases and other films and television programs to EPIX and POP (formerly TVGN). A portion of the profits of these licenses reflecting the Company's ownership share in the venture are eliminated through an adjustment to the equity interest income (loss) of the venture. These profits are recognized as they are realized by the equity method investee through the amortization of the related asset, recorded on the equity method investee's balance sheet, over the license period.

Distributions from equity method investees are recorded as a reduction of the Company's investment. Distributions received up to the Company's interest in the investee's retained earnings are considered returns on investments and are classified within cash flows from operating activities in the statement of cash flows. Distributions from equity method investments in excess of the Company's interest in the investee's retained earnings are considered returns of investments and are classified within cash flows provided by investing activities in the statement of cash flows.

EPIX. In April 2008, the Company formed a joint venture with Viacom, its Paramount Pictures unit and Metro-Goldwyn-Mayer Studios to create a premium television channel and subscription video-on-demand service named “EPIX”. The Company invested $80.4 million through September 30, 2010, and no additional amounts have been funded since. During the three and nine months ended December 31, 2014, the Company received distributions from EPIX of nil and $7.8 million, respectively. During the three and nine months ended December 31, 2013, the Company received distributions from EPIX of nil and $14.0 million, respectively. Since the Company's original investment in April 2008, the Company has received distributions from EPIX of $28.0 million through December 31, 2014.

EPIX Financial Information:

The following table presents summarized balance sheet data as of December 31, 2014 and March 31, 2014 for EPIX:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Current assets	$	221,417	$	184,471
Non-current assets	$	267,544	$	247,231
Current liabilities	$	117,394	$	126,217
Non-current liabilities	$	9,515	$	9,459

The following table presents the summarized statement of operations for the three and nine months ended December 31, 2014 and 2013 for EPIX and a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company:

11

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenues	$	101,124		$	89,768		$	288,424		$	261,998
Expenses:
Operating expenses	59,224			60,973			178,690			182,259
Selling, general and administrative expenses	5,863			5,791			17,503			17,054
Operating income	36,037			23,004			92,231			62,685
Interest and other expense	(399		)	(163		)	(1,130		)	(1		)
Net income	$	35,638		$	22,841		$	91,101		$	62,684
Reconciliation of net income reported by EPIX to equity interest income:
Net income reported by EPIX	$	35,638		$	22,841		$	91,101		$	62,684
Ownership interest in EPIX	31.15		%	31.15		%	31.15		%	31.15		%
The Company's share of net income	11,101			7,115			28,378			19,526
Eliminations of the Company’s share of profits on licensing sales to EPIX(1)	(1,935		)	(3,606		)	(7,007		)	(9,226		)
Realization of the Company’s share of profits on licensing sales to EPIX(2)	2,048			2,105			6,075			10,936
Total equity interest income recorded	$	11,214		$	5,614		$	27,446		$	21,236

__________________

(1) Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and nine months ended December 31, 2014 and 2013:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenue recognized on licensing sales to EPIX	$	15,349		$	24,740		$	41,281		$	47,871
Gross profit on licensing sales to EPIX	$	6,213		$	11,576		$	22,493		$	29,619
Ownership interest in EPIX	31.15		%	31.15		%	31.15		%	31.15		%
Elimination of the Company's share of profits on licensing sales to EPIX	$	1,935		$	3,606		$	7,007		$	9,226

(2) Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized.

POP (formerly TVGN). In January 2015, TVGN was rebranded as POP, a multi-platform destination dedicated to celebrating the fun of being a fan. The Company’s investment interest in POP consists of an equity investment in its common stock units and mandatorily redeemable preferred stock units. The Company has determined that it is not the primary beneficiary of POP because the power to direct the activities that most significantly impact the economic performance of POP is shared with CBS Corporation ("CBS"). Accordingly, the Company's interest in POP is being accounted for under the equity method of accounting. During the three and nine months ended December 31, 2014, the Company made contributions to POP of nil and $10.5 million, respectively.

The mandatorily redeemable preferred stock units carry a dividend rate of 10% compounded annually and are mandatorily redeemable in May 2019 at the stated value plus the dividend return and any additional capital contributions less previous distributions. The mandatorily redeemable preferred stock units were initially recorded based on their estimated fair value, as

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determined using an option pricing model. The mandatorily redeemable preferred stock units and the 10% dividend are being accreted up to their redemption amount over the ten-year period to the redemption date, which is recorded as income within equity interest.

POP Financial Information:

The following table presents summarized balance sheet data as of December 31, 2014 and March 31, 2014 for POP:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Current assets	$	31,594	$	27,150
Non-current assets	$	192,430	$	196,011
Current liabilities	$	29,583	$	30,653
Non-current liabilities	$	6,970	$	12,334
Redeemable preferred stock	$	377,062	$	325,204

The following table presents the summarized statement of operations for the three and nine months ended December 31, 2014 and 2013 for POP and a reconciliation of the net loss reported by POP to equity interest loss recorded by the Company:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenues	$	20,507		$	20,058		$	59,073		$	55,023
Expenses:
Cost of services	8,645			13,874			26,938			27,877
Selling, marketing, and general and administration	11,934			12,446			34,527			32,923
Depreciation and amortization	1,928			2,040			5,866			6,034
Operating loss	(2,000		)	(8,302		)	(8,258		)	(11,811		)
Other expense (income)	6			160			391			(1,230		)
Interest expense, net	160			297			551			979
Accretion of redeemable preferred stock units(1)	12,461			10,347			35,361			29,498
Total interest expense, net	12,627			10,804			36,303			29,247
Loss from continuing operations	(14,627		)	(19,106		)	(44,561		)	(41,058		)
Loss from discontinued operations	—			(1,685		)	—			(2,799		)
Net loss	$	(14,627	)	$	(20,791	)	$	(44,561	)	$	(43,857	)
Reconciliation of net loss reported by POP to equity interest loss:
Net loss reported by POP	$	(14,627	)	$	(20,791	)	$	(44,561	)	$	(43,857	)
Ownership interest in POP	50		%	50		%	50		%	50		%
The Company's share of net loss	(7,314		)	(10,396		)	(22,281		)	(21,929		)
Gain on sale of the Company's 50% share of TVGuide.com(2)	—			—			—			3,960
Accretion of dividend and interest income on redeemable preferred stock units(1)	6,231			5,173			17,681			14,749
Elimination of the Company's share of profits on licensing sales to POP	—			—			(367		)	—
Realization of the Company’s share of profits on licensing sales to POP	(32		)	—			304			54
Total equity interest loss recorded	$	(1,115	)	$	(5,223	)	$	(4,663	)	$	(3,166	)

 ___________________

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(1) Accretion of mandatorily redeemable preferred stock units represents POP's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss).

(2) Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by POP, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for POP.

Other Equity Method Investments

Defy Media. In June 2007, the Company acquired an interest in Break Media, a multi-platform digital media company and a leader in male-targeted content creation and distribution. In October 2013, Break Media merged with Alloy Digital, a multi-platform digital media company with a strong presence in the youth market, to create Defy Media. The Company's effective economic interest in Defy Media through its investment in Break Media and its direct investment in Defy Media is approximately 16.0%. The Company is accounting for its investment in Defy Media, a limited liability company, under the equity method of accounting due to the Company's board representation that provides significant influence over the investee.

Roadside Attractions. Roadside Attractions is an independent theatrical distribution company. The Company owns a 43.0% interest in Roadside Attractions.

Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S. The Company owns a 49.0% interest in Pantelion Films.

MovieFriends. MovieFriends is a theatrical movie discovery service. The Company made an initial investment of $2.2 million in MovieFriends during the three months ended June 30, 2014. The Company owns a 12.3% interest in MovieFriends. The Company is accounting for its investment in MovieFriends, a limited liability company, under the equity method of accounting due to the Company's board representation that provides significant influence over the investee.

Tribeca Short List. Tribeca Short List is a subscription video-on-demand (SVOD) service. The Company made an initial investment of $2.1 million during the three months ended December 31, 2014. The Company holds a 75.0% economic interest, however, the power to direct the activities that most significantly impact the economic performance of Tribeca Short List is shared equally with Tribeca Enterprises. Accordingly, the Company's interest in Tribeca Short List is being accounted for under the equity method of accounting.

4. Other Assets

The composition of the Company’s other assets is as follows as of December 31, 2014 and March 31, 2014:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Deferred financing costs, net of accumulated amortization	$	29,084	$	34,722
Prepaid expenses and other	40,648		33,347
Finite-lived intangible assets	1,640		2,998
	$	71,372	$	71,067

Deferred Financing Costs. Deferred financing costs primarily include costs incurred in connection with the Company's various debt issuances (see Note 5).

Prepaid Expenses and Other. Prepaid expenses and other primarily include prepaid expenses, security deposits, and other investments.

Finite-lived Intangible Assets. Finite-lived intangibles consist primarily of sales agency relationships and trademarks.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

5. Corporate Debt

The total carrying values of corporate debt of the Company, excluding film obligations and production loans, were as follows as of December 31, 2014 and March 31, 2014:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Senior revolving credit facility	$	160,500	$	97,619
5.25% Senior Notes	225,000		225,000
Term Loan, net of unamortized discount of $1,979 (March 31, 2014 - $2,247)	223,021		222,753
Convertible senior subordinated notes, net of unamortized discount of $4,753 (March 31, 2014 - $10,397)	113,271		131,788
	$	721,792	$	677,160

The following table sets forth future annual contractual principal payment commitments of corporate debt as of December 31, 2014:

	Conversion Price Per Share at December 31, 2014	Maturity Date or Next Holder Redemption Date(1)	Year Ended March 31,
Debt Type			2015		2016		2017		2018		2019		Thereafter		Total
			(Amounts in thousands)
Senior revolving credit facility	N/A	September 2017	$	—	$	—	$	—	$	160,500	$	—	$	—	$	160,500
5.25% Senior Notes	N/A	August 2018	—		—		—		—		225,000		—		225,000
Term Loan	N/A	July 2020	—		—		—		—		—		225,000		225,000
Principal amounts of convertible senior subordinated notes:
April 2009 3.625% Notes	$8.17	March 2015	16,174		—		—		—		—		—		16,174
January 2012 4.00% Notes	$10.40	January 2017	—		—		41,850		—		—		—		41,850
April 2013 1.25% Notes	$29.71	April 2018	—		—		—		—		60,000		—		60,000
			$	16,174	$	—	$	41,850	$	160,500	$	285,000	$	225,000	728,524
Less aggregate unamortized discount															(6,732		)
															$	721,792

____________________

(1) The future repayment dates of the convertible senior subordinated notes represent the next redemption date by holders for each series of notes respectively, as described below.

Senior Revolving Credit Facility

Availability of Funds. The senior revolving credit facility provides for borrowings and letters of credit up to an aggregate of $800 million, and at December 31, 2014 there was $639.5 million available (March 31, 2014 — $702.3 million). The availability of funds is limited by a borrowing base and also reduced by outstanding letters of credit which amounted to nil at December 31, 2014 (March 31, 2014 — $0.1 million).

Maturity Date. September 27, 2017.

Interest. Interest is payable at an alternative base rate, as defined, plus 1.5%, or LIBOR plus 2.5% as designated by the Company. As of December 31, 2014, the senior revolving credit facility bore interest of 2.5% over the LIBOR rate (effective interest rate of 2.67% and 2.65% on borrowings outstanding as of December 31, 2014 and March 31, 2014, respectively).

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LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Commitment Fee. The Company is required to pay a quarterly commitment fee of 0.375% to 0.5% per annum, depending on the average balance of borrowings outstanding during the period, on the total senior revolving credit facility of $800 million less the amount drawn.

Security. Obligations are secured by collateral (as defined in the credit agreement) granted by the Company and certain subsidiaries of the Company, as well as a pledge of equity interests in certain of the Company’s subsidiaries.

Covenants. The senior revolving credit facility contains a number of covenants that, among other things, require the Company to satisfy certain financial covenants and restrict the ability of the Company to incur additional debt, pay dividends, make certain investments and acquisitions, repurchase its stock, prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets and merge or consolidate. As of December 31, 2014, the Company was in compliance with all applicable covenants.

Change in Control. The Company may also be subject to an event of default upon a change in control (as defined in the credit agreement) which, among other things, includes a person or group acquiring ownership or control in excess of 50% of the Company’s common shares.

5.25% Senior Notes and Term Loan

Issuance. In July 2013, contemporaneous with the redemption of the 10.25% Senior Secured Second-Priority Notes (the "10.25% Senior Notes") discussed below, Lions Gate Entertainment Corp. issued $225.0 million aggregate principal amount of 5.25% Senior Secured Second-Priority Notes (the "5.25% Senior Notes"), and entered into a seven-year term loan (the "Term Loan"), for an aggregate amount of $222.5 million, net of an original issue discount of $2.5 million (collectively, the "New Issuances"). Transaction costs of $4.2 million relating to these borrowings were capitalized as deferred financing costs and are being amortized to interest expense using the effective interest method over the terms of the respective borrowings. Transaction costs of $2.6 million relating to the portion of these borrowings deemed to be a modification of terms with creditors participating in both the New Issuances and the 10.25% Senior Notes redemption were expensed as an early extinguishment of debt in the quarter ended September 30, 2013.

Interest:

(i) 5.25% Senior Notes: Interest is payable semi-annually on February 1 and August 1 of each year at a rate of 5.25% per year, and commenced on February 1, 2014.

(ii) Term Loan: Bears interest by reference to a base rate or the LIBOR rate, plus an applicable margin of 3.00% or 4.00%, respectively. The base rate is subject to a floor of 2.00%, and the LIBOR rate is subject to a floor of 1.00%. In the case of LIBOR loans, interest is paid according to the respective LIBOR maturity, and in the case of base rate loans, interest is paid quarterly on the last business day of the quarter. The effective interest rate on borrowings outstanding as of December 31, 2014 was approximately 5.00% (March 31, 2014 - 5.00%).

Maturity:

(i) 5.25% Senior Notes: August 1, 2018

(ii) Term Loan: July 19, 2020

Covenants. The 5.25% Senior Notes and Term Loan contain certain restrictions and covenants that, subject to certain exceptions, limit the Company’s ability to incur additional indebtedness, pay dividends or repurchase the Company’s common shares, make certain loans or investments, and sell or otherwise dispose of certain assets subject to certain conditions, among other limitations. As of December 31, 2014, the Company was in compliance with all applicable covenants.

10.25% Senior Notes

Repurchases. In June 2013, Lions Gate Entertainment, Inc. ("LGEI"), the Company's wholly-owned subsidiary, paid $4.3 million to repurchase $4.0 million of aggregate principal amount (carrying value - $4.0 million) of the 10.25% Senior Notes. The Company recorded a loss on extinguishment in the quarter ended June 30, 2013 of $0.5 million, which included $0.2 million of deferred financing costs written off.

Redemptions. In July 2013, the Company called for early redemption of the $432.0 million remaining outstanding principal amount of the 10.25% Senior Notes. The 10.25% Senior Notes were due November 1, 2016, but were redeemable by the Company at any time prior to November 1, 2013 at a redemption price of 100% of the principal amount plus the Applicable Premium, as defined in the indenture, and accrued and unpaid interest to the date of redemption. In July 2013, the

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LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

proceeds from the issuance of the 5.25% Senior Notes and the Term Loan discussed above, whose principal amount collectively totaled $450.0 million, together with cash on hand and borrowings under the Company's senior revolving credit facility, were used to fund the discharge of the 10.25% Senior Notes. In conjunction with the early redemption of the 10.25% Senior Notes, the Company paid $34.3 million, representing the present value of interest through the first call date of November 1, 2013 and related call premium pursuant to the terms of the indenture governing the 10.25% Senior Notes. This, along with $19.8 million of deferred financing costs and unamortized debt discount related to the redeemed notes, will be amortized over the life of the New Issuances to the extent deemed to be a modification of terms with creditors participating in both the New Issuances and the 10.25% Senior Notes redemption. The remaining amount of those costs plus certain New Issuance costs (as discussed above) amounting to $35.9 million in aggregate was expensed as an early extinguishment of debt in the quarter ended September 30, 2013.

Convertible Senior Subordinated Notes

Outstanding Amount and Terms. The following table sets forth the convertible senior subordinated notes outstanding and certain key terms of these notes at December 31, 2014 and March 31, 2014:

	Maturity Date or Next Holder Redemption Date	Conversion Price at December 31, 2014	December 31, 2014							March 31, 2014
Convertible Senior Subordinated Notes			Principal		Unamortized Discount			Net Carrying Amount		Principal		Unamortized Discount			Net Carrying Amount
			(Amounts in thousands)
October 2004 2.9375% Notes	N/A	N/A	$	—	$	—		$	—	$	115	$	—		$	115
April 2009 3.625% Notes	March 15, 2015	$8.17	16,174		(370		)	15,804		40,220		(4,605		)	35,615
January 2012 4.00% Notes	January 11, 2017	$10.40	41,850		(4,383		)	37,467		41,850		(5,792		)	36,058
April 2013 1.25% Notes	April 15, 2018	$29.71	60,000		—			60,000		60,000		—			60,000
			$	118,024	$	(4,753	)	$	113,271	$	142,185	$	(10,397	)	$	131,788

April 2009 3.625% Notes: In April 2009, LGEI issued approximately $66.6 million of April 2009 3.625% Notes, of which $16.2 million was allocated to the equity component. Interest is payable semi-annually on March 15 and September 15 of each year. The notes mature on March 15, 2025, and are redeemable by the Company on or after March 15, 2015, at a price equal to 100% of the principal amount to be redeemed, plus unpaid interest through the date of redemption. The holder may require LGEI to repurchase the April 2009 3.625% Notes on March 15, 2015, 2018 and 2023 or upon a “designated event,” (as defined in the governing indenture), at a price equal to 100% of the principal amount to be repurchased plus unpaid interest.

January 2012 4.00% Notes: In January 2012, LGEI issued approximately $45.0 million of January 2012 4.00% Notes, of which $10.1 million was allocated to the equity component. Interest is payable semi-annually on January 15 and July 15 of each year.

April 2013 1.25% Notes: In April 2013, LGEI issued approximately $60.0 million in aggregate principal amount of April 2013 1.25% Notes. Interest is payable semi-annually on April 15 and October 15 of each year, and commenced on October 15, 2013.

Conversion Features:The convertible senior subordinated notes areconvertible, at any time, into the number of common shares of the Company determined by the principal amount being converted divided by the conversion price, subject to adjustment in certain circumstances.

The April 2009 3.625% Notes and the January 2012 4.00% Notes provide that upon conversion, the Company has the option to deliver, in lieu of common shares, cash or a combination of cash and common shares of the Company. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of these notes is as follows: April 2009 3.625% Notes - 17.26%; January 2012 4.00% Notes - 9.56%.

17

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The April 2013 1.25% Notes are convertible only into the Company's common shares and do not carry an option to be settled in cash upon conversion, and accordingly, have been recorded at their principal amount (not reduced by a debt discount for the equity component).

Conversions. In the nine months ended December 31, 2014, $24.0 million of the principal amount of the April 2009 3.625% Notes were converted into 2,929,899 common shares at a conversion price of approximately $8.21 per share, and $0.1 million of the principal amount of the October 2004 2.9375% Notes were converted into 8,634 common shares at a conversion price of approximately $11.46 per share. The Company recorded a loss on extinguishment of debt in the three and nine months ended December 31, 2014 of $0.7 million and $1.3 million, respectively, representing the excess of the fair value of the liability component of the April 2009 3.625% Notes converted over their carrying values, plus the deferred financing costs written off.

Interest Expense. Interest expense recognized for the convertible senior subordinated notes for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands)
Interest Expense
Contractual interest coupon	$	776	$	1,191	$	2,705	$	3,581
Amortization of discount on liability component and debt issuance costs	1,061		2,195		4,322		6,432
	$	1,837	$	3,386	$	7,027	$	10,013

6. Participations and Residuals

The Company expects approximately 58% of accrued participations and residuals will be paid during the one-year period ending December 31, 2015.

7. Film Obligations and Production Loans

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Film obligations	$	46,769	$	80,904
Production loans	690,796		418,883
Total film obligations and production loans	$	737,565	$	499,787

18

The following table sets forth future annual repayment of film obligations and production loans as of December 31, 2014:

	Three Months Ended
	March 31,		Year Ended March 31,
	2015		2016		2017		2018		2019		Thereafter		Total
	(Amounts in thousands)
Film obligations	$	24,612	$	16,680	$	2,964	$	2,000	$	1,000	$	—	$	47,256
Production loans	85,884		391,781		213,131		—		—		—		690,796
	$	110,496	$	408,461	$	216,095	$	2,000	$	1,000	$	—	738,052
Less imputed interest on film obligations													(487		)
													$	737,565

Film Obligations

Film obligations include minimum guarantees, which represent amounts payable for film rights that the Company has acquired and certain theatrical marketing obligations for amounts received from third parties that are contractually committed for theatrical marketing expenditures associated with specific titles.

Production Loans

Production loans represent individual loans for the production of film and television programs that the Company produces. The majority of production loans have contractual repayment dates either at or near the expected completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur interest at rates ranging from 3.26% to 3.51%.

8. Fair Value Measurements

Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

Accounting guidance and standards about fair value establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 liabilities that are not required to be measured at fair value on a recurring basis include the Company’s convertible senior subordinated notes, production loans, 5.25% Senior Notes, and Term Loan, which are priced using discounted cash flow techniques that use observable market inputs, such as LIBOR-based yield curves, three- and seven-year swap rates, and credit ratings.

• Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The Company measures the fair value of its investment in POP's (formerly TVGN's) Mandatorily Redeemable Preferred Stock Units using primarily a discounted cash flow analysis based on the expected cash flows of the investment. The analysis reflects the contractual terms of the investment, including the period to maturity, and uses a discount rate commensurate with the risk associated with the investment.

19

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table sets forth the carrying values and fair values of the Company’s investment in POP's mandatorily redeemable preferred stock units and outstanding debt at December 31, 2014 and March 31, 2014:

	December 31, 2014				March 31, 2014
	(Amounts in thousands)
	Carrying Value		Fair Value		Carrying Value		Fair Value
			(Level 3)				(Level 3)
Assets:
Investment in POP's Mandatorily Redeemable Preferred Stock Units	$	92,134	$	116,938	$	86,298	$	99,907
	Carrying Value		Fair Value		Carrying Value		Fair Value
			(Level 2)				(Level 2)
Liabilities:
October 2004 2.9375% Notes	$	—	$	—	$	115	$	111
April 2009 3.625% Notes	15,804		16,305		35,615		40,140
January 2012 4.00% Notes	37,467		41,435		36,058		41,401
April 2013 1.25% Notes	60,000		51,834		60,000		51,411
Production loans	690,796		690,796		418,883		418,883
5.25% Senior Notes	225,000		229,923		225,000		223,313
Term Loan	223,021		226,125		222,753		225,844
	$	1,252,088	$	1,256,418	$	998,424	$	1,001,103

9. Net Income Per Share

Basic net income per share is calculated based on the weighted average common shares outstanding for the period. Basic net income per share for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands, except per share amounts)
Basic Net Income Per Common Share:
Numerator:
Net income	$	98,185	$	88,763	$	162,227	$	102,885
Denominator:
Weighted average common shares outstanding	139,963		137,946		138,618		137,097
Basic Net Income Per Common Share	$	0.70	$	0.64	$	1.17	$	0.75

Diluted net income per common share reflects the potential dilutive effect, if any, of the conversion of convertible senior subordinated notes under the "if converted" method. Diluted net income per common share also reflects share purchase options, including equity-settled share appreciation rights and restricted share units ("RSUs") using the treasury stock method when dilutive, and any contingently issuable shares when dilutive. Diluted net income per common share for the three and nine months ended December 31, 2014 and 2013 is presented below:

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LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands, except per share amounts)
Diluted Net Income Per Common Share:
Numerator:
Net income	$	98,185	$	88,763	$	162,227	$	102,885
Add:
Interest on convertible notes, net of tax	1,163		2,137		4,456		6,315
Numerator for Diluted Net Income Per Common Share	$	99,348	$	90,900	$	166,683	$	109,200
Denominator:
Weighted average common shares outstanding	139,963		137,946		138,618		137,097
Effect of dilutive securities:
Conversion of notes	8,360		13,815		9,995		13,842
Share purchase options	2,943		2,797		2,662		2,619
Restricted share units	447		579		441		639
Adjusted weighted average common shares outstanding	151,713		155,137		151,716		154,197
Diluted Net Income Per Common Share	$	0.65	$	0.59	$	1.10	$	0.71

For the three and nine months ended December 31, 2014 and 2013, the Company's outstanding common shares issuable presented below were excluded from diluted net income per common share because their inclusion would have had an anti-dilutive effect.

	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2014	2013	2014	2013
	(Amounts in thousands)
Anti-dilutive shares issuable
Share purchase options	3,122	2,630	4,334	2,203
Restricted share units	97	117	144	52
Contingently issuable shares	298	451	286	446
Total weighted average anti-dilutive shares issuable excluded from Diluted Net Income Per Common Share	3,517	3,198	4,764	2,701

10. Capital Stock

(a) Common Shares

The Company had 500 million authorized common shares at December 31, 2014 and March 31, 2014. The table below outlines common shares reserved for future issuance:

21

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	December 31, 2014	March 31, 2014
	(Amounts in thousands)
Stock options outstanding, average exercise price $22.06 (March 31, 2014 - $20.83)	12,104	10,894
Restricted share units — unvested	1,784	2,139
Share purchase options and restricted share units available for future issuance	7,643	3,471
Shares issuable upon conversion of October 2004 2.9375% Notes at conversion price of $11.46 per share at March 31, 2014	—	10
Shares issuable upon conversion of April 2009 3.625% Notes at conversion price of $8.17 per share (March 31, 2014 - $8.22)	1,980	4,893
Shares issuable upon conversion of January 2012 4.00% Notes at conversion price of $10.40 per share (March 31, 2014 - $10.46)	4,024	4,001
Shares issuable upon conversion of April 2013 1.25% Notes at conversion price of $29.71 per share (March 31, 2014 - $29.89)	2,020	2,007
Shares reserved for future issuance	29,555	27,415

In September 2012, the Company adopted the 2012 Performance Incentive Plan, as amended on September 9, 2014 (the "2012 Plan"). The 2012 Plan provides for the issuance of up to 27.6 million common shares of the Company, stock options, share appreciation rights, restricted shares, stock bonuses and other forms of awards granted or denominated in common shares or units of common shares of the Company, as well as certain cash bonus awards to eligible directors of the Company, officers or employees of the Company or any of its subsidiaries, and certain consultants and advisors to the Company or any of its subsidiaries.

(b) Share-based Compensation

The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2014, and 2013:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Compensation Expense:
Stock Options	$	7,551		$	5,393		$	25,560		$	15,131
Restricted Share Units and Other Share-based Compensation	6,477			6,597			19,515			22,032
Share Appreciation Rights	1,104			74			3,800			15,036
	15,132			12,064			48,875			52,199
Impact of accelerated vesting on stock options and restricted share units(1)	—			—			1,194			—
Total share-based compensation expense	$	15,132		$	12,064		$	50,069		$	52,199
Tax impact(2)	(5,547		)	(4,464		)	(18,355		)	(19,314		)
Reduction in net income	$	9,585		$	7,600		$	31,714		$	32,885

____________________________

(1) Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels.

(2) Represents the income tax benefit recognized in the statements of income for share-based compensation arrangements.

22

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table sets forth the stock option and restricted share unit activity during the nine months endedDecember 31, 2014:

	Stock Options		Weighted-Average Exercise Price	Restricted Share Units		Weighted-Average Grant-Date Fair Value
Outstanding at March 31, 2014	10,894,010		$20.83	2,139,175		$23.38
Granted	1,505,267		$29.89	766,652		$29.48
Options exercised or RSUs vested	(268,247	)	$16.42	(1,108,305	)	$22.17
Forfeited or expired	(27,238	)	$17.65	(14,011	)	$18.98
Outstanding at December 31, 2014	12,103,792		$22.06	1,783,511		$27.02

During the nine months endedDecember 31, 2014, 75,000 cash-settled share appreciation rights were exercised resulting in a cash payment of $1.7 million.

The excess tax benefits realized from tax deductions associated with option exercises and RSU activity were $6.8 million and nil for the nine months endedDecember 31, 2014 and 2013, respectively.

Total unrecognized compensation cost related to unvested stock options and restricted share unit awards at December 31, 2014 are $57.4 million and $30.1 million, respectively, and are expected to be recognized over a weighted average period of 2.1 and 1.7 years, respectively.

(c) Share Repurchases

On December 17, 2013, our Board of Directors authorized the Company to increase our previously announced share repurchase plan from a total authorization of $150 million to $300 million. From April 1, 2014 through December 31, 2014, 4.6 million common shares were repurchased for an aggregate price of $123.6 million (weighted average repurchase price of $26.91 per share). See Note 18 for shares repurchased through January 21, 2015.

(d) Dividends

On December 12, 2014, the Company's Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on February 6, 2015, to shareholders of record as of December 31, 2014. As the Company had an accumulated deficit at the time this dividend was declared, this dividend was recorded as a reduction to common shares on the unaudited consolidated statement of shareholders' equity at December 31, 2014. As of December 31, 2014, the Company had $9.8 million of cash dividends payable included in accounts payable and accrued liabilities on the unaudited consolidated balance sheet.

11. Income Taxes

The income tax provision for the three and nine months ended December 31, 2014 and 2013 is calculated by estimating the Company's annual effective tax rate (estimated annual tax provision divided by estimated annual income before income taxes), and then applying the effective tax rate to income before income taxes for the quarter, plus or minus the tax effects of items that relate discretely to the quarter, if any.

For the three months ended December 31, 2014, the tax provision included a discrete benefit of $0.3 million, and for the nine months ended December 31, 2014 the tax provision included a discrete charge of $4.2 million associated with the gain on sale of our interest in FEARnet and a discrete charge of $0.4 million from other discrete items. For the nine months ended December 31, 2013, the tax provision included a discrete benefit of $12.0 million from the reversal of a valuation allowance related to the Company's net deferred tax assets in the Canadian tax jurisdiction and other discrete items.

23

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

12. Government Assistance

Tax credits earned for film and television production activity for the three and nine months ended December 31, 2014 totaled $103.5 million and $193.0 million, respectively (three and nine months ended December 31, 2013 - $15.0 million and $62.0 million, respectively) and are recorded as a reduction of the cost of the related film and television program. Accounts receivable at December 31, 2014 includes $272.9 million with respect to tax credits receivable (March 31, 2014 - $115.3 million).

The Company is subject to routine inquiries and review by regulatory authorities of its various incentive claims which have been received or are receivable. Adjustments of claims have generally not been material historically.

13. Segment Information

Accounting guidance requires the Company to make certain disclosures about each reportable segment. The Company’s reportable segments are determined based on the distinct nature of their operations and each segment is a strategic business unit that offers different products and services and is managed separately. The Company has two reportable business segments as of December 31, 2014: Motion Pictures and Television Production.

Motion Pictures consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired.

Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series and non-fiction programming.

24

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Segment information by business unit is as follows:

	Three Months Ended					Nine Months Ended
	December 31,					December 31,
	2014		2013			2014		2013
	(Amounts in thousands)
Segment revenues
Motion Pictures	$	590,072	$	757,646		$	1,320,012	$	1,630,599
Television Production	161,227		82,293			433,546		277,797
	$	751,299	$	839,939		$	1,753,558	$	1,908,396
Direct operating expenses
Motion Pictures	$	260,309	$	324,124		$	583,792	$	737,297
Television Production	140,267		73,389			362,048		228,459
	$	400,576	$	397,513		$	945,840	$	965,756
Distribution and marketing
Motion Pictures	$	162,884	$	222,979		$	396,587	$	527,774
Television Production	8,555		10,556			25,050		22,723
	$	171,439	$	233,535		$	421,637	$	550,497
Gross segment contribution
Motion Pictures	$	166,879	$	210,543		$	339,633	$	365,528
Television Production	12,405		(1,652		)	46,448		26,615
	$	179,284	$	208,891		$	386,081	$	392,143
Segment general and administration
Motion Pictures	$	18,669	$	16,882		$	54,252	$	49,316
Television Production	3,172		3,488			10,081		10,043
	$	21,841	$	20,370		$	64,333	$	59,359
Segment profit (loss)
Motion Pictures	$	148,210	$	193,661		$	285,381	$	316,212
Television Production	9,233		(5,140		)	36,367		16,572
	$	157,443	$	188,521		$	321,748	$	332,784

Gross segment contribution is defined as segment revenue less segment direct operating and distribution and marketing expenses.

Segment profit (loss) is defined as segment revenue less segment direct operating, distribution and marketing, and general and administration expenses. The reconciliation of total segment profit to the Company’s income before income taxes is as follows:

25

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Company’s total segment profit	$	157,443		$	188,521		$	321,748		$	332,784
Shared services and corporate expenses:
Share-based compensation expense	(15,132		)	(12,064		)	(48,875		)	(52,199		)
Restructuring charges(1)	(766		)	—			(7,008		)	—
Administrative proceeding(2)	—			(7,500		)	—			(7,500		)
Other shared services and corporate expenses	(23,668		)	(25,643		)	(66,759		)	(67,062		)
Total shared services and corporate expenses	(39,566		)	(45,207		)	(122,642		)	(126,761		)
Depreciation and amortization	(1,708		)	(1,530		)	(4,685		)	(4,766		)
Operating income	116,169			141,784			194,421			201,257
Interest expense	(13,551		)	(15,574		)	(39,594		)	(52,560		)
Interest and other income	623			1,771			2,188			4,750
Loss on extinguishment of debt	(690		)	—			(1,276		)	(36,653		)
Equity interests income (loss)	10,898			(1,321		)	37,353			13,158
Income before income taxes	$	113,449		$	126,660		$	193,092		$	129,952

________________________

(1) Restructuring charges in the nine months endedDecember 31, 2014 primarily consist of severance costs associated with the integration of the marketing operations of the Company's Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom. Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards (see Note 10).

(2) Administrative proceeding represents the settlement of an administrative order.

The following table sets forth significant assets as broken down by segment and other unallocated assets as of December 31, 2014 and March 31, 2014:

	December 31, 2014						March 31, 2014
	Motion Pictures		Television Production		Total		Motion Pictures		Television Production		Total
	(Amounts in thousands)
Significant assets by segment
Accounts receivable	$	611,888	$	362,691	$	974,579	$	580,906	$	304,665	$	885,571
Investment in films and television programs, net	1,116,562		330,831		1,447,393		979,576		294,997		1,274,573
Goodwill	294,367		28,961		323,328		294,367		28,961		323,328
	$	2,022,817	$	722,483	$	2,745,300	$	1,854,849	$	628,623	$	2,483,472
Other unallocated assets (primarily cash, other assets, and equity method investments)					396,205						368,160
Total assets					$	3,141,505					$	2,851,632

26

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table sets forth acquisition of investment in films and television programs as broken down by segment for the three and nine months ended December 31, 2014 and 2013:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands)
Acquisition of investment in films and television programs
Motion Pictures	$	89,041	$	212,598	$	517,385	$	432,208
Television Production	87,409		142,049		298,084		260,735
	$	176,450	$	354,647	$	815,469	$	692,943

Purchases of property and equipment amounted to $6.8 million and $11.3 million for the three and nine months ended December 31, 2014, respectively, and $2.7 million and $6.1 million for the three and nine months ended December 31, 2013, respectively, primarily pertaining to purchases for the Company’s corporate headquarters.

14. Contingencies

Two purported Lions Gate stockholders have initiated legal proceedings in the United States District Court for the Southern District of New York relating to the March 13, 2014 announcement that the Company had entered into an administrative order with the United States Securities and Exchange Commission (the "SEC") that resolved the SEC’s investigation into transactions that the Company announced on July 20, 2010. These actions are captioned Laborers Pension Trust Fund-Detroit & Vicinity v. Lions Gate Entertainment Corp., et al., Case No. 14 CV 5197 (filed July 11, 2014) and Barger v. Lions Gate Entertainment Corp., Case No. 14 CV 5477 (filed July 21, 2014). The actions allege, among other things, that the Company and certain of its current and former officers and directors violated the federal securities laws by failing to disclose the SEC’s investigation prior to March 13, 2014. On October 28, 2014, the court consolidated the actions under the caption In re Lions Gate Entertainment Corp. Securities Litigation, Case No. 1:14-cv-05197-JGK, and appointed lead plaintiff and lead counsel. A consolidated amended complaint was filed December 29, 2014. The Company does not believe these actions have any merit and intends to vigorously defend against them.

In addition, on May 16, 2014, the Company received a letter from another purported stockholder, Arkansas Teachers Retirement System, demanding that the Company seek to recover the costs of the SEC investigation, including the fine paid, from the directors who were on the board at the time the July 20, 2010 transactions occurred. The board is considering the demand as provided by law. On October 1, 2014, Arkansas Teachers Retirement System filed a petition in the Supreme Court of British Columbia seeking an order granting it leave to prosecute the claims in the name and on behalf of Lions Gate.

From time to time, the Company is involved in other claims and legal proceedings arising in the normal course of business. While the resolution of these matters cannot be predicted with certainty, we do not believe, based on current knowledge, that the outcome of any currently pending legal proceedings in which the Company is currently involved will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flow.

15. Consolidating Financial Information — Convertible Senior Subordinated Notes

The April 2009 3.625% Notes, the January 2012 4.00% Notes, and the April 2013 1.25% Notes by their terms, are fully and unconditionally guaranteed by the Company. LGEI, the issuer of the April 2009 3.625% Notes, the January 2012 4.00% Notes, and the April 2013 1.25% Notes that are guaranteed by the Company, is 100% owned by the parent company guarantor, Lions Gate Entertainment Corp.

The following tables present condensed consolidating financial information as of December 31, 2014 and March 31, 2014, and for the nine months endedDecember 31, 2014 and 2013 for (1) the Company, on a stand-alone basis, (2) LGEI, on a stand-alone basis, (3) the non-guarantor subsidiaries of the Company (including the subsidiaries of LGEI), on a combined basis (collectively, the “Non-guarantor Subsidiaries”) and (4) the Company, on a consolidated basis.

27

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	As of
	December 31, 2014
	Lions Gate Entertainment Corp.		Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries		Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
BALANCE SHEET
Assets
Cash and cash equivalents	$	839	$	15,501		$	12,546	$	—		$	28,886
Restricted cash	—		7,508			—		—			7,508
Accounts receivable, net	741		5,581			968,257		—			974,579
Investment in films and television programs, net	—		6,394			1,440,999		—			1,447,393
Property and equipment, net	—		20,685			1,745		—			22,430
Equity method investments	—		5,947			205,800		(67		)	211,680
Goodwill	10,172		—			313,156		—			323,328
Other assets	3,636		65,305			8,467		(6,036		)	71,372
Deferred tax assets	6,766		38,974			8,589		—			54,329
Subsidiary investments and advances	1,273,816		1,277,306			2,055,224		(4,606,346		)	—
	$	1,295,970	$	1,443,201		$	5,014,783	$	(4,612,449	)	$	3,141,505
Liabilities and Shareholders’ Equity (Deficiency)
Senior revolving credit facility	$	160,500	$	—		$	—	$	—		$	160,500
5.25% Senior Notes	225,000		—			—		—			225,000
Term Loan	223,021		—			—		—			223,021
Accounts payable and accrued liabilities	19,453		69,295			182,353		—			271,101
Participations and residuals	—		3,417			459,676		—			463,093
Film obligations and production loans	—		—			737,565		—			737,565
Convertible senior subordinated notes	—		113,271			—		—			113,271
Deferred revenue	—		8,813			271,145		—			279,958
Intercompany payable	—		1,414,020			1,991,164		(3,405,184		)	—
Shareholders’ equity (deficiency)	667,996		(165,615		)	1,372,880		(1,207,265		)	667,996
	$	1,295,970	$	1,443,201		$	5,014,783	$	(4,612,449	)	$	3,141,505

28

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Nine Months Ended
	December 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments			Lions Gate Consolidated
				(Amounts in thousands)
STATEMENT OF INCOME
Revenues	$	—		$	21,565		$	1,732,520		$	(527	)	$	1,753,558
EXPENSES:
Direct operating	2			3,243			942,595			—			945,840
Distribution and marketing	—			1,575			420,062			—			421,637
General and administration	2,383			115,942			69,010			(360		)	186,975
Depreciation and amortization	—			2,721			1,964			—			4,685
Total expenses	2,385			123,481			1,433,631			(360		)	1,559,137
OPERATING INCOME (LOSS)	(2,385		)	(101,916		)	298,889			(167		)	194,421
Other expenses (income):
Interest expense	25,919			138,139			96,941			(221,405		)	39,594
Interest and other income	(126,019		)	(2,766		)	(94,457		)	221,054			(2,188		)
Loss on extinguishment of debt	—			1,276			—			—			1,276
Total other expenses (income)	(100,100		)	136,649			2,484			(351		)	38,682
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES	97,715			(238,565		)	296,405			184			155,739
Equity interests income (loss)	66,045			317,176			37,224			(383,092		)	37,353
INCOME (LOSS) BEFORE INCOME TAXES	163,760			78,611			333,629			(382,908		)	193,092
Income tax provision (benefit)	1,533			12,566			52,982			(36,216		)	30,865
NET INCOME (LOSS)	162,227			66,045			280,647			(346,692		)	162,227
Foreign currency translation adjustments	(3,473		)	(4,383		)	(1,301		)	4,991			(4,166		)
Net unrealized gain on foreign exchange contracts, net of tax	—			—			693			—			693
COMPREHENSIVE INCOME (LOSS)	$	158,754		$	61,662		$	280,039		$	(341,701	)	$	158,754

29

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Nine Months Ended
	December 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments		Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF CASH FLOWS
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	93,761		$	16,210		$	(273,012	)	$	—	$	(163,041	)
INVESTING ACTIVITIES:
Proceeds from the sale of equity method investees	—			—			14,575			—		14,575
Investment in equity method investees	—			(2,150		)	(12,600		)	—		(14,750		)
Other investments	—			(2,000		)	—			—		(2,000		)
Purchases of property and equipment	—			(9,309		)	(1,984		)	—		(11,293		)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	—			(13,459		)	(9		)	—		(13,468		)
FINANCING ACTIVITIES:
Senior revolving credit facility - borrowings	681,500			—			—			—		681,500
Senior revolving credit facility - repayments	(618,619		)	—			—			—		(618,619		)
Convertible senior subordinated notes - repurchases	—			(16		)	—			—		(16		)
Production loans - borrowings	—			—			533,781			—		533,781
Production loans - repayments	—			—			(261,868		)	—		(261,868		)
Repurchase of common shares	(129,859		)	—			—			—		(129,859		)
Dividends paid	(23,536		)	—			—			—		(23,536		)
Excess tax benefits on equity-based compensation awards	—			6,767			—			—		6,767
Exercise of stock options	4,404			—			—			—		4,404
Tax withholding required on equity awards	(14,939		)	—			—			—		(14,939		)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	(101,049		)	6,751			271,913			—		177,615
NET CHANGE IN CASH AND CASH EQUIVALENTS	(7,288		)	9,502			(1,108		)	—		1,106
FOREIGN EXCHANGE EFFECTS ON CASH	(1		)	—			2,089			—		2,088
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	8,128			5,999			11,565			—		25,692
CASH AND CASH EQUIVALENTS — END OF PERIOD	$	839		$	15,501		$	12,546		$	—	$	28,886

30

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	As of
	March 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries		Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
BALANCE SHEET
Assets
Cash and cash equivalents	$	8,128		$	5,999		$	11,565	$	—		$	25,692
Restricted cash	—			8,925			—		—			8,925
Accounts receivable, net	688			2,514			882,369		—			885,571
Investment in films and television programs, net	(18		)	6,394			1,266,703		1,494			1,274,573
Property and equipment, net	—			14,185			367		—			14,552
Equity method investments	—			3,668			178,273		—			181,941
Goodwill	10,172			—			313,156		—			323,328
Other assets	4,113			67,612			5,682		(6,340		)	71,067
Deferred tax assets	8,417			48,125			9,441		—			65,983
Subsidiary investments and advances	1,118,356			1,065,274			1,532,070		(3,715,700		)	—
	$	1,149,856		$	1,222,696		$	4,199,626	$	(3,720,546	)	$	2,851,632
Liabilities and Shareholders’ Equity (Deficiency)
Senior revolving credit facility	$	97,619		$	—		$	—	$	—		$	97,619
5.25% Senior Notes	225,000			—			—		—			225,000
Term Loan	222,753			—			—		—			222,753
Accounts payable and accrued liabilities	19,946			73,045			239,466		—			332,457
Participations and residuals	—			3,417			465,973		—			469,390
Film obligations and production loans	—			—			499,787		—			499,787
Convertible senior subordinated notes	—			131,788			—		—			131,788
Deferred revenue	—			11,689			276,611		—			288,300
Intercompany payable	—			1,232,310			1,480,273		(2,712,583		)	—
Shareholders’ equity (deficiency)	584,538			(229,553		)	1,237,516		(1,007,963		)	584,538
	$	1,149,856		$	1,222,696		$	4,199,626	$	(3,720,546	)	$	2,851,632

31

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Nine Months Ended
	December 31, 2013
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF INCOME
Revenues	$	6,748		$	20,989		$	1,889,642		$	(8,983	)	$	1,908,396
EXPENSES:
Direct operating	(254		)	(2,933		)	968,943			—			965,756
Distribution and marketing	2			2,490			548,005			—			550,497
General and administration	1,344			124,084			61,093			(401		)	186,120
Depreciation and amortization	—			1,608			3,158			—			4,766
Total expenses	1,092			125,249			1,581,199			(401		)	1,707,139
OPERATING INCOME (LOSS)	5,656			(104,260		)	308,443			(8,582		)	201,257
Other expenses (income):
Interest expense	12,496			70,840			20,036			(50,812		)	52,560
Interest and other income	(33,592		)	(4,838		)	(17,132		)	50,812			(4,750		)
Loss on extinguishment of debt	2,600			34,053			—			—			36,653
Total other expenses (income)	(18,496		)	100,055			2,904			—			84,463
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES	24,152			(204,315		)	305,539			(8,582		)	116,794
Equity interests income (loss)	74,296			298,123			18,328			(377,589		)	13,158
INCOME (LOSS) BEFORE INCOME TAXES	98,448			93,808			323,867			(386,171		)	129,952
Income tax provision (benefit)	(4,437		)	19,512			67,244			(55,252		)	27,067
NET INCOME (LOSS)	102,885			74,296			256,623			(330,919		)	102,885
Foreign currency translation adjustments	3,334			(59		)	26,082			(25,253		)	4,104
Net unrealized loss on foreign exchange contracts, net of tax	—			—			(770		)	—			(770		)
COMPREHENSIVE INCOME (LOSS)	$	106,219		$	74,237		$	281,935		$	(356,172	)	$	106,219

32

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Nine Months Ended
	December 31, 2013
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments		Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF CASH FLOWS
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(630,884	)	$	761,836		$	14,882		$	—	$	145,834
INVESTING ACTIVITIES:
Proceeds from the sale of equity method investees	—			—			9,000			—		9,000
Investment in equity method investees	—			(750		)	(16,500		)	—		(17,250		)
Distributions from equity method investee in excess of earnings	—			—			4,169			—		4,169
Repayment of loans receivable	—			—			4,275			—		4,275
Purchases of property and equipment	—			(4,276		)	(1,840		)	—		(6,116		)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	—			(5,026		)	(896		)	—		(5,922		)
FINANCING ACTIVITIES:
Senior revolving credit facility - borrowings	319,119			463,100			—			—		782,219
Senior revolving credit facility - repayments	(125,000		)	(801,574		)	—			—		(926,574		)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860	440,640			—			—			—		440,640
10.25% Senior Notes - repurchases and redemptions	—			(470,584		)	—			—		(470,584		)
Convertible senior subordinated notes - borrowings	—			60,000			—			—		60,000
Production loans - borrowings	—			—			359,582			—		359,582
Production loans - repayments	—			—			(301,385		)	—		(301,385		)
Pennsylvania Regional Center credit facility - repayments	—			—			(65,000		)	—		(65,000		)
Exercise of stock options	10,869			—			—			—		10,869
Tax withholding required on equity awards	(14,376		)	—			—			—		(14,376		)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	631,252			(749,058		)	(6,803		)	—		(124,609		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	368			7,752			7,183			—		15,303
FOREIGN EXCHANGE EFFECTS ON CASH	(210		)	—			(2,054		)	—		(2,264		)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	592			36,834			24,937			—		62,363
CASH AND CASH EQUIVALENTS — END OF PERIOD	$	750		$	44,586		$	30,066		$	—	$	75,402

33

LIONS GATE ENTERTAINMENT CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

16. Derivative Instruments and Hedging Activities

The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses denominated in various foreign currencies. As of December 31, 2014, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 23 months from December 31, 2014):

December 31, 2014
Foreign Currency	Foreign Currency Amount			US Dollar Amount		Weighted Average Exchange Rate Per $1 USD
	(Amounts in millions)			(Amounts in millions)
British Pound Sterling		£19.6	in exchange for		$31.6	£0.62
Australian Dollar		A$31.9	in exchange for		$28.7	A$1.11
Canadian Dollar		C$0.6	in exchange for		$0.6	C$1.09

Changes in the fair value representing a net unrealized fair value gain (loss) on foreign exchange contracts that qualified as effective hedge contracts outstanding during the three and nine months ended December 31, 2014 were gains of $0.3 million and $0.7 million, respectively (2013 - losses of $0.1 million and $0.8 million, respectively), and are included in accumulated other comprehensive loss, a separate component of shareholders’ equity. Changes in the fair value representing a net unrealized fair value gain on foreign exchange contracts that did not qualify as effective hedge contracts outstanding during the three and nine months ended December 31, 2014 were nil and $0.4 million, respectively (2013 - nil) and are included in direct operating expenses in the consolidated statement of income. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions.

As of December 31, 2014, $6.0 million was included in other assets and $3.1 million in accounts payable and accrued liabilities (March 31, 2014 - $1.8 million in other assets) in the accompanying consolidated balance sheets related to the Company's use of foreign currency derivatives. The Company classifies its forward foreign exchange contracts within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments.

During the three and nine months ended December 31, 2014, the Company did not have any significant amounts reclassified out of accumulated other comprehensive loss.

17. Supplementary Cash Flow Statement Information

The supplemental schedule of non-cash investing and financing activities for the nine months endedDecember 31, 2014 and 2013 is presented below.

	Nine Months Ended
	December 31,
	2014		2013
	(Amounts in thousands)
Non-cash financing activities:
Accrued dividends (see Note 10)	$	9,817	$	6,900
Accrued share repurchases	$	2,106	$	—
Conversions of convertible senior subordinated notes (see Note 5)	$	24,145	$	3,150

There were no non-cash investing activities for the nine months endedDecember 31, 2014 and 2013.

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18. Subsequent Events (Unaudited)

Share Repurchases. On December 17, 2013, our Board of Directors authorized the Company to increase our previously announced share repurchase plan from a total authorization of $150 million to $300 million. Since the December 17, 2013 increase in share repurchase authorization, through January 21, 2015, we have repurchased a total of 5.3 million common shares for an aggregate price of $144.8 million (weighted average repurchase price of $27.11 per share). Of these repurchases, 0.4 million common shares were repurchased for an aggregate price of $12.9 million (weighted average repurchase price of $29.81) during the period from January 1, 2015 to January 21, 2015. As a result of these repurchases, the Company has $89.9 million of remaining capacity in its $300 million share repurchase plan as of January 21, 2015.

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Overview

Lions Gate Entertainment Corp. (“Lionsgate,” the “Company,” “we,” “us” or “our”) is a leading global entertainment company with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales. We operate primarily through two reporting segments: Motion Pictures and Television Production.

Revenues

Our revenues are derived from the Motion Pictures and Television Production segments, as described below. Our revenues are derived from the U.S., Canada, the U.K., and other foreign countries. None of the non-U.S. countries individually comprised greater than 10% of total revenues for the three and nine months ended December 31, 2014 and 2013.

Motion Pictures. Our Motion Picturessegment includes revenues derived from the following:

• Theatrical. Theatrical revenues are derived from the theatrical release of motion pictures in the U.S. and Canada which are licensed to theatrical exhibitors on a picture-by-picture basis. The financial terms that we negotiate with our theatrical exhibitors generally provide that we receive a percentage of the box office results and are negotiated on a picture-by-picture basis.

• Home Entertainment. Home Entertainment revenues are derived from releases of our own film and television productions and acquired or licensed films, including theatrical and direct-to-video releases, generated from the sale to retail stores and through digital media platforms. In addition, we have revenue sharing arrangements with certain digital media platforms which generally provide that in exchange for a nominal or no upfront sales price, we share in the rental or sales revenues generated by the platform on a title-by-title basis. We categorized our Home Entertainment revenue as follows:

• Packaged media revenue: Packaged media revenue consists of the sale or rental of DVDs and Blu-ray discs.

• Digital media revenue: Digital media revenue consists of revenues generated from pay-per-view and video-on-demand platforms, electronic sell-through (“EST”), and digital rental.

• Television. Television revenues are primarily derived from the licensing of our theatrical productions and acquired films to the domestic cable, satellite, and free and pay television markets.

• International. International revenues are derived from the licensing and sale of our productions, acquired films, our catalog product and libraries of acquired titles from our international subsidiaries, and revenues from our distribution to international sub-distributors, on a territory-by-territory basis.

• Lionsgate UK. Lionsgate UK motion pictures revenues are derived from the licensing and sale of our productions, acquired films, our catalog product and libraries of acquired titles from Lionsgate UK, our subsidiary located in the United Kingdom.

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• Motion Pictures - Other. Other revenues are derived from, among other things, the sales and licensing of music from the theatrical exhibition of our films and the television broadcast of our productions, and the licensing of our films and television programs to ancillary markets.

Television Production. Our Television Production segment includes revenues derived from the licensing and syndication to domestic and international markets of one-hour and half-hour series, television movies, mini-series and non-fiction programming, and home entertainment revenues consisting of television production movies or series.

Expenses

Our primary operating expenses include direct operating expenses, distribution and marketing expenses and general and administration expenses.

Direct operating expenses include amortization of film and television production or acquisition costs, participation and residual expenses, provision for doubtful accounts, and foreign exchange gains and losses. Participation costs represent contingent consideration payable based on the performance of the film to parties associated with the film, including producers, writers, directors or actors, etc. Residuals represent amounts payable to various unions or “guilds” such as the SAG - AFTRA, Directors Guild of America, and Writers Guild of America, based on the performance of the film in certain ancillary markets or based on the individual’s (i.e., actor, director, writer) salary level in the television market.

Distribution and marketing expenses primarily include the costs of theatrical “prints and advertising” (“P&A”) and of DVD/Blu-ray duplication and marketing. Theatrical P&A includes the costs of the theatrical prints delivered to theatrical exhibitors and the advertising and marketing cost associated with the theatrical release of the picture. DVD/Blu-ray duplication represents the cost of the DVD/Blu-ray product and the manufacturing costs associated with creating the physical products. DVD/Blu-ray marketing costs represent the cost of advertising the product at or near the time of its release or special promotional advertising.

General and administration expenses include salaries and other overhead.

CRITICAL ACCOUNTING POLICIES

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The application of the following accounting policies, which are important to our financial position and results of operations, requires significant judgments and estimates on the part of management. As described more fully below, these estimates bear the risk of change due to the inherent uncertainty attached to the estimate. In some cases, changes in the accounting estimates are reasonably likely to occur from period to period. Accordingly, actual results could differ materially from our estimates. For example, accounting for films and television programs requires us to estimate future revenue and expense amounts which, due to the inherent uncertainties involved in making such estimates, are likely to differ to some extent from actual results. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations will be affected. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. For a summary of all of our accounting policies, including the accounting policies discussed below, see Note 2 to our audited consolidated financial statements in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on May 29, 2014.

Accounting for Films and Television Programs. We capitalize costs of production and acquisition, including financing costs and production overhead, to investment in films and television programs. These costs for an individual film or television program are amortized and participation and residual costs are accrued to direct operating expenses in the proportion that current year’s revenues bear to management’s estimates of the ultimate revenue at the beginning of the year expected to be recognized from exploitation, exhibition or sale of such film or television program over a period not to exceed ten years from the date of initial release. For previously released film or television programs acquired as part of a library, ultimate revenue includes estimates over a period not to exceed twenty years from the date of acquisition.

Due to the inherent uncertainties involved in making such estimates of ultimate revenues and expenses, these estimates have differed in the past from actual results and are likely to differ to some extent in the future from actual results. In addition, in the normal course of our business, some films and titles are more successful than anticipated and some are less successful than anticipated. Our management regularly reviews and revises when necessary its ultimate revenue and cost estimates, which may result in a change in the rate of amortization of film costs and participations and residuals and/or write-down of all or a portion of the unamortized costs of the film or television program to its estimated fair value. Our management estimates the

36

ultimate revenue based on experience with similar titles or title genre, the general public appeal of the cast, actual performance (when available) at the box office or in markets currently being exploited, and other factors such as the quality and acceptance of motion pictures or programs that our competitors release into the marketplace at or near the same time, critical reviews, general economic conditions and other tangible and intangible factors, many of which we do not control and which may change.

An increase in the estimate of ultimate revenue will generally result in a lower amortization rate and, therefore, less film and television program amortization expense, while a decrease in the estimate of ultimate revenue will generally result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically results in a write-down of the film cost to the title’s fair value. These write-downs are included in amortization expense within direct operating expenses in our consolidated statements of income. Investment in films and television programs is stated at the lower of amortized cost or estimated fair value. The valuation of investment in films and television programs is reviewed on a title-by-title basis, when an event or change in circumstances indicates that the fair value of a film or television program is less than its unamortized cost. In determining the fair value of our films and television programs, we employ a discounted cash flows ("DCF") methodology with assumptions for cash flows. Key inputs employed in the DCF methodology include estimates of a film's ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on our weighted average cost of capital plus a risk premium representing the risk associated with producing a particular film or television program. The fair value of any film costs associated with a film or television program that we plan to abandon is zero. As the primary determination of fair value is determined using a DCF model, the resulting fair value is considered a Level 3 measurement (as defined in Note 8 to our unaudited consolidated financial statements). Additional amortization is recorded in the amount by which the unamortized costs exceed the estimated fair value of the film or television program. Estimates of future revenue involve measurement uncertainty and it is therefore possible that reductions in the carrying value of investment in films and television programs may be required as a consequence of changes in our future revenue estimates.

Revenue Recognition. Revenue from the theatrical release of feature films is recognized at the time of exhibition based on our participation in box office receipts. Revenue from the sale of DVDs and Blu-ray discs in the retail market, net of an allowance for estimated returns and other allowances, is recognized on the later of receipt by the customer or “street date” (when it is available for sale by the customer). Under revenue sharing arrangements, including digital and EST arrangements, such as download-to-own, download-to-rent, video-on-demand, and subscription video-on-demand, revenue is recognized when we are entitled to receipts and such receipts are determinable. Revenues from television or digital licensing for fixed fees are recognized when the feature film or television program is available to the licensee for telecast. For television licenses that include separate availability “windows” during the license period, revenue is allocated over the “windows.” Revenue from sales to international territories are recognized when access to the feature film or television program has been granted or delivery has occurred, as required under the sales contract, and the right to exploit the feature film or television program has commenced. For multiple media rights contracts with a fee for a single film or television program where the contract provides for media holdbacks (defined as contractual media release restrictions), the fee is allocated to the various media based on our assessment of the relative fair value of the rights to exploit each media and is recognized as each holdback is released. For multiple-title contracts with a fee, the fee is allocated on a title-by-title basis, based on our assessment of the relative fair value of each title. The primary estimate requiring the most subjectivity and judgment involving revenue recognition is the estimate of sales returns associated with our revenue from the sale of DVDs/Blu-ray discs in the retail market which is discussed separately below under the caption “Sales Returns Allowance.”

Sales Returns Allowance. Revenues are recorded net of estimated returns and other allowances. We estimate reserves for DVD/Blu-ray returns based on previous returns experience, point-of-sale data available from certain retailers, current economic trends, and projected future sales of the title to the consumer based on the actual performance of similar titles on a title-by-title basis in each of the DVD/Blu-ray businesses. Factors affecting actual returns include, among other factors, limited retail shelf space at various times of the year, success of advertising or other sales promotions, and the near term release of competing titles. We believe that our estimates have been materially accurate in the past; however, due to the judgment involved in establishing reserves, we may have adjustments to our historical estimates in the future. Our estimate of future returns affects reported revenue and operating income. If we underestimate the impact of future returns in a particular period, then we may record less revenue in later periods when returns exceed the estimated amounts. If we overestimate the impact of future returns in a particular period, then we may record additional revenue in later periods when returns are less than estimated. An incremental change of 1% in our estimated sales returns rate (i.e., provisions for returns divided by gross sales of related product) for home entertainment products would have had an impact of approximately $1.8 million and $4.5 million on our total revenue in the three and nine months ended December 31, 2014, respectively (2013 - $1.9 million and $5.3 million, respectively).

Provisions for Accounts Receivable. We estimate provisions for accounts receivable based on historical experience and relevant facts and information regarding the collectability of the accounts receivable. In performing this evaluation, significant judgments and estimates are involved, including an analysis of specific risks on a customer-by-customer basis for our larger

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customers and an analysis of the length of time receivables have been past due. The financial condition of a given customer and its ability to pay may change over time or could be better or worse than anticipated and could result in an increase or decrease to our allowance for doubtful accounts, which, when the impact of such change is material, is disclosed in our discussion on direct operating expenses elsewhere in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Income Taxes. We are subject to federal and state income taxes in the U.S., and in several foreign jurisdictions. We record deferred tax assets, net of applicable reserves, related to net operating loss carryforwards and certain temporary differences. We recognize a future tax benefit to the extent that realization of such benefit is more likely than not, otherwise a valuation allowance is applied. In order to realize the benefit of our deferred tax assets, we will need to generate sufficient taxable income in the future. Because of our historical operating losses, in previous years, we had historically provided a full valuation allowance against our net deferred tax assets. However, due to the profitability achieved in our fiscal year ended March 31, 2013, which resulted in a cumulative positive three year pre-tax income, and due to our current projections of profitability in the next few years, we determined that it was more likely than not that we will realize the benefit of certain of our deferred tax assets, including our net operating loss carryforwards and, accordingly, the valuation allowance related to those assets was reversed as of March 31, 2013. In addition, due to certain financing transactions in the year ended March 31, 2014, we determined that it was more likely than not that we will realize the benefit of certain of our deferred tax assets in our Canadian tax jurisdiction, and accordingly, the valuation allowance related to those assets was reversed during the year ended March 31, 2014. However, the assessment as to whether there will be sufficient taxable income to realize our net deferred tax assets is an estimate which could change in the future depending primarily upon the actual performance of our Company. We will be required to continually evaluate the more likely than not assessment that our net deferred tax assets will be realized, and if operating results deteriorate, we may need to reestablish all or a portion of the valuation allowance through a charge to our income tax provision.

We operate and are subject to income taxes in the U.S., and in several foreign jurisdictions. Our effective tax rates are affected by many factors, including the overall level of pre-tax income, the mix of pre-tax income generated across the various jurisdictions in which we operate, changes in tax laws and regulations in those jurisdictions, changes in valuation allowances on our deferred tax assets, tax planning strategies available to us and other discrete items.

In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate which is based on our expected annual income and statutory tax rates in the various jurisdictions in which we operate. The income tax provision in the period is calculated by estimating the Company's annual effective tax rate (estimated annual tax provision divided by estimated annual income before income taxes), and then applying the effective tax rate to income before income taxes for the period plus or minus the tax effects of items that relate discretely to the period, if any. Our tax provision and effective tax rate could fluctuate significantly based on changes in the level of expected annual income, in total and by tax jurisdiction, the tax planning opportunities available to us in the various jurisdictions in which we operate, and other factors.

Goodwill. Goodwill is reviewed for impairment each fiscal year or between the annual tests if an event occurs or circumstances change that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. We perform our annual impairment test as of January 1 in each fiscal year. We performed our last annual impairment test on our goodwill as of January 1, 2014 by first assessing qualitative factors to determine whether it was necessary to perform the two-step annual goodwill impairment test. Based on our qualitative assessments, including but not limited to, the results of our most recent quantitative impairment test, consideration of macroeconomic conditions, industry and market conditions, cash flows, changes in our share price, we concluded that it was more likely than not that the fair value of our reporting units was greater than their carrying value.

Business Acquisitions. We account for business acquisitions as purchases, whereby the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair value. The excess of the purchase price over estimated fair value of the net identifiable assets is allocated to goodwill. Determining the fair value of assets and liabilities requires various assumptions and estimates. These estimates and assumptions are refined with adjustments recorded to goodwill as information is gathered and final appraisals are completed over a one-year measurement period. The changes in these estimates or different assumptions used in determining these estimates could impact the amount of assets, including goodwill and liabilities, ultimately recorded on our balance sheet and could impact our operating results subsequent to such acquisition. We believe that our assumptions and estimates have been materially accurate in the past.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update relating to the recognition of revenue from contracts with customers, which will supersede most current U.S. GAAP revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the

38

transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance will be effective for our fiscal year beginning April 1, 2017, and can be applied either retrospectively or under a cumulative-effect transition method. We are currently evaluating the impact that the adoption of this new guidance will have on our consolidated financial statements.

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RESULTS OF OPERATIONS

Three Months Ended December 31, 2014 Compared to Three Months Ended December 31, 2013

The following table sets forth segment information by business unit, and as a percentage of segment revenues, for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,
	2014				2013					Increase (Decrease)
	Amount		% of Segment Revenues		Amount			% of Segment Revenues		Amount			Percent
	(Amounts in millions)
Segment revenues(1)
Motion Pictures	$	590.1			$	757.6				$	(167.5	)	(22.1	)%
Television Production	161.2				82.3					78.9			95.9	%
	$	751.3			$	839.9				$	(88.6	)	(10.5	)%
Direct operating expenses
Motion Pictures	$	260.3	44.1	%	$	324.1		42.8	%	$	(63.8	)	(19.7	)%
Television Production	140.3		87.0		73.4			89.2		66.9			91.1	%
	$	400.6	53.3	%	$	397.5		47.3	%	$	3.1		0.8	%
Distribution and marketing
Motion Pictures	$	162.9	27.6	%	$	223.0		29.4	%	$	(60.1	)	(27.0	)%
Television Production	8.6		5.3		10.6			12.9		(2.0		)	(18.9	)%
	$	171.5	22.8	%	$	233.6		27.8	%	$	(62.1	)	(26.6	)%
Gross segment contribution
Motion Pictures	$	166.9	28.3	%	$	210.5		27.8	%	$	(43.6	)	(20.7	)%
Television Production	12.4		7.7		(1.7		)	(2.1	)	14.1			(829.4	)%
	$	179.3	23.9	%	$	208.8		24.9	%	$	(29.5	)	(14.1	)%

_________________________________________

(1) A significant component of revenue comes from home entertainment. The following table sets forth total home entertainment revenue for both the Motion Pictures and Television Production reporting segments for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Home Entertainment Revenue
Motion Pictures	$	170.9	$	193.4	$	(22.5	)	(11.6	)%
Television Production	12.2		7.3		4.9			67.1	%
	$	183.1	$	200.7	$	(17.6	)	(8.8	)%

Motion Pictures Revenue

The table below sets forth the components of revenue and the changes in these components for the Motion Pictures reporting segment for the three months ended December 31, 2014 and 2013.

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	Three Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Motion Pictures
Theatrical	$	186.4	$	277.6	$	(91.2	)	(32.9	)%
Home Entertainment	170.9		193.4		(22.5		)	(11.6	)%
Television	82.9		105.8		(22.9		)	(21.6	)%
International	79.4		117.1		(37.7		)	(32.2	)%
Lionsgate UK	62.7		55.9		6.8			12.2	%
Other	7.8		7.8		—			—	%
	$	590.1	$	757.6	$	(167.5	)	(22.1	)%

Motion Pictures — Theatrical Revenue

The following table sets forth the titles released from our Fiscal 2015 and Fiscal 2014 Theatrical Slates and titles released in other product categories that represented a significant portion of revenue for the three months ended December 31, 2014 and 2013, respectively:

Three Months Ended December 31,
2014		2013
	Theatrical Release Date		Theatrical Release Date
Fiscal 2015 Theatrical Slate:		Fiscal 2014 Theatrical Slate:
The Hunger Games: Mockingjay - Part 1	November 2014	Tyler Perry's A Madea Christmas	December 2013
John Wick	October 2014	The Hunger Games: Catching Fire	November 2013
Addicted*	October 2014*	Ender's Game	November 2013
		Escape Plan	October 2013

_________________________________

* Limited release.

Theatrical revenue of $186.4 milliondecreased$91.2 million, or 32.9%, in the three months ended December 31, 2014 as compared to the three months ended December 31, 2013, and was primarily driven by the performance and number of films (as listed above) released in the period from our Fiscal 2015 Theatrical Slate, compared to our Fiscal 2014 Theatrical Slate.

Motion Pictures — Home Entertainment Revenue

The following table sets forth the titles released on home entertainment from our theatrical slates in the three months ended December 31, 2014 and 2013, in addition to titles from our theatrical slates and other product categories which contributed a significant amount of revenue in the current and prior year's quarter, respectively:

41

Three Months Ended December 31,
2014		2013
	Packaged Media Release Date		Packaged Media Release Date
Fiscal 2015 Theatrical Slate:		Fiscal 2014 Theatrical Slate:
Step Up All In	November 2014	Red 2	November 2013
The Expendables 3	November 2014	Now You See Me	September 2013
Draft Day	September 2014	The Big Wedding	August 2013
Fiscal 2014 Theatrical Slate:		Fiscal 2013 Theatrical Slate:
Tyler Perry's A Madea Christmas	November 2014	The Twilight Saga: Breaking Dawn - Part 2	March 2013
Divergent	August 2014
The Hunger Games: Catching Fire	March 2014
Prior Theatrical Slates(1):		Prior Theatrical Slates(1):
The Hunger Games	August 2012	The Hunger Games	August 2012
Managed Brands(2):		Managed Brands(2):
A Most Wanted Man	November 2014	Kevin Hart: Let Me Explain	October 2013
America: Imagine the World Without Her	October 2014	The Frozen Ground	October 2013
The Prince	October 2014	Mud	August 2013
		Duck Dynasty (multiple seasons)	Various

_________________________________

(1) Prior Theatrical Slates includes our fiscal 2012 and prior theatrical slates and Summit titles theatrically released prior to the acquisition of Summit.

(2) Managed Brands represents Direct-to-DVD motion pictures, acquired and licensed brands, third-party library product and ancillary-driven platform theatrical releases.

The following table sets forth the components of home entertainment revenue by product category for the three months ended December 31, 2014 and 2013:

	Three Months Ended December 31,
	2014						2013
	Packaged Media		Digital Media(1)		Total		Packaged Media		Digital Media(1)		Total
					(Amounts in millions)
Home entertainment revenues(2)
Fiscal 2015 Theatrical Slate	$	27.7	$	10.3	$	38.0	$	—	$	—	$	—
Fiscal 2014 Theatrical Slate	26.8		15.0		41.8		28.7		25.0		53.7
Fiscal 2013 Theatrical Slate	4.9		2.0		6.9		15.1		8.1		23.2
Prior Theatrical Slates	9.0		3.8		12.8		25.8		4.4		30.2
Total Theatrical Slates	68.4		31.1		99.5		69.6		37.5		107.1
Managed Brands	46.8		21.5		68.3		60.0		25.1		85.1
Other Feature Film(3)	1.8		1.3		3.1		0.8		0.4		1.2
	$	117.0	$	53.9	$	170.9	$	130.4	$	63.0	$	193.4

 ___________________

(1) Digital media revenue consists of revenues generated from pay-per-view and video-on-demand platforms, EST, and digital rental.

(2) Certain amounts in the prior year's quarter have been reclassified between product types in order to be consistent with the current period classification. 

(3) Other Feature Film includes certain specialty theatrical releases and other titles.

Home entertainment revenue of $170.9 milliondecreased$22.5 million, or 11.6%, in the three months ended December 31, 2014, as compared to the three months ended December 31, 2013. Of the decrease, approximately $16.8 million was from Managed Brands and $7.6 million was from our theatrical slates. The decrease in Managed Brands revenue was

42

primarily due to the number and performance of titlesreleased in the three months ended December 31, 2014 and prior quarters, as compared to the titles released in the three months ended December 31, 2013 and prior quarters. The decrease in our theatrical slates in the three months ended December 31, 2014 was primarily due to the decrease in our Prior Theatrical Slates category, largely driven by Summit titles released prior to acquisition due to the static nature of this product category. In addition, the Fiscal 2015 Theatrical Slate generated less revenue in the three months ended December 31, 2014 than the Fiscal 2014 Theatrical Slate in the three months ended December 31, 2013, due primarily to the revenues generated from the titles listed above. This decrease in revenue was partially offset by contributions from our Fiscal 2014 Theatrical Slate in the three months ended December 31, 2014, driven by the performance of Divergent and the release of Tyler Perry's A Madea Christmas in the current quarter.

Motion Pictures — Television Revenue

The following table sets forth the titles contributing significant motion pictures television revenue for the three months ended December 31, 2014 and 2013:

Three Months Ended December 31,
2014	2013
Fiscal 2014 Theatrical Slate:	Fiscal 2013 Theatrical Slate:
Divergent	Sinister
Fiscal 2013 Theatrical Slate:	Snitch
The Expendables 2	Temptation: Confessions of a Marriage Counselor
Prior Theatrical Slates:	The Twilight Saga: Breaking Dawn - Part 2
The Hunger Games	Warm Bodies
Managed Brands:
God's Not Dead

The following table sets forth the components of television revenue by product category for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Television revenues(1)
Fiscal 2015 Theatrical Slate	$	2.1	$	—	$	2.1		100.0	%
Fiscal 2014 Theatrical Slate	21.7		7.3		14.4			197.3	%
Fiscal 2013 Theatrical Slate	11.7		65.9		(54.2		)	(82.2	)%
Prior Theatrical Slates	29.7		23.4		6.3			26.9	%
Total Theatrical Slates	65.2		96.6		(31.4		)	(32.5	)%
Managed Brands	14.0		8.8		5.2			59.1	%
Other Feature Film	3.7		0.4		3.3			NM
	$	82.9	$	105.8	$	(22.9	)	(21.6	)%

___________________

NM - Percentage not meaningful

(1) Certain amounts in the prior year's quarter have been reclassified between product types in order to be consistent with the current period classification.  

Television revenue decreased in the three months ended December 31, 2014, as compared to the three months ended December 31, 2013, due primarily to the fewer number of titles with television windows opening in the period from our smaller Fiscal 2014 Theatrical Slate as compared to our Fiscal 2013 Theatrical Slate.

Motion Pictures — International Revenue

The following table sets forth the titles contributing significant motion pictures international revenue for the three months ended December 31, 2014 and 2013:

43

Three Months Ended December 31,
2014	2013
Fiscal 2015 Theatrical Slate:	Fiscal 2014 Theatrical Slate:
Step Up All In	Escape Plan
The Hunger Games: Mockingjay - Part 1	Now You See Me
	Red 2
	The Hunger Games: Catching Fire
	Fiscal 2013 Theatrical Slate:
	The Twilight Saga: Breaking Dawn - Part 2

The following table sets forth the components of international revenue by product category for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
International revenues(1)
Fiscal 2015 Theatrical Slate	$	59.3	$	—	$	59.3		100.0	%
Fiscal 2014 Theatrical Slate	5.1		86.4		(81.3		)	(94.1	)%
Fiscal 2013 Theatrical Slate	3.1		16.3		(13.2		)	(81.0	)%
Prior Theatrical Slates	5.3		10.3		(5.0		)	(48.5	)%
Total Theatrical Slates	72.8		113.0		(40.2		)	(35.6	)%
Managed Brands	2.2		2.2		—			—	%
Other Feature Film	4.4		1.9		2.5			131.6	%
	$	79.4	$	117.1	$	(37.7	)	(32.2	)%

___________________

(1) Certain amounts in the prior year's quarter have been reclassified between product types in order to be consistent with the current period classification.  

International motion pictures revenue decreased in the three months ended December 31, 2014, as compared to the three months ended December 31, 2013, due to the revenue generated by the titles and product categories listed above.

Motion Pictures — Lionsgate UK Revenue

The following table sets forth the titles contributing significant Lionsgate UK motion pictures revenue for the three months ended December 31, 2014 and 2013:

Three Months Ended December 31,
2014	2013
Fiscal 2015 Theatrical Slate:	Fiscal 2014 Theatrical Slate:
The Expendables 3	The Hunger Games: Catching Fire
The Hunger Games: Mockingjay - Part 1
Lionsgate UK third party product:	Lionsgate UK third party product:
Postman Pat: The Movie	Olympus Has Fallen
The Railway Man	Managed Brands:
	Redemption

The following table sets forth the components of Lionsgate UK motion pictures revenue by product category for the three months ended December 31, 2014 and 2013:

44

	Three Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Lionsgate UK motion pictures revenues(1)
Fiscal 2015 Theatrical Slate	$	26.4	$	—	$	26.4		100.0	%
Fiscal 2014 Theatrical Slate	2.7		20.3		(17.6		)	(86.7	)%
Fiscal 2013 Theatrical Slate	1.8		2.3		(0.5		)	(21.7	)%
Prior Theatrical Slates	1.8		4.2		(2.4		)	(57.1	)%
Total Theatrical Slates	32.7		26.8		5.9			22.0	%
Lionsgate UK third party product	24.9		22.3		2.6			11.7	%
Managed Brands	4.8		6.3		(1.5		)	(23.8	)%
Other Feature Film	0.3		0.5		(0.2		)	(40.0	)%
	$	62.7	$	55.9	$	6.8		12.2	%

______________________

NM - Percentage not meaningful

(1) Certain amounts in the prior year's quarter have been reclassified between product types in order to be consistent with the current period classification.  

Lionsgate UK motion pictures revenue increased in the three months ended December 31, 2014 as compared to the three months ended December 31, 2013, due primarily to revenue generated from the titles and product categories listed above.

Television Production Revenue

The following table sets forth the components and the changes in the components of revenue that make up television production revenue for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Television Production
Domestic television	$	124.4	$	52.0	$	72.4		139.2	%
International	23.6		20.5		3.1			15.1	%
Home entertainment revenue from television production	12.2		7.3		4.9			67.1	%
Other	1.0		2.5		(1.5		)	(60.0	)%
	$	161.2	$	82.3	$	78.9		95.9	%

45

Television Production - Domestic Television

Domestic television revenue increased in the three months ended December 31, 2014, as compared to the three months ended December 31, 2013, primarily due to an increase in television episodes delivered during the three months ended December 31, 2014, as compared to the three months ended December 31, 2013. Television episodes delivered for original exhibition during the three months ended December 31, 2014 and 2013 included the episode deliveries as shown in the table below:

		Three Months Ended				Three Months Ended
		December 31, 2014				December 31, 2013
		Episodes	Hours			Episodes	Hours
Anger Management	1/2hr	15	7.5	Anger Management	1/2hr	11	5.5
Ascension	1hr	6	6.0	Nashville - Season 2	1hr	8	8.0
Mad Men - Season 7	1hr	5	5.0	Orange Is The New Black - Season 2	1hr	2	2.0
Manhattan - Season 1	1hr	2	2.0	Other(1)	1/2hr & 1hr	24	14.5
Nashville - Season 3	1hr	7	7.0
Orange Is The New Black - Season 3	1hr	7	7.0
Other(1)	1/2hr & 1hr	32	24.0
		74	58.5			45	30.0

______________________

(1) Other in the three months ended December 31, 2014 includes episodes delivered for Alaska: Battle on the Bay,Deal With It (Season 2), Deion's Family Playbook, and Flea Market Flip (Season 4). Other in the three months ended December 31, 2013 includes episodes delivered for I Brake For Yard Sales,Flea Market Flip (Season 3), Tequila Sisters (Season 1), and The Royals.

In addition to the titles mentioned in the table above, significant domestic television revenue was contributed in the three months ended December 31, 2014 from Celebrity Name Game,Family Feud (Seasons 7 & 8), and The Wendy Williams Show (Season 6), and in the three months ended December 31, 2013, from Are We There Yet, Family Feud (Seasons 6 & 7), House of Payne, Meet The Browns, and The Wendy Williams Show (Seasons 4 & 5).

Television Production - International Revenue

International revenue in the three months ended December 31, 2014increased as compared to the three months ended December 31, 2013. International revenue in the three months ended December 31, 2014 primarily included revenue from Anger Management,Nashville (Seasons 2 and 3), Mad Men (Season 6) and Orange Is The New Black (Season 3). International revenue in the three months ended December 31, 2013 primarily included revenue from Anger Management,Mad Men (Seasons 5 & 6), and Nashville (Seasons 1 & 2).

Television Production - Home Entertainment Revenue from Television Production

The increase in home entertainment revenue from television production is primarily due to an increase in digital media revenue, which amounted to $8.6 million in the three months ended December 31, 2014, as compared to $2.2 million in the three months ended December 31, 2013, offset in part by a slight decrease in packaged media revenue, which amounted to $3.7 million in the three months ended December 31, 2014, as compared to $5.1 million in the three months ended December 31, 2013.

46

Direct Operating Expenses

The following table sets forth direct operating expenses by segment for the three months ended December 31, 2014 and 2013:

	Three Months Ended									Three Months Ended
	December 31, 2014									December 31, 2013
	Motion Pictures			Television Production			Total			Motion Pictures			Television Production			Total
	(Amounts in millions)
Direct operating expenses
Amortization of films and television programs	$	170.0		$	110.4		$	280.4		$	207.1		$	53.3		$	260.4
Participation and residual expense	86.0			28.8			114.8			117.8			20.0			137.8
Other expenses	4.3			1.1			5.4			(0.8		)	0.1			(0.7		)
	$	260.3		$	140.3		$	400.6		$	324.1		$	73.4		$	397.5
Direct operating expenses as a percentage of segment revenues	44.1		%	87.0		%	53.3		%	42.8		%	89.2		%	47.3		%

Direct operating expenses of the Motion Pictures segment of $260.3 million for the three months ended December 31, 2014 were 44.1% of motion pictures revenue, compared to $324.1 million, or 42.8% of motion pictures revenue for the three months ended December 31, 2013. The decrease in direct operating expenses of $63.8 million is primarily due to a decrease in motion pictures revenue in the three months ended December 31, 2014, as compared to the three months ended December 31, 2013. The increase in direct operating expenses as a percentage of motion pictures revenue was primarily due to the change in the mix of titles generating revenue in the three months ended December 31, 2014, as compared to the three months ended December 31, 2013, and was primarily driven by our theatrical slates. Included in amortization expense are investment in film write-downs of approximately $13.5 million in the three months ended December 31, 2014, compared to $3.2 million in the three months ended December 31, 2013. Other direct operating expenses in the three months ended December 31, 2014 consisted primarily of foreign exchange losses and the provision for doubtful accounts, as compared to foreign exchange gains offset in part by the provision for doubtful accounts in the three months ended December 31, 2013.

Direct operating expenses of the Television Production segment of $140.3 million for the three months ended December 31, 2014 were 87.0% of television revenue, compared to $73.4 million, or 89.2%, of television revenue for the three months ended December 31, 2013. The increase in direct operating expenses of $66.9 million is primarily due to an increase in television production revenue in the three months ended December 31, 2014 as compared to the three months ended December 31, 2013. The decrease in direct operating expenses as a percentage of television production revenue is primarily due to the change of the mix of titles generating revenue, compared to the three months ended December 31, 2013, including the revenue from the Mad Men and Orange Is The New Black series relative to total revenue.

Distribution and Marketing Expenses

The following table sets forth distribution and marketing expenses by segment for the three months ended December 31, 2014 and 2013:

	Three Months Ended						Three Months Ended
	December 31, 2014						December 31, 2013
	Motion Pictures		Television Production		Total		Motion Pictures		Television Production		Total
	(Amounts in millions)
Distribution and marketing expenses
Theatrical	$	95.6	$	—	$	95.6	$	147.7	$	—	$	147.7
Home Entertainment	43.7		2.4		46.1		51.8		3.9		55.7
Lionsgate UK	19.4		0.4		19.8		17.2		0.3		17.5
Other	4.2		5.7		9.9		6.3		6.3		12.6
	$	162.9	$	8.5	$	171.4	$	223.0	$	10.5	$	233.5

47

The majority of distribution and marketing expenses relate to the Motion Pictures segment. Theatrical prints and advertising (“P&A”) in the Motion Pictures segment in the three months ended December 31, 2014 of $95.6 milliondecreased$52.1 million, compared to $147.7 million in the three months ended December 31, 2013. The decrease was primarily driven by lower P&A spending in the three months ended December 31, 2014 on our theatrical slates as a result of only two wide releases in the current quarter, compared to four wide releases in the prior year's quarter. To a lesser extent, the decrease was also driven by lower P&A incurred on ancillary driven platform theatrical releases in the current quarter as compared to the prior year's quarter, which included the release of All is Lost. In the three months ended December 31, 2014, approximately $11.5 million of P&A was incurred in advance for films to be released in subsequent quarters, such as Mortdecai, The Divergent Series: Insurgent, and The DUFF. In the three months ended December 31, 2013, approximately $11.0 million of P&A was incurred in advance for films to be released in subsequent quarters, such as Divergent and The Legend of Hercules.

Home entertainment distribution and marketing costs on motion pictures and television product in the three months ended December 31, 2014 of $46.1 milliondecreased$9.6 million, or 17.2%, compared to $55.7 million in the three months ended December 31, 2013. Home entertainment distribution and marketing costs as a percentage of home entertainment revenues were 25.2% in the three months ended December 31, 2014, compared to home entertainment distribution and marketing costs as a percentage of home entertainment revenues of 27.8% in the three months ended December 31, 2013. The decrease in home entertainment distribution and marketing costs as a percentage of home entertainment revenues was primarily due to lower packaged media marketing and distribution costs relative to home entertainment revenue in the three months ended December 31, 2014 as compared to the three months ended December 31, 2013.

Lionsgate UK distribution and marketing expenses in the Motion Pictures segment in the three months ended December 31, 2014 of $19.4 millionincreased from $17.2 million in the three months ended December 31, 2013.

Gross Segment Contribution

Gross segment contribution is defined as segment revenue less segment direct operating and distribution and marketing expenses. The following table sets forth gross segment contribution for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,
	2014				2013					Increase (Decrease)
	Amount		% of Segment Revenues		Amount			% of Segment Revenues		Amount			Percent
	(Amounts in millions)
Gross segment contribution
Motion Pictures	$	166.9	28.3	%	$	210.5		27.8	%	$	(43.6	)	(20.7	)%
Television Production	12.4		7.7		(1.7		)	(2.1	)	14.1			(829.4	)%
	$	179.3	23.9	%	$	208.8		24.9	%	$	(29.5	)	(14.1	)%

Gross segment contribution of the motion pictures segment for the three months ended December 31, 2014 of $166.9 milliondecreased$43.6 million, or 20.7%, as compared to the three months ended December 31, 2013. The decrease in gross segment contribution of the motion pictures segment is primarily due to lower motion pictures segment revenue for the three months ended December 31, 2014.

Gross segment contribution of the television segment for the three months ended December 31, 2014 of $12.4 million increased $14.1 million, as compared to $(1.7) million for the three months ended December 31, 2013. The increase in gross segment contribution of the television production segment is due to an increase in television production segment revenues. The gross segment contribution of the television production segment is primarily impacted by the performance and mix of television series and the increase in television episodes deliveredin the three months ended December 31, 2014, as compared to the three months ended December 31, 2013.

48

General and Administrative Expenses

The following table sets forth general and administrative expenses by segment for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,						Increase (Decrease)
	2014			2013			Amount			Percent
	(Amounts in millions)
General and administrative expenses
Motion Pictures	$	18.7		$	16.9		$	1.8		10.7	%
Television Production	3.2			3.5			(0.3		)	(8.6	)%
Shared services and corporate expenses, excluding items below	23.6			25.6			(2.0		)	(7.8	)%
General and administrative expenses before items below:	45.5			46.0			(0.5		)	(1.1	)%
Share-based compensation expense	15.1			12.1			3.0			24.8	%
Restructuring charges	0.8			—			0.8			100.0	%
Administrative proceeding	—			7.5			(7.5		)	(100.0	)%
Total general and administrative expenses	$	61.4		$	65.6		$	(4.2	)	(6.4	)%
Total general and administrative expenses as a percentage of revenue	8.2		%	7.8		%
General and administrative expenses excluding share-based compensation expense, restructuring charges and administrative proceeding, as a percentage of revenue	6.1		%	5.5		%

Total General and Administrative Expenses

General and administrative expenses decreased by $4.2 million, or 6.4%, as reflected in the table above and further discussed below.

General and administrative expenses of the Motion Pictures segment increased$1.8 million, or 10.7% primarily due to increases in salaries and related expenses, rent and facilities costs and professional fees.

General and administrative expenses of the Television Production segment decreased slightly compared to the three months ended December 31, 2013.

Shared services and corporate expenses excluding share-based compensation expense, restructuring charges and administrative proceeding decreased$2.0 million, or 7.8%, primarily due to decreases in salaries and related expenses partially offset by increases in other shared services and corporate expenses. The administrative proceeding represents the settlement of an administrative order.

49

Share-Based Compensation Expense. The following table sets forth share-based compensation expense included in shared services and corporate expenses for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Share-based compensation expense:
Stock options	$	7.5	$	5.4	$	2.1		38.9	%
Restricted share units and other share-based compensation	6.5		6.6		(0.1		)	(1.5	)%
Share appreciation rights	1.1		0.1		1.0			NM
	$	15.1	$	12.1	$	3.0		24.8	%

______________________

NM - Percentage not meaningful

Restructuring Charges. Restructuring charges in the three months ended December 31, 2014 primarily consist of costs associated with the move of our international sales and distribution organization to the United Kingdom. 

Depreciation, Amortization and Other Expenses (Income)

Depreciation and amortization was $1.7 million in the three months ended December 31, 2014, which was comparable with $1.5 million in the three months ended December 31, 2013.

Interest expense of $13.6 million for the three months ended December 31, 2014decreased$2.0 million, or 12.8%, from $15.6 million in the three months ended December 31, 2013. The following table sets forth the components of interest expense for the three months ended December 31, 2014 and 2013:

	Three Months Ended
	December 31,
	2014		2013
	(Amounts in millions)
Interest Expense
Cash Based:
Senior revolving credit facility	$	2.0	$	2.8
Convertible senior subordinated notes	0.8		1.2
5.25% Senior Notes	3.0		2.9
Term Loan	2.9		2.9
Other	1.9		1.7
	10.6		11.5
Non-Cash Based:
Amortization of discount and deferred financing costs	3.0		4.1
	$	13.6	$	15.6

Interest and other income was $0.6 million in the three months ended December 31, 2014, compared to $1.8 million in the three months ended December 31, 2013.

50

The following table represents our portion of the income or (loss) of our equity method investees based on our percentage ownership for the three months ended December 31, 2014 and 2013:

	December 31, 2014	Three Months Ended
		December 31,
	Ownership Percentage	2014			2013
		(Amounts in millions)
EPIX(1)	31.2%	$	11.2		$	5.6
POP (formerly TVGN)(1)	50.0%	(1.1		)	(5.2		)
Other Equity Method Investments	Various	0.7			(1.7		)
		$	10.8		$	(1.3	)

 ______________________

(1) We license certain of our theatrical releases and other films and television programs to EPIX and POP. A portion of the profits of these licenses reflecting our ownership share in the venture is eliminated through an adjustment to the equity interest income (loss) of the venture. These profits are recognized as they are realized by the venture (see Note 3 to our unaudited consolidated financial statements).

Loss on Extinguishment of Debt

Loss on extinguishment of debt was $0.7 million for the three months endedDecember 31, 2014, compared to nil for the three months endedDecember 31, 2013.

Income Tax Provision

We had an income tax expense of $15.3 million, or 13.5%, of income before income taxes (i.e., effective rate) in the three months endedDecember 31, 2014, compared to an expense of $37.9 million, or 29.9%, of income before income taxes in the three months ended December 31, 2013. Our tax provision for the three months ended December 31, 2014 was impacted by a discrete benefit of $0.3 million for certain discrete items.

The decrease in our effective tax rate as compared to December 31, 2013 reflects the implementation of certain business and financing strategies in and among our operations in the various tax jurisdictions in which we operate. Our effective tax rate has changed from the prior period and could fluctuate significantly in the future, as our effective tax rates are affected by many factors, including the overall level of pre-tax income, the mix of pre-tax income generated across the various jurisdictions in which we operate, changes in tax laws and regulations in those jurisdictions, changes in valuation allowances on our deferred tax assets, tax planning strategies available to us and other discrete items.

We expect that with the utilization of our net operating loss carryforwards and other tax attributes, our cash tax requirements will not increase significantly in fiscal 2015 as compared to fiscal 2014.

Net Income

Net income for the three months endedDecember 31, 2014 was $98.2 million, or basic net income per common share of $0.70 on 140.0 million weighted average common shares outstanding and diluted net income per common share of $0.65 on 151.7 million weighted average common shares outstanding. This compares to net income for the three months endedDecember 31, 2013 of $88.8 million, or basic net income per common share of $0.64 on 137.9 million weighted average common shares outstanding and diluted net income per common share of $0.59 on 155.1 million weighted average common shares outstanding.

Nine Months EndedDecember 31, 2014 Compared to Nine Months EndedDecember 31, 2013

The following table sets forth segment information by business unit, and as a percentage of segment revenues, for the nine months endedDecember 31, 2014 and 2013:

51

	Nine Months Ended
	December 31,
	2014				2013				Increase (Decrease)
	Amount		% of Segment Revenues		Amount		% of Segment Revenues		Amount			Percent
	(Amounts in millions)
Segment revenues(1)
Motion Pictures	$	1,320.0			$	1,630.6			$	(310.6	)	(19.0	)%
Television Production	433.5				277.8				155.7			56.0	%
	$	1,753.5			$	1,908.4			$	(154.9	)	(8.1	)%
Direct operating expenses
Motion Pictures	$	583.8	44.2	%	$	737.3	45.2	%	$	(153.5	)	(20.8	)%
Television Production	362.0		83.5		228.5		82.3		133.5			58.4	%
	$	945.8	53.9	%	$	965.8	50.6	%	$	(20.0	)	(2.1	)%
Distribution and marketing
Motion Pictures	$	396.6	30.0	%	$	527.8	32.4	%	$	(131.2	)	(24.9	)%
Television Production	25.1		5.8		22.7		8.2		2.4			10.6	%
	$	421.7	24.0	%	$	550.5	28.8	%	$	(128.8	)	(23.4	)%
Gross segment contribution
Motion Pictures	$	339.6	25.7	%	$	365.5	22.4	%	$	(25.9	)	(7.1	)%
Television Production	46.4		10.7		26.6		9.6		19.8			74.4	%
	$	386.0	22.0	%	$	392.1	20.5	%	$	(6.1	)	(1.6	)%

_________________________________________

(1) Our largest component of revenue comes from home entertainment. The following table sets forth total home entertainment revenue for both the Motion Pictures and Television Production reporting segments for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
			(Amounts in millions)
Home Entertainment Revenue
Motion Pictures	$	458.1	$	560.0	$	(101.9	)	(18.2	)%
Television Production	30.4		20.1		10.3			51.2	%
	$	488.5	$	580.1	$	(91.6	)	(15.8	)%

Motion Pictures Revenue

The table below sets forth the components of revenue and the changes in these components for the motion pictures reporting segment for the nine months endedDecember 31, 2014 and 2013.

52

	Nine Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Motion Pictures
Theatrical	$	273.9	$	442.6	$	(168.7	)	(38.1	)%
Home Entertainment	458.1		560.0		(101.9		)	(18.2	)%
Television	211.1		177.2		33.9			19.1	%
International	215.7		284.9		(69.2		)	(24.3	)%
Lionsgate UK	130.0		115.4		14.6			12.7	%
Other	31.2		50.5		(19.3		)	(38.2	)%
	$	1,320.0	$	1,630.6	$	(310.6	)	(19.0	)%

Motion Pictures — Theatrical Revenue

The following table sets forth the titles released from our Fiscal 2015 and Fiscal 2014 Theatrical Slates and titles released in other product categories that represented a significant portion of revenue for the nine months endedDecember 31, 2014 and 2013, respectively:

Nine Months Ended December 31,
2014		2013
	Theatrical  Release Date		Theatrical  Release Date
Fiscal 2015 Theatrical Slate:		Fiscal 2014 Theatrical Slate:
The Hunger Games: Mockingjay - Part 1	November 2014	Tyler Perry's A Madea Christmas	December 2013
John Wick	October 2014	The Hunger Games: Catching Fire	November 2013
Addicted*	October 2014*	Ender's Game	November 2013
The Expendables 3	August 2014	Escape Plan	October 2013
Step Up All In	August 2014	You're Next	August 2013
The Quiet Ones	April 2014	Red 2	July 2013
Draft Day	April 2014	Now You See Me	May 2013
		Peeples	May 2013
		The Big Wedding	April 2013
Fiscal 2014 Theatrical Slate:		Fiscal 2013 Theatrical Slate:
Divergent	March 2014	Temptation: Confessions of a Marriage Counselor	March 2013
The Hunger Games: Catching Fire	November 2013	The Twilight Saga: Breaking Dawn - Part 2	November 2012
Managed Brands(1):		Managed Brands(1):
A Most Wanted Man	August 2014	Kevin Hart: Let Me Explain	July 2013
		Mud	May 2013
Other Feature Film(2):		Other Feature Film(2):
Cantinflas	August 2014	Instructions Not Included	August 2013

 ___________________

* Limited release.

(1) Managed Brands represents Direct-to-DVD motion pictures, acquired and licensed brands, third-party library product and ancillary-driven platform theatrical releases.

(2) Other Feature Film includes certain specialty theatrical releases and other titles.

53

Theatrical revenue of $273.9 milliondecreased$168.7 million, or 38.1%, in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013, and was primarily driven by the performance and number of films (as listed above) released in the period from our Fiscal 2015 Theatrical Slate compared to our Fiscal 2014 Theatrical Slate and in particular, the significant box office performances of Now You See Me and The Hunger Games: Catching Fire in the prior year's period. In addition, the nine months endedDecember 31, 2013 included a significant contribution from the Managed Brands and Other Feature Film titles listed in the table above, and in particular, Instructions Not Included.

Motion Pictures — Home Entertainment Revenue

The following table sets forth the titles released on home entertainment from our theatrical slates in the nine months endedDecember 31, 2014 and 2013, in addition to titles from our theatrical slates and other product categories which contributed a significant amount of revenue in the current and prior year's period, respectively:

Nine Months Ended December 31,
2014		2013
	Packaged Media Release Date		Packaged Media Release Date
Fiscal 2015 Theatrical Slate:		Fiscal 2014 Theatrical Slate:
The Expendables 3	November 2014	Red 2	November 2013
Step Up All In	November 2014	Peeples	September 2013
Draft Day	September 2014	Now You See Me	September 2013
The Quiet Ones	August 2014	The Big Wedding	August 2013
Fiscal 2014 Theatrical Slate:		Fiscal 2013 Theatrical Slate:
Tyler Perry's A Madea Christmas	November 2014	Temptation: Confessions of a Marriage Counselor	July 2013
Divergent	August 2014	Snitch	June 2013
The Single Moms Club	July 2014	Warm Bodies	June 2013
I, Frankenstein	May 2014	The Last Stand	May 2013
The Legend of Hercules	April 2014	Texas Chainsaw 3D	May 2013
The Hunger Games: Catching Fire	March 2014	The Impossible	April 2013
		The Twilight Saga: Breaking Dawn - Part 2	March 2013
		Prior Theatrical Slates(1):
		The Hunger Games	August 2012
		Managed Brands:
		Mud	August 2013
		Duck Dynasty (multiple seasons)	Various

  ___________________

(1) Prior Theatrical Slates includes our fiscal 2012 and prior theatrical slates and Summit titles theatrically released prior to the acquisition of Summit.

The following table sets forth the components of home entertainment revenue by product category for the nine months endedDecember 31, 2014 and 2013:

54

	Nine Months Ended December 31,
	2014						2013
	Packaged Media		Digital Media(1)		Total		Packaged Media		Digital Media(1)		Total
					(Amounts in millions)
Home entertainment revenues(2)
Fiscal 2015 Theatrical Slate	$	39.3	$	12.2	$	51.5	$	—	$	—	$	—
Fiscal 2014 Theatrical Slate	98.5		80.1		178.6		66.0		26.7		92.7
Fiscal 2013 Theatrical Slate	11.1		4.7		15.8		94.7		81.0		175.7
Prior Theatrical Slates	20.1		11.4		31.5		50.3		14.6		64.9
Total Theatrical Slates	169.0		108.4		277.4		211.0		122.3		333.3
Managed Brands	115.6		52.8		168.4		157.2		57.9		215.1
Other Feature Film	6.9		5.4		12.3		7.8		3.8		11.6
	$	291.5	$	166.6	$	458.1	$	376.0	$	184.0	$	560.0

  ___________________

(1) Digital media revenue consists of revenues generated from pay-per-view and video-on-demand platforms, EST, and digital rental.

(2) Certain amounts in the prior year's period have been reclassified between product types in order to be consistent with the current period classification. 

Home entertainment revenue of $458.1 milliondecreased$101.9 million, or 18.2%, in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013. Of the $101.9 million decrease, approximately $55.9 million was from our theatrical slates, and $46.7 million was from Managed Brands. The decrease in home entertainment revenues from our theatrical slates was largely driven by the performance of the titles released in the nine months ended December 31, 2014 from our Fiscal 2015 Theatrical Slate, as compared to the titles released in the nine months ended December 31, 2013 from our Fiscal 2014 Theatrical Slate, which included significant revenues from the release of Now You See Me and Red 2 in the prior year's period. This decrease in revenue was partially offset by contributions from our Fiscal 2014 Theatrical Slate in the nine months ended December 31, 2014, driven by the performance of Divergent and The Hunger Games: Catching Fire in the current period. To a lesser extent, the decrease in our theatrical slates was also due to a decrease in revenue from our Prior Theatrical Slates category, largely driven by Summit titles released prior to acquisition due to the static nature of this product category. The decrease in Managed Brands revenue was primarily due to the number and performance of titles released in the nine months ended December 31, 2013, as compared to the titles released in the nine months ended December 31, 2014.

Motion Pictures — Television Revenue

The following table sets forth the titles contributing significant motion pictures television revenue for the nine months endedDecember 31, 2014 and 2013:

Nine Months Ended December 31,
2014	2013
Fiscal 2014 Theatrical Slate:	Fiscal 2013 Theatrical Slate:
Divergent	Snitch
Ender's Game	Temptation: Confessions of a Marriage Counselor
Red 2	The Twilight Saga: Breaking Dawn - Part 2
The Hunger Games: Catching Fire	The Possession
The Legend of Hercules	Warm Bodies
Prior Theatrical Slates:
The Hunger Games
The Twilight Saga: Breaking Dawn - Part 1

The following table sets forth the components of television revenue by product category for the nine months endedDecember 31, 2014 and 2013:

55

	Nine Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Television revenues(1)
Fiscal 2015 Theatrical Slate	$	2.1	$	—	$	2.1		100.0	%
Fiscal 2014 Theatrical Slate	88.5		7.3		81.2			NM
Fiscal 2013 Theatrical Slate	12.8		90.9		(78.1		)	(85.9	)%
Prior Theatrical Slates	75.8		57.4		18.4			32.1	%
Total Theatrical Slates	179.2		155.6		23.6			15.2	%
Managed Brands	27.0		19.3		7.7			39.9	%
Other Feature Film	4.9		2.3		2.6			113.0	%
	$	211.1	$	177.2	$	33.9		19.1	%

___________________

NM - Percentage not meaningful

(1) Certain amounts in the prior year's period have been reclassified between product types in order to be consistent with the current period classification.  

Television revenue increased in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013, due primarily to an increase in the contribution of revenue from our theatrical slates as listed above, and in particular, contributions from The Twilight Saga: Breaking Dawn - Part 1 and Divergent from our Fiscal 2014 Theatrical Slate.

Motion Pictures — International Revenue

The following table sets forth the titles contributing significant motion pictures international revenue for the nine months endedDecember 31, 2014 and 2013:

Nine Months Ended December 31,
2014	2013
Fiscal 2015 Theatrical Slate:	Fiscal 2014 Theatrical Slate:
Step Up All In	Escape Plan
The Hunger Games: Mockingjay - Part 1	Now You See Me
	Red 2
	The Hunger Games: Catching Fire
Fiscal 2014 Theatrical Slate:	Fiscal 2013 Theatrical Slate:
Divergent	The Last Stand
The Hunger Games: Catching Fire	The Twilight Saga: Breaking Dawn - Part 2
	Warm Bodies

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The following table sets forth the components of international revenue by product category for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
International revenues(1)
Fiscal 2015 Theatrical Slate	$	71.8	$	—	$	71.8		100.0	%
Fiscal 2014 Theatrical Slate	73.7		153.8		(80.1		)	(52.1	)%
Fiscal 2013 Theatrical Slate	15.4		79.9		(64.5		)	(80.7	)%
Prior Theatrical Slates	31.9		39.6		(7.7		)	(19.4	)%
Total Theatrical Slates	192.8		273.3		(80.5		)	(29.5	)%
Managed Brands	7.4		5.6		1.8			32.1	%
Other Feature Film	15.5		6.0		9.5			158.3	%
	$	215.7	$	284.9	$	(69.2	)	(24.3	)%

___________________

(1) Certain amounts in the prior year's period have been reclassified between product types in order to be consistent with the current period classification.  

International motion pictures revenue decreased in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013, due to the revenue generated by the titles and product categories listed above. In particular, the Fiscal 2015 Theatrical Slate generated less revenue in the nine months ended December 31, 2014 than the Fiscal 2014 Theatrical Slate in the nine months ended December 31, 2013, due primarily to revenues from Now You See Me and Red 2 in the prior year's period, which were partially offset by the successful performance of The Hunger Games: Mockingjay - Part 1 in the current period. In addition, the revenues generated by our Fiscal 2014 Theatrical Slate in the nine months ended December 31, 2014 were slightly lower than the revenues generated by our Fiscal 2013 Theatrical Slate in the nine months ended December 31, 2013, reflecting a decrease due to the fewer number of titles in our Fiscal 2014 Theatrical Slate that was mostly offset by the significant contribution from Divergent in the current period.

Motion Pictures — Lionsgate UK Revenue

The following table sets forth the titles contributing significant Lionsgate UK motion pictures revenue for the nine months endedDecember 31, 2014 and 2013:

Nine Months Ended December 31,
2014	2013
Fiscal 2015 Theatrical Slate:	Fiscal 2014 Theatrical Slate:
The Hunger Games: Mockingjay - Part 1	The Hunger Games: Catching Fire
Fiscal 2014 Theatrical Slate:
The Hunger Games: Catching Fire
Lionsgate UK third party product:	Lionsgate UK third party product:
The Railway Man	Olympus Has Fallen

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The following table sets forth the components of Lionsgate UK motion pictures revenue by product category for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Lionsgate UK motion pictures revenues(1)
Fiscal 2015 Theatrical Slate	$	29.0	$	—	$	29.0		100.0	%
Fiscal 2014 Theatrical Slate	21.0		21.1		(0.1		)	(0.5	)%
Fiscal 2013 Theatrical Slate	6.0		20.1		(14.1		)	(70.1	)%
Prior Theatrical Slates	8.2		9.5		(1.3		)	(13.7	)%
Total Theatrical Slates	64.2		50.7		13.5			26.6	%
Lionsgate UK third party product	53.5		51.6		1.9			3.7	%
Managed Brands	11.3		11.3		—			—	%
Other Feature Film	1.0		1.8		(0.8		)	(44.4	)%
	$	130.0	$	115.4	$	14.6		12.7	%

______________________

(1) Certain amounts in the prior year's period have been reclassified between product types in order to be consistent with the current period classification.   

Lionsgate UK motion pictures revenue increased in the nine months endedDecember 31, 2014 as compared to the nine months endedDecember 31, 2013, due to the revenue generated by the titles and product categories listed above, and in particular, The Hunger Games: Mockingjay - Part 1, in the nine months ended December 31, 2014.

Motion Pictures —Other Revenue

Other revenue included in motion pictures revenue decreased in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013. Other revenue in the nine months endedDecember 31, 2013 primarily included revenue from the sale of a portion of our music catalog.

Television Production Revenue

The following table sets forth the components and the changes in the components of revenue that make up television production revenue for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount		Percent
Television Production	(Amounts in millions)
Domestic television	$	306.8	$	194.4	$	112.4	57.8	%
International	91.6		59.3		32.3		54.5	%
Home entertainment revenue from television production	30.4		20.1		10.3		51.2	%
Other	4.7		4.0		0.7		17.5	%
	$	433.5	$	277.8	$	155.7	56.0	%

58

Television Production - Domestic Television

Domestic television revenue increased in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013, primarily due to an increase in television episodes delivered in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013. Television episodes delivered for original exhibition during the nine months endedDecember 31, 2014 and 2013 included the episode deliveries as shown in the table below:

		Nine Months Ended				Nine Months Ended
		December 31, 2014				December 31, 2013
		Episodes	Hours			Episodes	Hours
Anger Management	1/2hr	35	17.5	Anger Management	1/2hr	31	15.5
Ascension	1hr	6	6.0	Nashville - Season 1	1hr	6	6.0
Houdini	1hr	4	4.0	Nashville - Season 2	1hr	10	10.0
Mad Men - Season 7	1hr	11	11.0	Orange Is The New Black - Season 1	1hr	5	5.0
Manhattan - Season 1	1hr	13	13.0	Orange Is The New Black - Season 2	1hr	2	2.0
Nashville - Season 2	1hr	3	3.0	Mad Men - Season 6	1hr	11	11.0
Nashville - Season 3	1hr	10	10.0	Other(1)	1/2hr & 1hr	39	22.0
Orange Is The New Black - Season 3	1hr	10	10.0
Rosemary's Baby	1hr	4	4.0
Other(1)	1/2hr & 1hr	63	39.5
		159	118.0			104	71.5

___________________

(1) Other in the nine months endedDecember 31, 2014 includes episodes delivered for Alaska: Battle on the Bay, Deal With It (Season 2), Deion's Family Playbook, Flea Market Flip (Season 4), Partners, and Way Out West. Other in the nine months endedDecember 31, 2013 includes episodes delivered for Deal With It (Season 1), Flea Market Flip (Season 3), and Best Daym Takeout, I Brake For Yard Sales, Tequila Sisters (Season 1), and The Royals (Season 1).

In addition to the titles mentioned in the table above, significant domestic television revenue was contributed in the nine months endedDecember 31, 2014 from Are We There Yet, House of Payne, Family Feud (Seasons 7 & 8), Meet The Browns, and The Wendy Williams Show (Season 5), and in the nine months endedDecember 31, 2013, from Are We There Yet, Family Feud (Season 6), House of Payne, Meet The Browns, and The Wendy Williams Show (Seasons 4 & 5).

Television Production - International Revenue

International revenue in the nine months endedDecember 31, 2014increased as compared to the nine months endedDecember 31, 2013. International revenue in the nine months endedDecember 31, 2014 primarily included revenue from Anger Management,Mad Men (Seasons 5, 6 & 7),Nashville (Seasons 1 & 2), and Orange Is The New Black (Seasons 1, 2 & 3). International revenue in the nine months endedDecember 31, 2013 primarily included revenue from Anger Management, Mad Men (Seasons 5 & 6), Nashville (Seasons 1 & 2), and Orange Is The New Black (Season 1).

Television Production - Home Entertainment Revenue from Television Production

The increase in home entertainment revenue from television production is primarily due to an increase in digital media revenue, which amounted to $21.2 million in the nine months endedDecember 31, 2014, largely driven by Manhattan (Season 1), as compared to $10.0 million in the nine months endedDecember 31, 2013. This increase was offset in part by a slight decrease in packaged media revenue, which amounted to $9.2 million in the nine months endedDecember 31, 2014, as compared to $10.1 million in the nine months endedDecember 31, 2013.

59

Direct Operating Expenses

The following table sets forth direct operating expenses by segment for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended									Nine Months Ended
	December 31, 2014									December 31, 2013
	Motion Pictures			Television Production			Total			Motion Pictures			Television Production			Total
	(Amounts in millions)
Direct operating expenses
Amortization of films and television programs	$	376.7		$	262.8		$	639.5		$	473.2		$	163.6		$	636.8
Participation and residual expense	201.1			98.1			299.2			264.9			64.1			329.0
Other expenses	6.0			1.1			7.1			(0.8		)	0.8			—
	$	583.8		$	362.0		$	945.8		$	737.3		$	228.5		$	965.8
Direct operating expenses as a percentage of segment revenues	44.2		%	83.5		%	53.9		%	45.2		%	82.3		%	50.6		%

Direct operating expenses of the Motion Pictures segment of $583.8 million for the nine months endedDecember 31, 2014 were 44.2% of motion pictures revenue, compared to $737.3 million, or 45.2% of motion pictures revenue for the nine months endedDecember 31, 2013. The decrease in direct operating expenses of $153.5 million is primarily due to a decrease in motion pictures revenue in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013. Included in amortization expense is investment in film write-downs of approximately $16.9 million in the nine months ended December 31, 2014, compared to $8.8 million in the nine months endedDecember 31, 2013. Other direct operating expenses in the nine months endedDecember 31, 2014 consisted primarily of foreign exchange losses and the provision for doubtful accounts, as compared to the provision for doubtful accounts offset in part by foreign exchange gains in the nine months endedDecember 31, 2013.

Direct operating expenses of the Television Production segment of $362.0 million for the nine months endedDecember 31, 2014 were 83.5% of television revenue, compared to $228.5 million, or 82.3%, of television revenue for the nine months endedDecember 31, 2013. The increase in direct operating expenses of $133.5 million is primarily due to an increase in television production revenue in the nine months endedDecember 31, 2014, as compared to the nine months endedDecember 31, 2013. The increase in direct operating expenses as a percentage of television production revenue primarily reflects the increase in the number of new television programs in the nine months ended December 31, 2014 which typically result in higher amortization expenses in relation to revenues initially, until there are a sufficient number of subsequent seasons ordered and episodes produced, such that revenue can be generated from syndication in domestic and international markets.

Distribution and Marketing Expenses

The following table sets forth distribution and marketing expenses by segment for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended						Nine Months Ended
	December 31, 2014						December 31, 2013
	Motion Pictures		Television Production		Total		Motion Pictures		Television Production		Total
	(Amounts in millions)
Distribution and marketing expenses
Theatrical	$	208.5	$	—	$	208.5	$	337.3	$	0.1	$	337.4
Home Entertainment	118.2		5.6		123.8		135.4		5.7		141.1
Lionsgate UK	51.9		0.9		52.8		37.9		0.9		38.8
Other	18.0		18.5		36.5		17.2		16.0		33.2
	$	396.6	$	25.0	$	421.6	$	527.8	$	22.7	$	550.5

60

The majority of distribution and marketing expenses relate to the Motion Pictures segment. Theatrical P&A in the Motion Pictures segment in the nine months endedDecember 31, 2014 of $208.5 milliondecreased$128.8 million, compared to $337.3 million in the nine months endedDecember 31, 2013. The decrease was primarily driven by lower P&A spending in the nine months ended December 31, 2014 on our theatrical slates as a result of only six wide releases from our Fiscal 2015 Theatrical Slate in the current period, compared to nine wide releases from our Fiscal 2014 Theatrical Slate in the prior year's period. In addition, the decrease was to a lesser extent due to lower P&A incurred on ancillary driven platform theatrical releases in the current period as compared to the prior year's period, which included the releases of All Is Lost,Mud and Kevin Hart: Let Me Explain. These decreases were offset partially by a slight increase in P&A incurred in advance for films to be released in subsequent quarters. In the nine months endedDecember 31, 2014, approximately $16.5 million of P&A was incurred in advance for films to be released in subsequent quarters, such as Mortdecai, The Divergent Series: Insurgent, and The DUFF. In the nine months endedDecember 31, 2013, approximately $10.9 million of P&A was incurred in advance for films to be released in subsequent quarters, such as Divergent, and The Legend of Hercules.

Home entertainment distribution and marketing costs on motion pictures and television product in the nine months endedDecember 31, 2014 of $123.8 milliondecreased$17.3 million, or 12.3%, compared to $141.1 million in the nine months endedDecember 31, 2013, primarily due to lower motion pictures home entertainment revenues. Home entertainment distribution and marketing costs as a percentage of home entertainment revenues were 25.3% in the nine months endedDecember 31, 2014, which were comparable to home entertainment distribution and marketing costs as a percentage of home entertainment revenues of 24.3% in the nine months endedDecember 31, 2013.

Lionsgate UK distribution and marketing expenses in the motion pictures segment in the nine months endedDecember 31, 2014 of $51.9 millionincreased from $37.9 million in the nine months endedDecember 31, 2013.

Gross Segment Contribution

Gross segment contribution is defined as segment revenue less segment direct operating and distribution and marketing expenses. The following table sets forth gross segment contribution for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,								Increase (Decrease)
	2014		% of Segment Revenues		2013		% of Segment Revenues		Amount			Percent
	(Amounts in millions)
Gross segment contribution
Motion Pictures	$	339.6	25.7	%	$	365.5	22.4	%	$	(25.9	)	(7.1	)%
Television Production	46.4		10.7		26.6		9.6		19.8			74.4	%
	$	386.0	22.0	%	$	392.1	20.5	%	$	(6.1	)	(1.6	)%

Gross segment contribution of the motion pictures segment for the nine months endedDecember 31, 2014 of $339.6 milliondecreased$25.9 million, or 7.1%, as compared to the nine months endedDecember 31, 2013. The gross segment contribution of the motion pictures segment decreased only 7.1% despite a 19.0% decrease in motion pictures segment revenue due to lower direct operating expenses and distribution and marketing expenses incurred relative to motion pictures segment revenue in the nine months endedDecember 31, 2014 as compared to the nine months ended December 31, 2013.

Gross segment contribution of the television segment for the nine months endedDecember 31, 2014 of $46.4 millionincreased$19.8 million, or 74.4%, as compared to the nine months endedDecember 31, 2013. The increase in gross segment contribution of the television production segment is primarily due to an increase in television production segment revenues.

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General and Administrative Expenses

The following table sets forth general and administrative expenses by segment for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,						Increase (Decrease)
	2014			2013			Amount			Percent
	(Amounts in millions)
General and administrative expenses
Motion Pictures	$	54.3		$	49.3		$	5.0		10.1	%
Television Production	10.1			10.0			0.1			1.0	%
Shared services and corporate expenses, excluding items below	66.7			67.2			(0.5		)	(0.7	)%
General and administrative expenses before items below:	131.1			126.5			4.6			3.6	%
Share-based compensation expense	48.9			52.1			(3.2		)	(6.1	)%
Restructuring charges	7.0			—			7.0			100.0	%
Administrative proceeding	—			7.5			(7.5		)	(100.0	)%
	55.9			59.6			(3.7		)	(6.2	)%
Total general and administrative expenses	$	187.0		$	186.1		$	0.9		0.5	%
Total general and administrative expenses as a percentage of revenue	10.7		%	9.8		%
General and administrative expenses excluding share-based compensation expense, restructuring charges and administrative proceeding, as a percentage of revenue	7.5		%	6.6		%

Total General and Administrative Expenses

General and administrative expenses increased by $0.9 million, or 0.5%, as reflected in the table above and further discussed below.

General and administrative expenses of the Motion Pictures segment increased$5.0 million, or 10.1%, primarily due to increases in salaries and related expenses, rent and facilities costs and professional fees.

General and administrative expenses of the Television Production segment were comparable to the nine months ended December 31, 2013.

Shared services and corporate expenses excluding share-based compensation expense, restructuring charges and administrative proceeding were comparable to the nine months ended December 31, 2013. The administrative proceeding represents the settlement of an administrative order.

Share-Based Compensation Expense. The following table sets forth share-based compensation expense included in shared services and corporate expenses for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,				Increase (Decrease)
	2014		2013		Amount			Percent
	(Amounts in millions)
Share-based compensation expense:
Stock options	$	25.6	$	15.1	$	10.5		69.5	%
Restricted share units and other share-based compensation	19.5		22.0		(2.5		)	(11.4	)%
Share appreciation rights	3.8		15.0		(11.2		)	(74.7	)%
	$	48.9	$	52.1	$	(3.2	)	(6.1	)%

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Restructuring Charges. Restructuring charges in the nine months endedDecember 31, 2014 primarily consist of severance costs associated with the integration of the marketing operations of our Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom.  Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards.

Depreciation, Amortization and Other Expenses (Income)

Depreciation and amortization of $4.7 million for the nine months endedDecember 31, 2014decreased$0.1 million from $4.8 million in the nine months endedDecember 31, 2013.

Interest expense in the nine months ended December 31, 2014 decreased from the nine months endedDecember 31, 2013, primarily due to the redemption of $432.0 million principal amount of the 10.25% Senior Notes, and contemporaneous issuance of $225.0 million principal amount of 5.25% Senior Notes and borrowings of $222.5 million (net of an original issuance discount of $2.5 million) under the Term Loan (see Note 5 to our unaudited consolidated financial statements) in the prior year's period. The following table sets forth the components of interest expense for the nine months endedDecember 31, 2014 and 2013:

	Nine Months Ended
	December 31,
	2014		2013
	(Amounts in millions)
Interest Expense
Cash Based:
Senior revolving credit facility	$	5.2	$	8.0
Convertible senior subordinated notes	2.7		3.6
5.25% Senior Notes and 10.25% Senior Notes (2013 only)	8.9		18.6
Term Loan	8.6		5.2
Other	4.2		4.3
	29.6		39.7
Non-Cash Based:
Amortization of discount and deferred financing costs	10.0		12.9
	$	39.6	$	52.6

Interest and other income was $2.2 million in the nine months endedDecember 31, 2014, compared to $4.8 million in the nine months endedDecember 31, 2013.

The following table represents our portion of the income or (loss) of our equity method investees based on our percentage ownership for the nine months endedDecember 31, 2014 and 2013:

	December 31, 2014	Nine Months Ended
		December 31,
	Ownership Percentage	2014			2013
		(Amounts in millions)
EPIX(1)	31.2%	$	27.4		$	21.2
POP (formerly TVGN)(1)	50.0%	(4.7		)	(3.2		)
Other Equity Method Investments(2)	Various	14.6			(4.8		)
		$	37.3		$	13.2

 ______________________

(1) We license certain of our theatrical releases and other films and television programs to EPIX and POP. A portion of the profits of these licenses reflecting our ownership share in the venture is eliminated through an adjustment to the equity

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interest income (loss) of the venture. These profits are recognized as they are realized by the venture (see Note 3 to our unaudited consolidated financial statements).

(2) On April 14, 2014, we sold all of our 34.5% interest in FEARnet, which resulted in a gain on the sale of $11.4 million in the nine months endedDecember 31, 2014 included in our Other Equity Method Investments income shown above. See Note 3 to our unaudited consolidated financial statements.

Loss on Extinguishment of Debt

Loss on extinguishment of debt was $1.3 million for the nine months endedDecember 31, 2014, compared to $36.7 million for the nine months endedDecember 31, 2013, primarily resulting from the redemption of the 10.25% Senior Notes during the nine months endedDecember 31, 2013 (see Note 5 to our unaudited consolidated financial statements).

Income Tax Provision

We had an income tax expense of $30.9 million, or 16.0%, of income before income taxes (i.e., effective rate) in the nine months endedDecember 31, 2014, compared to an expense of $27.1 million, or 20.8%, of income before income taxes in the nine months endedDecember 31, 2013. Our tax provision for the nine months endedDecember 31, 2014 and December 31, 2013 included certain discrete tax items (see below). Excluding these items, our effective tax rate for the nine months ended December 31, 2014 was 14.4% compared to 31.6% for the nine months ended December 31, 2013. The decrease in our effective tax rate in the current period as compared to the prior year's period reflects the implementation of certain business and financing strategies in and among our operations in the various tax jurisdictions in which we operate.

In the nine months endedDecember 31, 2014, the income tax provision included the effect at the applicable statutory rate from the gain on sale of our interest in FEARnet, the impact of the loss on early extinguishment of debt, and other discrete items, which contributed a net 1.6% of tax charges. In the nine months endedDecember 31, 2013, the income tax provision included a discrete benefit of $12.0 million from the reversal of a valuation allowance related to the Company's net deferred tax assets in the Canadian tax jurisdiction, and the impact of the loss on early extinguishment of debt, which contributed a 10.8% net benefit.

Our effective tax rate has changed from the prior period and could fluctuate significantly in the future, as our effective tax rates are affected by many factors, including the overall level of pre-tax income, the mix of pre-tax income generated across the various jurisdictions in which we operate, changes in tax laws and regulations in those jurisdictions, changes in valuation allowances on our deferred tax assets, tax planning strategies available to us and other discrete items.

We expect that with the utilization of our net operating loss carryforwards and other tax attributes, our cash tax requirements will not increase significantly in fiscal 2015 as compared to fiscal 2014.

Net Income

Net income for the nine months endedDecember 31, 2014 was $162.2 million, or basic net income per common share of $1.17 on 138.6 million weighted average common shares outstanding and diluted net income per common share of $1.10 on 151.7 million weighted average common shares outstanding. This compares to net income for the nine months endedDecember 31, 2013 of $102.9 million, or basic net income per common share of $0.75 on 137.1 million weighted average common shares outstanding and diluted net income per common share of $0.71 on 154.2 million weighted average common shares outstanding.

LIQUIDITY AND CAPITAL RESOURCES

Sources and Uses of Cash

Our liquidity and capital resources have been provided principally through cash generated from operations, corporate debt, and our production loans. Our corporate debt at December 31, 2014 primarily consisted of our senior revolving credit facility, 5.25% Senior Notes, Term Loan, and our convertible senior subordinated notes.

Our principal uses of cash in operations include the funding of film and television productions, film rights acquisitions, and the distribution and marketing of films and television programs. We also use cash for debt service (i.e. principal and interest payments) requirements, equity method investment funding, quarterly cash dividends, the purchase of common shares under our share repurchase program, capital expenditures, and acquisitions of businesses.

We may from time to time seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if

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any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Anticipated Cash Requirements. The nature of our business is such that significant initial expenditures are required to produce, acquire, distribute and market films and television programs, while revenues from these films and television programs are earned over an extended period of time after their completion or acquisition. We believe that cash flow from operations, cash on hand, senior revolving credit facility availability, tax-efficient financing, and available production financing will be adequate to meet known operational cash, dividends, and debt service (i.e. principal and interest payments) requirements for the foreseeable future, including the funding of future film and television production, film rights acquisitions and theatrical and video release schedules, and future equity method investment funding requirements. We monitor our cash flow liquidity, availability, fixed charge coverage, capital base, film spending and leverage ratios with the long-term goal of maintaining our credit worthiness.

Our current financing strategy is to fund operations and to leverage investment in films and television programs through our cash flow from operations, our senior revolving credit facility, single-purpose production financing, government incentive programs, film funds, and distribution commitments. In addition, we may acquire businesses or assets, including individual films or libraries that are complementary to our business. Any such transaction could be financed through our cash flow from operations, credit facilities, equity or debt financing. If additional financing beyond our existing cash flows from operations and credit facilities cannot fund such transactions, there is no assurance that such financing will be available on terms acceptable to us. We may also dispose of businesses or assets, including individual films or libraries, and use the net proceeds from such dispositions to fund operations or such acquisitions, or to repay debt.

Share Repurchase Plan. On December 17, 2013, our Board of Directors authorized to increase our previously announced share repurchase plan from a total authorization of $150 million to $300 million. Since the December 17, 2013 increase in share repurchase authorization, through January 21, 2015, we have repurchased a total of 5.3 million common shares for an aggregate price of $144.8 million (weighted average repurchase price of $27.11 per share). As a result of these repurchases, the Company has $89.9 million of remaining capacity in its $300 million share repurchase plan as of December 31, 2014.

Dividends. On December 12, 2014, our Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on February 6, 2015, to shareholders of record as of December 31, 2014. The amount of dividends, if any, that we pay to our shareholders is determined by our Board of Directors, at its discretion, and is dependent on a number of factors, including our financial position, results of operations, cash flows, capital requirements and restrictions under our credit agreements, and shall be in compliance with applicable law. We cannot guarantee the amount of dividends paid in the future, if any.

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Discussion of Operating, Investing, Financing Cash Flows

Cash and cash equivalents increased by $1.1 million for the nine months ended December 31, 2014 and increased by $15.3 million for the nine months ended December 31, 2013, before foreign exchange effects on cash. Components of these changes are discussed below in more detail.

Operating Activities. Cash flows provided by (used in) operating activities for the nine months ended December 31, 2014 and 2013 were as follows:

	Nine Months Ended
	December 31,
	2014			2013			Net Change
	(Amounts in thousands)
Operating income	$	194,421		$	201,257		$	(6,836	)
Amortization of films and television programs	639,472			636,818			2,654
Non-cash share-based compensation	48,691			41,044			7,647
Cash interest	(29,546		)	(39,682		)	10,136
Current income tax provision	(19,622		)	(13,795		)	(5,827		)
Other non-cash charges included in operating activities	14,661			19,365			(4,704		)
Cash flows from operations before changes in operating assets and liabilities	848,077			845,007			3,070
Changes in operating assets and liabilities:
Accounts receivable, net	(94,803		)	(46,376		)	(48,427		)
Investment in films and television programs	(815,469		)	(692,943		)	(122,526		)
Other changes in operating assets and liabilities	(100,846		)	40,146			(140,992		)
Changes in operating assets and liabilities	(1,011,118		)	(699,173		)	(311,945		)
Net Cash Flows Provided By (Used In) Operating Activities	$	(163,041	)	$	145,834		$	(308,875	)

Cash flows used in operating activities for the nine months ended December 31, 2014 were $163.0 million compared to cash flows provided by operating activities for the nine months ended December 31, 2013 of $145.8 million. The increase in cash used in operating activities for the nine months ended December 31, 2014 as compared to the nine months ended December 31, 2013 is primarily due to increases in investment in films and television programs production activity, including the production of The Divergent Series: Insurgent, The Hunger Games: Mockingjay - Part 2, Gods of Egypt, and The Last Witch Hunter, increases in accounts receivable and changes in other operating assets and liabilities primarily driven by decreases in accounts payable and accrued liabilities and film obligations.

Investing Activities.Cash flows used in investing activities for the nine months ended December 31, 2014 and 2013 were as follows:

	Nine Months Ended
	December 31,
	2014			2013			Net Change
	(Amounts in thousands)
Proceeds from the sale of equity method investees	$	14,575		$	9,000		$	5,575
Investment in equity method investees	(14,750		)	(17,250		)	2,500
Purchases of property and equipment	(11,293		)	(6,116		)	(5,177		)
Other investing activities	(2,000		)	8,444			(10,444		)
Net Cash Flows Used In Investing Activities	$	(13,468	)	$	(5,922	)	$	(7,546	)

Cash used in investing activities of $13.5 million for the nine months ended December 31, 2014 compared to cash used in investing activities of $5.9 million for the nine months ended December 31, 2013, as reflected above. The most significant change from the prior year was from "other investing activities". In the prior year's period, "other investing activities" included distributions received from EPIX in excess of earnings of $4.2 million and payments against loans receivable. In addition,

66

purchases of property and equipment increased during the period. These increases in cash used in investing activities were offset by higher proceeds from the sale of equity method investees, which included the sale of our interest in FEARnet (see Note 3 to our unaudited consolidated financial statements) in the current period as compared to the prior year's period, which included the sale of our interest in TVGuide.com. In addition, investments in equity method investees decreased slightly in the current period compared to the prior year's period.

Financing Activities.Cash flows provided by (used in) financing activities for the nine months ended December 31, 2014 and 2013 were as follows:

	Nine Months Ended
	December 31,
	2014			2013			Net Change
	(Amounts in thousands)
Senior revolving credit facility - borrowings	$	681,500		$	782,219		$	(100,719	)
Senior revolving credit facility - repayments	(618,619		)	(926,574		)	307,955
Net proceeds from (repayments of) senior revolving credit facility	62,881			(144,355		)	207,236
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013	—			440,640			(440,640		)
10.25% Senior Notes - repurchases and redemptions	—			(470,584		)	470,584
Convertible senior subordinated notes - borrowings	—			60,000			(60,000		)
Convertible senior subordinated notes - repurchases	(16		)	—			(16		)
Net proceeds from (repayments of) corporate debt	62,865			(114,299		)	177,164
Production loans - borrowings	533,781			359,582			174,199
Production loans - repayments	(261,868		)	(301,385		)	39,517
Pennsylvania Regional Center Credit Facility - repayments	—			(65,000		)	65,000
Net proceeds from (repayments of) production loans	271,913			(6,803		)	278,716
Repurchase of common shares	(129,859		)	—			(129,859		)
Other financing activities	(27,304		)	(3,507		)	(23,797		)
Net Cash Flows Provided By (Used In) Financing Activities	$	177,615		$	(124,609	)	$	302,224

Cash flows provided by financing activities of $177.6 million for the nine months ended December 31, 2014 increased from cash used in financing activities of $124.6 million for the nine months ended December 31, 2013. Cash flows provided by financing activities for the nine months ended December 31, 2014 primarily reflects an increase in production loan borrowings in order to fund productions and lower production loan repayments, and net proceeds from our senior revolving credit facility of $62.9 million, offset by cash used for share repurchases and other financing activities which includes dividend payments and tax withholding required on equity awards. Cash flows used in financing activities for the nine months ended December 31, 2013 primarily reflects net repayments of our senior revolving credit facility of $144.4 million, and net proceeds of $440.6 million from the issuance of our 5.25% Senior Notes and Term Loan, which were used together with cash on hand and borrowings under our senior revolving credit facility to fund the $470.6 million repurchase and redemption of our 10.25% Senior Notes. Cash flows used in financing activities for the nine months ended December 31, 2013 also reflects net proceeds of $60.0 million from the issuance of our April 2013 1.25% Notes, net borrowings under production loans of $58.2 million, and the $65.0 million repayment of our Pennsylvania Regional Center facility.

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Corporate Debt

The principal amounts outstanding under our corporate debt as of December 31, 2014 and March 31, 2014 were as follows:

	Maturity Date or Next Holder Redemption Date	Conversion Price Per Share as of December 31, 2014	Principal Amounts Outstanding
			December 31,		March 31,
			2014		2014
			(Amounts in thousands)
Senior revolving credit facility(1)	September 2017	N/A	$	160,500	$	97,619
5.25% Senior Notes(2)	August 2018	N/A	225,000		225,000
Term Loan(2)	July 2020	N/A	225,000		225,000
Principal amounts of convertible senior subordinated notes
October 2004 2.9375% Notes	October 2014	N/A	—		115
April 2009 3.625% Notes	March 2015	$8.17	16,174		40,220
January 2012 4.00% Notes	January 2017	$10.40	41,850		41,850
April 2013 1.25% Notes	April 2018	$29.71	60,000		60,000
			$	728,524	$	689,804

 ______________________

(1) Senior Revolving Credit Facility: Interest is payable at an alternative base rate, as defined, plus 1.5% or LIBOR plus 2.5% as designated by us (effective interest rate of approximately 2.67% at December 31, 2014; 2.65% at March 31, 2014). Provides for borrowings up to $800.0 million, limited by a borrowing base and also reduced by outstanding letters of credit. At December 31, 2014, there was $639.5 million available (March 31, 2014 — $702.3 million). We are required to pay a quarterly commitment fee of 0.375% to 0.5% per annum on our unused capacity for the period. Obligations are secured by collateral (as defined in the credit agreement) granted by us and certain of our subsidiaries, as well as a pledge of equity interests in certain of our subsidiaries. The senior revolving credit facility contains a number of covenants, and as of December 31, 2014, we were in compliance with all applicable covenants.

(2) 5.25% Senior Notes and Term Loan: The 5.25% Senior Notes and Term Loan contain a number of certain restrictions and covenants, and as of December 31, 2014, we were in compliance with all applicable covenants.

(i) 5.25% Senior Notes: Interest is payable semi-annually on February 1 and August 1 of each year at a rate of 5.25% per year.

(ii) Term Loan: Bears interest by reference to a base rate (subject to a floor of 2.00%) or the LIBOR rate (subject to a floor of 1.00%), plus an applicable margin of 3.00% in the case of base rate loans and 4.00% in the case of LIBOR loans (effective interest rate of approximately 5.00% at December 31, 2014; March 31, 2014 - 5.00%). In the case of LIBOR loans, interest is paid according to the respective LIBOR maturity and in the case of base rate loans, interest is paid quarterly on the last business day of the quarter.

Convertible Senior Subordinated Notes Conversions

In July 2013, $3.2 million of the principal amount of 4.00% Convertible Senior Subordinated Notes issued in January 2012 (the "January 2012 4.00% Notes") were converted into common shares at a conversion price of approximately $10.50 per share for an aggregate of 299,999 common shares.

In March 2014, $24.3 million of the principal amount of the April 2009 3.625% Notes were converted into common shares at a conversion price of approximately $8.25 per share for an aggregate of 2,943,513 common shares (plus cash in lieu of fractional shares).

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In the nine months ended December 31, 2014, $24.0 million of the principal amount of the April 2009 3.625% Notes were converted into 2,929,899 common shares at a conversion price of approximately $8.21 per share, and $0.1 million of the principal amount of the October 2004 2.9375% Notes were converted into 8,634 common shares at a conversion price of approximately $11.46 per share.

Production Loans

The amounts outstanding under our production loans as of December 31, 2014, and March 31, 2014 were as follows:

	December 31,		March 31,
	2014		2014
	(Amounts in thousands)
Production loans(1)	$	690,796	$	418,883

 ______________________

(1) Represents individual loans for the production of film and television programs that we produce. Production loans have contractual repayment dates either at or near the expected film or television program completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur interest at rates ranging from 3.26% to 3.51%.

Table of Debt and Contractual Commitments

The following table sets forth our future annual repayment of debt, and our contractual commitments as of December 31, 2014:

	Three Months Ended March 31,		Year Ended March 31,
	2015		2016		2017		2018		2019		Thereafter		Total
					(Amounts in thousands)
Future annual repayment of debt recorded as of December 31, 2014 (on-balance sheet arrangements)
Senior revolving credit facility	$	—	$	—	$	—	$	160,500	$	—	$	—	$	160,500
5.25% Senior Notes and Term Loan	—		—		—		—		225,000		225,000		450,000
Film obligations and production loans(1)	110,496		408,461		216,095		2,000		1,000		—		738,052
Principal amounts of convertible senior subordinated notes(2)	16,174		—		41,850		—		60,000		—		118,024
	126,670		408,461		257,945		162,500		286,000		225,000		1,466,576
Contractual commitments by expected repayment date (off-balance sheet arrangements)
Film obligation and production loan commitments(3)	91,632		278,117		173,854		5,853		—		—		549,456
Interest payments(4)	9,849		25,487		26,052		25,477		19,660		16,759		123,284
Operating lease commitments	3,208		12,548		12,287		12,597		12,944		61,708		115,292
Other contractual obligations	17,949		55,320		23,559		9,702		2,342		—		108,872
	122,638		371,472		235,752		53,629		34,946		78,467		896,904
Total future commitments under contractual obligations	$	249,308	$	779,933	$	493,697	$	216,129	$	320,946	$	303,467	$	2,363,480

 ___________________

(1) Film obligations include minimum guarantees and theatrical marketing obligations. Production loans represent loans for the production of film and television programs that we produce. Repayment dates are based on anticipated delivery or release date of the related film or contractual due dates of the obligation.

(2) The future repayment dates of the convertible senior subordinated notes represent the next possible redemption date by the holder for each note respectively.

(3) Film obligation commitments include distribution and marketing commitments and minimum guarantee commitments. Distribution and marketing commitments represent contractual commitments for future expenditures associated with

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distribution and marketing of films which we will distribute. The payment dates of these amounts are primarily based on the anticipated release date of the film. Minimum guarantee commitments represent contractual commitments related to the purchase of film rights for pictures to be delivered in the future. Production loan commitments represent amounts committed for future film production and development to be funded through production financing and recorded as a production loan liability when incurred. Future payments under these commitments are based on anticipated delivery or release dates of the related film or contractual due dates of the commitment. The amounts include future interest payments associated with the commitment.

(4) Includes cash interest payments on our corporate debt, excluding the interest payments on the senior revolving credit facility as future amounts are not fixed or determinable due to fluctuating balances and interest rates.

Filmed Entertainment Backlog

Backlog represents the amount of future revenue not yet recorded from contracts for the licensing of films and television product for television exhibition and in international markets. Backlog at December 31, 2014 and March 31, 2014 was $1.1 billion and $1.2 billion, respectively.

Undistributed Foreign Earnings

Deferred taxes are not provided on undistributed earnings of our foreign subsidiaries because we do not intend to repatriate the funds. Should we repatriate the funds in the future, we would have to record and pay taxes on those earnings; however, the potential tax on the undistributed earnings for these subsidiaries is not material as of December 31, 2014.

Off-Balance Sheet Arrangements

We do not have any transactions, arrangements and other relationships with unconsolidated entities that will affect our liquidity or capital resources. We have no special purpose entities that provided off-balance sheet financing, liquidity or market or credit risk support, nor do we engage in leasing, hedging or research and development services, that could expose us to liability that is not reflected on the face of our consolidated financial statements. Our commitments to fund operating leases, minimum guarantees, production loans, equity method investment funding requirements and all other contractual commitments not reflected on the face of our consolidated financial statements are presented in the table above.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

Currency and Interest Rate Risk Management

Market risks relating to our operations result primarily from changes in interest rates and changes in foreign currency exchange rates. Our exposure to interest rate risk results from the financial debt instruments that arise from transactions entered into during the normal course of business. As part of our overall risk management program, we evaluate and manage our exposure to changes in interest rates and currency exchange risks on an ongoing basis. Hedges and derivative financial instruments will be used in the future in order to manage our interest rate and currency exposure. We have no intention of entering into financial derivative contracts, other than to hedge a specific financial risk.

Currency Rate Risk. We enter into forward foreign exchange contracts to hedge our foreign currency exposures on future production expenses denominated in various foreign currencies. As of December 31, 2014, we had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 23 months from December 31, 2014):

December 31, 2014
Foreign Currency	Foreign Currency Amount			US Dollar Amount		Weighted Average Exchange Rate Per $1 USD
	(Amounts in millions)			(Amounts in millions)
British Pound Sterling		£19.6	in exchange for		$31.6	£0.62
Australian Dollar		A$31.9	in exchange for		$28.7	A$1.11
Canadian Dollar		C$0.6	in exchange for		$0.6	C$1.09

Changes in the fair value representing a net unrealized fair value gain (loss) on foreign exchange contracts that qualified as effective hedge contracts outstanding during the three and nine months ended December 31, 2014 were gains of $0.3 million and $0.7 million, respectively (2013 - losses of $0.1 million and $0.8 million, respectively), and are included in accumulated

70

other comprehensive loss, a separate component of shareholders’ equity. Changes in the fair value representing a net unrealized fair value gain on foreign exchange contracts that did not qualify as effective hedge contracts outstanding during the three and nine months ended December 31, 2014 were nil and $0.4 million, respectively (2013 - nil) and are included in direct operating expenses in the consolidated statement of income. These contracts are entered into with major financial institutions as counterparties. We are exposed to credit loss in the event of nonperformance by the counterparty, which is limited to the cost of replacing the contracts, at current market rates. We do not require collateral or other security to support these contracts.

Interest Rate Risk. Certain of our borrowings, primarily borrowings under our amended and restated senior revolving credit facility and certain production loans, are, and are expected to continue to be, at variable rates of interest and expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income would decrease. The applicable margin with respect to loans under the amended and restated senior revolving credit facility is a percentage per annum equal to 2.50% plus an adjusted rate based on LIBOR. Assuming the amended and restated senior revolving credit facility is drawn up to its maximum borrowing capacity of $800 million, based on the applicable LIBOR in effect as of December 31, 2014, each quarter point change in interest rates would result in a $2.0 million change in annual interest expense on the amended and restated senior revolving credit facility. The applicable margin with respect to the Term Loan is 3.00% in the case of base rate loans, and 4.00% in the case of LIBOR loans. The base rate on the Term Loan is subject to a floor of 2.00%, and the LIBOR rate is subject to a floor of 1.00%. Assuming the Term Loan outstanding balance and the applicable LIBOR in effect as of December 31, 2014, a quarter point change in interest rates would result in a $0.6 million change in annual interest expense.

The variable interest production loans incur interest at rates ranging from approximately 3.26% to 3.51% and applicable margins ranging from 2.5% over the one, two, three, or six-month LIBOR to 3.0% over the one, three or six-month LIBOR. A quarter point increase of the interest rates on the outstanding principal amount of our variable rate production loans would result in $1.7 million in additional costs capitalized to the respective film or television asset.

At December 31, 2014, our 5.25% Senior Notes and convertible senior subordinated notes had an aggregate outstanding carrying value of $338.3 million, and an estimated fair value of $339.5 million. A 1% increase or decrease in the level of interest rates would decrease or increase the fair value of the 5.25% Senior Notes and convertible senior subordinated notes by approximately $9.7 million and $9.9 million, respectively.

The following table presents our financial instruments that are sensitive to changes in interest rates. The table also presents the cash flows of the principal amounts of the financial instruments with the related weighted-average interest rates by expected maturity dates and the fair value of the instrument as of December 31, 2014:

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	Three Months Ended March 31,			Year Ended March 31,																	Fair Value
	2015			2016			2017			2018			2019			Thereafter			Total		December 31, 2014
							(Amounts in thousands)
Variable Rates:
Senior Revolving Credit Facility(1)	$	—		$	—		$	—		$	160,500		$	—		$	—		$	160,500	$	160,500
Average Interest Rate	—			—			—			2.67		%	—			—
Term Loan(2)	—			—			—			—			—			225,000			225,000		226,125
Average Interest Rate	—			—			—			—			—			5.00		%
Production loans(3)	85,884			391,781			213,131			—			—			—			690,796		690,796
Average Interest Rate	2.32		%	3.33		%	3.26		%	—			—			—
Fixed Rates:
5.25% Senior Notes(4)	—			—			—			—			225,000			—			225,000		229,923
Average Interest Rate	—			—			—			—			5.25		%	—
Principal Amounts of Convertible Senior Subordinated Notes(5):
April 2009 3.625% Notes	16,174			—			—			—			—			—			16,174		16,305
Average Interest Rate	3.63		%	—			—			—			—			—
January 2012 4.00% Notes	—			—			41,850			—			—			—			41,850		41,435
Average Interest Rate	—			—			4.00		%	—			—			—
April 2013 1.25% Notes	—			—			—			—			60,000			—			60,000		51,834
Average Interest Rate	—			—			—			—			1.25		%	—
	$	102,058		$	391,781		$	254,981		$	160,500		$	285,000		$	225,000		$	1,419,320	$	1,416,918

 ____________________

(1) Amended and restated senior revolving credit facility, which expires September 27, 2017 and bears interest of 2.50% over the Adjusted LIBOR rate.

(2) The Term Loan matures on July 19, 2020, and bears interest by reference to a base rate or the LIBOR rate, plus an applicable margin of 3.00% in the case of base rate loans and 4.00% in the case of LIBOR loans. The base rate is subject to a floor of 2.0%, and the LIBOR rate is subject to a floor of 1.0%.

(3) Represents amounts owed to film production entities on anticipated delivery date or release date of the titles or the contractual due dates of the obligation, that incur interest at rates ranging from approximately 3.26% to 3.51%.

(4) Senior secured second-priority notes with a fixed interest rate equal to 5.25%.

(5) The future repayment dates of the convertible senior subordinated notes represent the next possible redemption date by the holder for each note respectively.

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Item 4.Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The term “disclosure controls and procedures” is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 as amended (the “Exchange Act”). These rules refer to the controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within required time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of December 31, 2014, the end of the period covered by this report, the Company carried out an evaluation under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer of the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that such controls and procedures were effective as of December 31, 2014.

Changes in Internal Control over Financial Reporting

As required by Rule 13a-15(d) of the Exchange Act, the Company, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, also evaluated whether any changes occurred to the Company’s internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, such control. Based on that evaluation, there has been no such change during the period covered by this report.

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PART II

Item 1. Legal Proceedings.

From time to time, the Company is involved in certain claims and legal proceedings arising in the normal course of business. While the resolution of these matters cannot be predicted with certainty, we do not believe, based on current knowledge, that the outcome of any currently pending legal proceedings in which the Company is currently involved will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flow.

For a discussion of certain claims and legal proceedings, see Note 14 - Contingencies to our unaudited consolidated financial statements, which discussion is incorporated by reference into this Part II, Item 1, Legal Proceedings.

Item 1A.  Risk Factors.

Other than as set forth below, there were no other material changes to the risk factors previously reported in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014.

Despite our current indebtedness levels, we and our subsidiaries may be able to incur additional debt in the future.

Although each of our credit facilities and the indentures governing our senior secured notes contains covenants that, among other things, limit our ability to incur additional indebtedness, including guarantees, make restricted payments and investments, and grant liens on our assets, the covenants contained in such debt documents provide a number of important exceptions and thus, do not prohibit us or our subsidiaries from doing so. Such exceptions will provide us substantial flexibility to incur indebtedness, grant liens and expend funds to operate our business. For example, under the terms of the indenture governing our senior secured notes (i) with few restrictions, we may incur indebtedness in connection with certain film and television financing arrangements, including without limitation, purchasing or acquiring rights in film or television productions or financing print and advertising expenses, and such indebtedness may be secured by liens senior to the liens in respect of our senior secured notes, and (ii) in limited circumstances, we may make investments in assets that are not included in the borrowing base supporting our senior secured notes, in each case, without having to meet the leverage ratio tests for debt incurrence or to fit such investments within the restricted payments “build up basket” or within other categories of funds applicable to making investments and other restricted payments under the indenture governing our senior secured notes.

In addition, we may incur additional indebtedness through our senior secured credit facility. At December 31, 2014, we have borrowed approximately $160.5 million under our senior secured credit facility, and have no letters of credit outstanding. We could borrow some or all of the remaining permitted amount in the future. The amount we have available to borrow under this facility depends upon our borrowing base, which in turn depends on the value of our existing library of films and television programs, as well as accounts receivable and cash held in collateral accounts. If new debt is added to our and our subsidiaries' existing debt levels, this has the potential to magnify the risks discussed above relating to our ability to service our indebtedness and the potential adverse impact our high level of indebtedness could have on us.

An increase in the ownership of our common shares by certain shareholders could trigger a change in control under the agreements governing our long-term indebtedness.

The agreements governing certain of our long-term indebtedness contain change in control provisions that are triggered when any of our shareholders, directly or indirectly, acquires ownership or control in excess of a certain percentage of our common shares. As of December 31, 2014, four of our shareholders, Mark H. Rachesky, M.D., Capital World Investors, Capital Research Global Investors and Small Cap World Fund and their respective affiliates, beneficially owned approximately 36.6%, 6.5%, 5.8% and 5.1%, respectively, of our outstanding common shares.

Under certain circumstances, including the acquisition of ownership or control by a person or group in excess of 50% of our common shares, the holders of our senior secured notes and our convertible senior subordinated notes may require us to repurchase all or a portion of such notes upon a change in control and the holders of our convertible senior subordinated notes may be entitled to receive a make whole premium based on the price of our common shares on the change in control date. We may not be able to repurchase these notes upon a change in control because we may not have sufficient funds. Further, we may be contractually restricted under the terms of our secured credit facilities from repurchasing all of the notes tendered by holders upon a change in control. Our failure to repurchase our senior secured notes upon a change in control would cause a default under the indentures

74

governing the senior secured notes and the convertible senior subordinated notes and a cross-default under our secured credit facilities.

Our secured credit facilities also provide that a change in control, which includes a person or group acquiring ownership or control in excess of 50% of our outstanding common shares, will be an event of default that permits lenders to accelerate the maturity of borrowings thereunder and to enforce security interests in the collateral securing such debt, thereby limiting our ability to raise cash to purchase our outstanding senior secured notes and convertible senior subordinated notes. Any of our future debt agreements may contain similar provisions.

Certain shareholders own a majority of our outstanding common shares.

As of December 31, 2014, four of our shareholders beneficially owned an aggregate of 75,647,967 of our common shares, or approximately 53.9% of the outstanding shares. In addition, one of these shareholders, Mark H. Rachesky, M.D., the beneficial owner of approximately 36.6% of our outstanding common shares, currently serves as the Chairman of our Board of Directors. Accordingly, these four shareholders, collectively, have the power to exercise substantial influence over us and on matters requiring approval by our shareholders, including the election of directors, the approval of mergers and other significant corporate transactions. This concentration of ownership may make it more difficult for other shareholders to effect substantial changes in our company and may also have the effect of delaying, preventing or expediting, as the case may be, a change in control of our company.

Sales of a substantial number of shares of our common shares, or the perception that such sales might occur, could have an adverse effect on the price of our common shares, and therefore our ability to raise additional capital to fund our operations.

As of December 31, 2014, approximately 53.9% of our common shares were held beneficially by certain individuals and institutional investors who each had ownership of equal to or greater than 5% of our common shares. We also filed a resale registration statement to certain holders of debt convertible into our common shares, to resell our common shares. Sales by such individuals and institutional investors of a substantial number of shares of our common shares into the public market, or the perception that such sales might occur, could have an adverse effect on the price of our common shares, which could materially impair our ability to raise capital through the sale of common shares or debt that is convertible into our common shares.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Securities

On May 31, 2007, our Board of Directors authorized the repurchase of up to $50 million of our common shares. On each of May 29, 2008 and November 6, 2008, our Board of Directors authorized additional repurchases up to an additional $50 million of our common shares. Thereafter, on December 17, 2013, our Board of Directors authorized the Company to further increase its stock repurchase plan to $300 million. To date, approximately $210.1 million of the Company’s common shares have been purchased, leaving approximately $89.9 million of authorized potential purchases. The remaining $89.9 million of the Company’s common shares may be purchased from time to time at the Company’s discretion, including quantity, timing and price thereof, and will be subject to market conditions. Such purchases may be made in the open market or through privately negotiated transactions and will be structured as permitted by securities laws and other legal requirements.

During the period from the authorization date through December 31, 2014, 11,697,610 common shares have been repurchased at a cost of approximately $197.2 million, including commission costs. The share repurchase program has no expiration date.

75

The following table sets forth information with respect to shares of our common stock purchased by us during the three months ended December 31, 2014:

ISSUER PURCHASES OF EQUITY SECURITIES
Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
October 1, 2014 - October 31, 2014	—	$	—	—	$	108,367,899
November 1, 2014 - November 30, 2014	10,433	$	33.02	10,433	$	108,023,454
December 1, 2014 - December 31, 2014	165,804	$	31.46	165,804	$	102,807,103
Total	176,237	$	31.55	176,237	$	102,807,103

Additionally, during the three months ended December 31, 2014, 86,448 common shares were withheld upon the vesting of restricted share units and share issuances to satisfy minimum statutory federal, state and local tax withholding obligations.

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None

Item 6. Exhibits.

Exhibit
Number	Description of Documents
3.1(1)	Articles
3.2(2)	Notice of Articles
3.3(3)	Vertical Short Form Amalgamation Application
3.4(3)	Certificate of Amalgamation
31.1	Certification of CEO pursuant to Section 302 of Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of Sarbanes-Oxley Act of 2002
32.1	Certification of CEO and CFO pursuant to Section 906 of Sarbanes-Oxley Act of 2002
101	The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2014 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Shareholders' Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements

__________________________

(1) Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2005 as filed on June 29, 2005.

(2) Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2010 as filed on February 9, 2011.

(3) Incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2007 as filed on May 30, 2007.

76

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LIONS GATE ENTERTAINMENT CORP.
	By:	/s/ JAMES W. BARGE
		Name:	James W. Barge
DATE: February 5, 2015		Title:	Duly Authorized Officer and Chief Financial Officer

77

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jon Feltheimer certify that:

1.I have reviewed this quarterly report on Form 10-Q of Lions Gate Entertainment Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ JON FELTHEIMER

Jon Feltheimer

Chief Executive Officer

Date: February 5, 2015

EX-31.2

Exhibit 31.2

CERTIFICATION

I, James W. Barge certify that:

1.I have reviewed this quarterly report on Form 10-Q of Lions Gate Entertainment Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ JAMES W. BARGE

James W. Barge

Chief Financial Officer

Date: February 5, 2015

EX-32.1

Exhibit 32.1

WRITTEN STATEMENT

PURSUANT TO

18 U.S.C. SECTION 1350

The undersigned officers of Lions Gate Entertainment Corp. (the “Company”), pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify that, to their knowledge:

(i) the Form 10-Q of the Company (the “Report”) for the quarterly period ended December 31, 2014, fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for the periods presented in this report.

		/s/ JON FELTHEIMER
		Jon Feltheimer
		Chief Executive Officer
Date:	February 5, 2015
		/s/ JAMES W. BARGE
		James W. Barge
		Chief Financial Officer
Date:	February 5, 2015

XML

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Forward Foreign Exchange Contracts

As of December 31, 2014, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 23 months from December 31, 2014):

December 31, 2014
Foreign Currency	Foreign Currency Amount			US Dollar Amount		Weighted Average Exchange Rate Per $1 USD
	(Amounts in millions)			(Amounts in millions)
British Pound Sterling		£19.6	in exchange for		$31.6	£0.62
Australian Dollar		A$31.9	in exchange for		$28.7	A$1.11
Canadian Dollar		C$0.6	in exchange for		$0.6	C$1.09

XML

Corporate Debt (Narrative - Convertible Senior Subordinated Notes) (Details) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2009	Jan. 31, 2012	Apr. 30, 2013
Debt Instrument [Line Items]
Principal amount of notes converted into common shares			$ 24,145,000	$ 3,150,000
Loss on extinguishment of debt	690,000	0	1,276,000	36,653,000
Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt			1,276,000	36,653,000
Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Debt Instrument [Line Items]
Coupon rate	3.625%		3.625%
Principal amount of notes					66,600,000
Equity component					16,200,000
Effective interest rate of liability component	17.26%		17.26%
Conversion price per share	$ 8.17		$ 8.17
Convertible Senior Subordinated Notes [Member] | January 2012 Notes [Member]
Debt Instrument [Line Items]
Coupon rate	4.00%		4.00%
Principal amount of notes						45,000,000
Equity component						10,100,000
Effective interest rate of liability component	9.56%		9.56%
Conversion price per share	$ 10.40		$ 10.40
Convertible Senior Subordinated Notes [Member] | April 2013 Notes [Member]
Debt Instrument [Line Items]
Coupon rate	1.25%		1.25%
Principal amount of notes							60,000,000
Conversion price per share	$ 29.71		$ 29.71
Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member]
Debt Instrument [Line Items]
Coupon rate	2.9375%		2.9375%
April 2009 3.625% Notes, Redemption, On or after March 15, 2015 [Member] | Issuer [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Debt Instrument [Line Items]
Debt instrument redemption price percentage			100.00%
On March 15, 2015, March 15, 2018, March 15, 2023 Or Upon A Designated Event [Member] | Holder [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Debt Instrument [Line Items]
Debt instrument redemption price percentage			100.00%
April 2009 Notes Conversion [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Debt Instrument [Line Items]
Principal amount of notes converted into common shares			24,000,000
Conversion price per share	$ 8.21		$ 8.21
Common shares issued for convertible senior subordinated notes			2,929,899
Loss on extinguishment of debt	700,000		1,300,000
October 2004 Notes Conversion [Member] | Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member]
Debt Instrument [Line Items]
Principal amount of notes converted into common shares			$ 100,000
Conversion price per share	$ 11.46		$ 11.46
Common shares issued for convertible senior subordinated notes			8,634

XML

Equity Method Investments (Summarized Statement Of Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Reconciliation of net income (loss) reported by investee to equity interest income (loss):
Total equity interest income (loss) recorded	$ 10,898		$ (1,321)		$ 37,353		$ 13,158
EPIX [Member]
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	101,124		89,768		288,424		261,998
Expenses:
Operating expenses	59,224		60,973		178,690		182,259
Selling, marketing, general and administrative expenses	5,863		5,791		17,503		17,054
Operating income (loss)	36,037		23,004		92,231		62,685
Interest and other expense	(399)		(163)		(1,130)		(1)
Net income (loss)	35,638		22,841		91,101		62,684
Reconciliation of net income (loss) reported by investee to equity interest income (loss):
Net income (loss)	35,638		22,841		91,101		62,684
Ownership interest in investee	31.15%		31.15%		31.15%		31.15%
The Company's share of net income (loss)	11,101		7,115		28,378		19,526
Eliminations of the Company's share of profits on licensing sales to investee	(1,935)	[1]	(3,606)	[1]	(7,007)	[1]	(9,226)	[1]
Realization of the Company's share of profits on licensing sales to investee	2,048	[2]	2,105	[2]	6,075	[2]	10,936	[2]
Total equity interest income (loss) recorded	11,214		5,614		27,446		21,236
POP [Member]
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	20,507		20,058		59,073		55,023
Expenses:
Cost of services	8,645		13,874		26,938		27,877
Selling, marketing, general and administrative expenses	11,934		12,446		34,527		32,923
Depreciation and amortization	1,928		2,040		5,866		6,034
Operating income (loss)	(2,000)		(8,302)		(8,258)		(11,811)
Other expense (income)	6		160		391		(1,230)
Interest expense, net	160		297		551		979
Accretion of redeemable preferred stock units	12,461	[3]	10,347	[3]	35,361	[3]	29,498	[3]
Total interest expense, net	12,627		10,804		36,303		29,247
Loss from continuing operations	(14,627)		(19,106)		(44,561)		(41,058)
Loss from discontinued operations	0		(1,685)		0		(2,799)
Net income (loss)	(14,627)		(20,791)		(44,561)		(43,857)
Reconciliation of net income (loss) reported by investee to equity interest income (loss):
Net income (loss)	(14,627)		(20,791)		(44,561)		(43,857)
Ownership interest in investee	50.00%		50.00%		50.00%		50.00%
The Company's share of net income (loss)	(7,314)		(10,396)		(22,281)		(21,929)
Gain on sale of the Company's 50% share of TVGuide.com	0	[4]	0	[4]	0	[4]	3,960	[4]
Accretion of dividend and interest income on redeemable preferred stock units	6,231	[3]	5,173	[3]	17,681	[3]	14,749	[3]
Eliminations of the Company's share of profits on licensing sales to investee	0		0		(367)		0
Realization of the Company's share of profits on licensing sales to investee	(32)		0		304		54
Total equity interest income (loss) recorded	$ (1,115)		$ (5,223)		$ (4,663)		$ (3,166)

[1] Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and nine months ended December 31, 2014 and 2013: (Amounts in thousands) Three months ended December 31, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $15,349 and $24,740, respectively; Gross profit on licensing sales to EPIX - $6,213 and $11,576, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $1,935 and $3,606, respectively. Nine months ended December 31, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $41,281 and $47,871, respectively; Gross profit on licensing sales to EPIX - $22,493 and $29,619, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $7,007 and $9,226, respectively.

[2] Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized.

[3] Accretion of mandatorily redeemable preferred stock units represents POP's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss).

[4] Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by POP, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for POP.

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Capital Stock (Stock Option and Restricted Share Unit Activity) (Details) (USD $)	9 Months Ended
	Dec. 31, 2014
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at March 31, 2014	10,894,010
Outstanding, weighted average exercise price	$ 20.83
Granted	1,505,267
Granted, weighted average exercise price	$ 29.89
Options exercised	(268,247)
Options exercised, weighted average grant-date fair value	$ 16.42
Forfeited or expired	(27,238)
Forfeited or expired, weighted average exercise price	$ 17.65
Outstanding at December 31, 2014	12,103,792
Outstanding, weighted average exercise price	$ 22.06
Restricted Share Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at March 31, 2014	2,139,175
Outstanding, weighted average grant-date fair value	$ 23.38
Granted	766,652
Granted, weighted average grant date fair value	$ 29.48
RSUs vested	(1,108,305)
RSUs vested, weighted average grant-date fair value	$ 22.17
Forfeited or expired	(14,011)
Forfeited or expired, weighted average grant-date fair value	$ 18.98
Outstanding at December 31, 2014	1,783,511
Outstanding, weighted average grant-date fair value	$ 27.02

XML

Corporate Debt (Carrying Values of Corporate Debt) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Jul. 31, 2013
Debt Instrument [Line Items]
Senior revolving credit facility	$ 160,500	$ 97,619
Corporate debt	721,792	677,160
Unamortized discount	6,732
Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Senior revolving credit facility	160,500	97,619
Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Senior revolving credit facility	160,500	97,619
Corporate debt	113,271	131,788
Unamortized discount	4,753	10,397
5.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member]
Debt Instrument [Line Items]
Corporate debt	225,000	225,000
Coupon rate	5.25%		5.25%	5.25%
Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Corporate debt	223,021	222,753		222,500
Unamortized discount	$ 1,979	$ 2,247		2,500

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Consolidating Financial Information - Convertible Senior Subordinated Notes (Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Assets
Cash and cash equivalents	$ 28,886	$ 25,692	$ 75,402	$ 62,363
Restricted cash	7,508	8,925
Accounts receivable, net	974,579	885,571
Investment in films and television programs, net	1,447,393	1,274,573
Property and equipment, net	22,430	14,552
Equity method investments	211,680	181,941
Goodwill	323,328	323,328
Other assets	71,372	71,067
Deferred tax assets	54,329	65,983
Total assets	3,141,505	2,851,632
Liabilities and Shareholders' Equity (Deficiency)
Senior revolving credit facility	160,500	97,619
5.25% Senior Notes	225,000	225,000
Term Loan	223,021	222,753
Accounts payable and accrued liabilities	271,101	332,457
Participations and residuals	463,093	469,390
Film obligations and production loans	737,565	499,787
Deferred revenue	279,958	288,300
Shareholders' equity (deficiency)	667,996	584,538
Total liabilities and shareholders’ equity	3,141,505	2,851,632
Convertible Senior Subordinated Notes [Member]
Assets
Cash and cash equivalents	28,886	25,692	75,402	62,363
Restricted cash	7,508	8,925
Accounts receivable, net	974,579	885,571
Investment in films and television programs, net	1,447,393	1,274,573
Property and equipment, net	22,430	14,552
Equity method investments	211,680	181,941
Goodwill	323,328	323,328
Other assets	71,372	71,067
Deferred tax assets	54,329	65,983
Subsidiary investments and advances	0	0
Total assets	3,141,505	2,851,632
Liabilities and Shareholders' Equity (Deficiency)
Senior revolving credit facility	160,500	97,619
5.25% Senior Notes	225,000	225,000
Term Loan	223,021	222,753
Accounts payable and accrued liabilities	271,101	332,457
Participations and residuals	463,093	469,390
Film obligations and production loans	737,565	499,787
Convertible senior subordinated notes	113,271	131,788
Deferred revenue	279,958	288,300
Intercompany payable	0	0
Shareholders' equity (deficiency)	667,996	584,538
Total liabilities and shareholders’ equity	3,141,505	2,851,632
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Corp. [Member]
Assets
Cash and cash equivalents	839	8,128	750	592
Restricted cash	0	0
Accounts receivable, net	741	688
Investment in films and television programs, net	0	(18)
Property and equipment, net	0	0
Equity method investments	0	0
Goodwill	10,172	10,172
Other assets	3,636	4,113
Deferred tax assets	6,766	8,417
Subsidiary investments and advances	1,273,816	1,118,356
Total assets	1,295,970	1,149,856
Liabilities and Shareholders' Equity (Deficiency)
Senior revolving credit facility	160,500	97,619
5.25% Senior Notes	225,000	225,000
Term Loan	223,021	222,753
Accounts payable and accrued liabilities	19,453	19,946
Participations and residuals	0	0
Film obligations and production loans	0	0
Convertible senior subordinated notes	0	0
Deferred revenue	0	0
Intercompany payable	0	0
Shareholders' equity (deficiency)	667,996	584,538
Total liabilities and shareholders’ equity	1,295,970	1,149,856
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Inc. [Member]
Assets
Cash and cash equivalents	15,501	5,999	44,586	36,834
Restricted cash	7,508	8,925
Accounts receivable, net	5,581	2,514
Investment in films and television programs, net	6,394	6,394
Property and equipment, net	20,685	14,185
Equity method investments	5,947	3,668
Goodwill	0	0
Other assets	65,305	67,612
Deferred tax assets	38,974	48,125
Subsidiary investments and advances	1,277,306	1,065,274
Total assets	1,443,201	1,222,696
Liabilities and Shareholders' Equity (Deficiency)
Senior revolving credit facility	0	0
5.25% Senior Notes	0	0
Term Loan	0	0
Accounts payable and accrued liabilities	69,295	73,045
Participations and residuals	3,417	3,417
Film obligations and production loans	0	0
Convertible senior subordinated notes	113,271	131,788
Deferred revenue	8,813	11,689
Intercompany payable	1,414,020	1,232,310
Shareholders' equity (deficiency)	(165,615)	(229,553)
Total liabilities and shareholders’ equity	1,443,201	1,222,696
Convertible Senior Subordinated Notes [Member] | Non-guarantor Subsidiaries [Member]
Assets
Cash and cash equivalents	12,546	11,565	30,066	24,937
Restricted cash	0	0
Accounts receivable, net	968,257	882,369
Investment in films and television programs, net	1,440,999	1,266,703
Property and equipment, net	1,745	367
Equity method investments	205,800	178,273
Goodwill	313,156	313,156
Other assets	8,467	5,682
Deferred tax assets	8,589	9,441
Subsidiary investments and advances	2,055,224	1,532,070
Total assets	5,014,783	4,199,626
Liabilities and Shareholders' Equity (Deficiency)
Senior revolving credit facility	0	0
5.25% Senior Notes	0	0
Term Loan	0	0
Accounts payable and accrued liabilities	182,353	239,466
Participations and residuals	459,676	465,973
Film obligations and production loans	737,565	499,787
Convertible senior subordinated notes	0	0
Deferred revenue	271,145	276,611
Intercompany payable	1,991,164	1,480,273
Shareholders' equity (deficiency)	1,372,880	1,237,516
Total liabilities and shareholders’ equity	5,014,783	4,199,626
Convertible Senior Subordinated Notes [Member] | Consolidating Adjustments [Member]
Assets
Cash and cash equivalents	0	0	0	0
Restricted cash	0	0
Accounts receivable, net	0	0
Investment in films and television programs, net	0	1,494
Property and equipment, net	0	0
Equity method investments	(67)	0
Goodwill	0	0
Other assets	(6,036)	(6,340)
Deferred tax assets	0	0
Subsidiary investments and advances	(4,606,346)	(3,715,700)
Total assets	(4,612,449)	(3,720,546)
Liabilities and Shareholders' Equity (Deficiency)
Senior revolving credit facility	0	0
5.25% Senior Notes	0	0
Term Loan	0	0
Accounts payable and accrued liabilities	0	0
Participations and residuals	0	0
Film obligations and production loans	0	0
Convertible senior subordinated notes	0	0
Deferred revenue	0	0
Intercompany payable	(3,405,184)	(2,712,583)
Shareholders' equity (deficiency)	(1,207,265)	(1,007,963)
Total liabilities and shareholders’ equity	$ (4,612,449)	$ (3,720,546)

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Equity Method Investments (Equity Method Investee, Income (Loss)) (Details) (USD $)	3 Months Ended				9 Months Ended				0 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Apr. 14, 2014	Mar. 31, 2014		Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Equity interests income (loss)	$ 10,898,000		$ (1,321,000)		$ 37,353,000		$ 13,158,000
Equity method investments, carrying amount	211,680,000				211,680,000					181,941,000
EPIX [Member]
Schedule of Equity Method Investments [Line Items]
Equity interests income (loss)	11,214,000		5,614,000		27,446,000		21,236,000
Equity method investment, ownership percentage	31.15%		31.15%		31.15%		31.15%
Equity method investments, carrying amount	98,416,000				98,416,000					78,758,000
POP [Member]
Schedule of Equity Method Investments [Line Items]
Equity interests income (loss)	(1,115,000)		(5,223,000)		(4,663,000)		(3,166,000)
Equity method investment, ownership percentage	50.00%		50.00%		50.00%		50.00%
Gain on sale of equity method investee	0	[1]	0	[1]	0	[1]	3,960,000	[1]
Equity method investments, carrying amount	92,134,000				92,134,000					86,298,000
Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity interests income (loss)	799,000	[2]	(1,712,000)	[2]	14,570,000	[2]	(4,912,000)	[2]
Equity method investments, carrying amount	21,130,000	[2]			21,130,000	[2]				16,885,000	[2]
FEARnet [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage									34.50%
Equity method investment, sales price									14,600,000
Gain on sale of equity method investee					11,400,000
Equity method investments, carrying amount												$ 0

[1] Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by POP, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for POP.

[2] The Company records its share of the net income or loss of Other Equity Method Investments on a one quarter lag and, accordingly, during the three and nine months ended December 31, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and nine months ended September 30, 2014 and 2013, respectively. Equity interest income from Other Equity Method Investments of $14.6 million for the nine months ended December 31, 2014 includes a gain on the sale of the Company's investment in FEARnet of $11.4 million. The Company sold all of its 34.5% interest in FEARnet on April 14, 2014, for a sales price of approximately $14.6 million. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014.

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Film Obligations and Production Loans (Tables)

9 Months Ended

Dec. 31, 2014

Film Obligations And Production Loans [Abstract]

Films Obligations And Production Loans

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Film obligations	$	46,769	$	80,904
Production loans	690,796		418,883
Total film obligations and production loans	$	737,565	$	499,787

Future Annual Repayment of Film Obligations and Production Loans

The following table sets forth future annual repayment of film obligations and production loans as of December 31, 2014:

	Three Months Ended
	March 31,		Year Ended March 31,
	2015		2016		2017		2018		2019		Thereafter		Total
	(Amounts in thousands)
Film obligations	$	24,612	$	16,680	$	2,964	$	2,000	$	1,000	$	—	$	47,256
Production loans	85,884		391,781		213,131		—		—		—		690,796
	$	110,496	$	408,461	$	216,095	$	2,000	$	1,000	$	—	738,052
Less imputed interest on film obligations													(487		)
													$	737,565

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Consolidating Financial Information - Convertible Senior Subordinated Notes (Statement of Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Revenues	$ 751,299	$ 839,939	$ 1,753,558	$ 1,908,396
Expenses:
Direct operating	400,576	397,513	945,840	965,756
Distribution and marketing	171,439	233,535	421,637	550,497
General and administration	61,407	65,577	186,975	186,120
Depreciation and amortization	1,708	1,530	4,685	4,766
Total expenses	635,130	698,155	1,559,137	1,707,139
Operating income	116,169	141,784	194,421	201,257
Other expenses (income):
Interest expense	13,551	15,574	39,594	52,560
Interest and other income	(623)	(1,771)	(2,188)	(4,750)
Loss on extinguishment of debt	690	0	1,276	36,653
Total other expenses (income)	13,618	13,803	38,682	84,463
Income before equity interests and income taxes	102,551	127,981	155,739	116,794
Equity interests income (loss)	10,898	(1,321)	37,353	13,158
Income (loss) before income taxes	113,449	126,660	193,092	129,952
Income tax provision (benefit)	15,264	37,897	30,865	27,067
Foreign currency translation adjustments	(2,373)	517	(4,166)	4,104
Net unrealized gain (loss) on foreign exchange contracts, net of tax	277	(114)	693	(770)
Comprehensive income	96,089	89,166	158,754	106,219
Convertible Senior Subordinated Notes [Member]
Revenues			1,753,558	1,908,396
Expenses:
Direct operating			945,840	965,756
Distribution and marketing			421,637	550,497
General and administration			186,975	186,120
Depreciation and amortization			4,685	4,766
Total expenses			1,559,137	1,707,139
Operating income			194,421	201,257
Other expenses (income):
Interest expense			39,594	52,560
Interest and other income			(2,188)	(4,750)
Loss on extinguishment of debt			1,276	36,653
Total other expenses (income)			38,682	84,463
Income before equity interests and income taxes			155,739	116,794
Equity interests income (loss)			37,353	13,158
Income (loss) before income taxes			193,092	129,952
Income tax provision (benefit)			30,865	27,067
Net income			162,227	102,885
Foreign currency translation adjustments			(4,166)	4,104
Net unrealized gain (loss) on foreign exchange contracts, net of tax			693	(770)
Comprehensive income			158,754	106,219
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Corp. [Member]
Revenues			0	6,748
Expenses:
Direct operating			2	(254)
Distribution and marketing			0	2
General and administration			2,383	1,344
Depreciation and amortization			0	0
Total expenses			2,385	1,092
Operating income			(2,385)	5,656
Other expenses (income):
Interest expense			25,919	12,496
Interest and other income			(126,019)	(33,592)
Loss on extinguishment of debt			0	2,600
Total other expenses (income)			(100,100)	(18,496)
Income before equity interests and income taxes			97,715	24,152
Equity interests income (loss)			66,045	74,296
Income (loss) before income taxes			163,760	98,448
Income tax provision (benefit)			1,533	(4,437)
Net income			162,227	102,885
Foreign currency translation adjustments			(3,473)	3,334
Net unrealized gain (loss) on foreign exchange contracts, net of tax			0	0
Comprehensive income			158,754	106,219
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Inc. [Member]
Revenues			21,565	20,989
Expenses:
Direct operating			3,243	(2,933)
Distribution and marketing			1,575	2,490
General and administration			115,942	124,084
Depreciation and amortization			2,721	1,608
Total expenses			123,481	125,249
Operating income			(101,916)	(104,260)
Other expenses (income):
Interest expense			138,139	70,840
Interest and other income			(2,766)	(4,838)
Loss on extinguishment of debt			1,276	34,053
Total other expenses (income)			136,649	100,055
Income before equity interests and income taxes			(238,565)	(204,315)
Equity interests income (loss)			317,176	298,123
Income (loss) before income taxes			78,611	93,808
Income tax provision (benefit)			12,566	19,512
Net income			66,045	74,296
Foreign currency translation adjustments			(4,383)	(59)
Net unrealized gain (loss) on foreign exchange contracts, net of tax			0	0
Comprehensive income			61,662	74,237
Convertible Senior Subordinated Notes [Member] | Non-guarantor Subsidiaries [Member]
Revenues			1,732,520	1,889,642
Expenses:
Direct operating			942,595	968,943
Distribution and marketing			420,062	548,005
General and administration			69,010	61,093
Depreciation and amortization			1,964	3,158
Total expenses			1,433,631	1,581,199
Operating income			298,889	308,443
Other expenses (income):
Interest expense			96,941	20,036
Interest and other income			(94,457)	(17,132)
Loss on extinguishment of debt			0	0
Total other expenses (income)			2,484	2,904
Income before equity interests and income taxes			296,405	305,539
Equity interests income (loss)			37,224	18,328
Income (loss) before income taxes			333,629	323,867
Income tax provision (benefit)			52,982	67,244
Net income			280,647	256,623
Foreign currency translation adjustments			(1,301)	26,082
Net unrealized gain (loss) on foreign exchange contracts, net of tax			693	(770)
Comprehensive income			280,039	281,935
Convertible Senior Subordinated Notes [Member] | Consolidating Adjustments [Member]
Revenues			(527)	(8,983)
Expenses:
Direct operating			0	0
Distribution and marketing			0	0
General and administration			(360)	(401)
Depreciation and amortization			0	0
Total expenses			(360)	(401)
Operating income			(167)	(8,582)
Other expenses (income):
Interest expense			(221,405)	(50,812)
Interest and other income			221,054	50,812
Loss on extinguishment of debt			0	0
Total other expenses (income)			(351)	0
Income before equity interests and income taxes			184	(8,582)
Equity interests income (loss)			(383,092)	(377,589)
Income (loss) before income taxes			(382,908)	(386,171)
Income tax provision (benefit)			(36,216)	(55,252)
Net income			(346,692)	(330,919)
Foreign currency translation adjustments			4,991	(25,253)
Net unrealized gain (loss) on foreign exchange contracts, net of tax			0	0
Comprehensive income			$ (341,701)	$ (356,172)

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Segment Information (Segment Information By Business Unit) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014 segment	Dec. 31, 2013
Segment Reporting Information [Line Items]
Number of reportable business segments			2
Segment revenues	$ 751,299	$ 839,939	$ 1,753,558	$ 1,908,396
Direct operating expenses	400,576	397,513	945,840	965,756
Distribution and marketing	171,439	233,535	421,637	550,497
Gross segment contribution	179,284	208,891	386,081	392,143
Segment general and administration	21,841	20,370	64,333	59,359
Segment profit (loss)	157,443	188,521	321,748	332,784
Motion Pictures [Member]
Segment Reporting Information [Line Items]
Segment revenues	590,072	757,646	1,320,012	1,630,599
Direct operating expenses	260,309	324,124	583,792	737,297
Distribution and marketing	162,884	222,979	396,587	527,774
Gross segment contribution	166,879	210,543	339,633	365,528
Segment general and administration	18,669	16,882	54,252	49,316
Segment profit (loss)	148,210	193,661	285,381	316,212
Television Production [Member]
Segment Reporting Information [Line Items]
Segment revenues	161,227	82,293	433,546	277,797
Direct operating expenses	140,267	73,389	362,048	228,459
Distribution and marketing	8,555	10,556	25,050	22,723
Gross segment contribution	12,405	(1,652)	46,448	26,615
Segment general and administration	3,172	3,488	10,081	10,043
Segment profit (loss)	$ 9,233	$ (5,140)	$ 36,367	$ 16,572

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Corporate Debt (Convertible Senior Subordinated Notes Outstanding and Certain Key Terms) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
Debt Instrument [Line Items]
Principal amount of debt outstanding	$ 728,524
Unamortized Discount	(6,732)
Net carrying amount	721,792	677,160
Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt outstanding	118,024	142,185
Unamortized Discount	(4,753)	(10,397)
Net carrying amount	113,271	131,788
October 2004 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt outstanding	0	115
Unamortized Discount	0	0
Net carrying amount	0	115
Coupon rate	2.9375%
April 2009 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt outstanding	16,174	40,220
Unamortized Discount	(370)	(4,605)
Net carrying amount	15,804	35,615
Coupon rate	3.625%
Conversion price per share	$ 8.17
January 2012 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt outstanding	41,850	41,850
Unamortized Discount	(4,383)	(5,792)
Net carrying amount	37,467	36,058
Coupon rate	4.00%
Conversion price per share	$ 10.40
April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt outstanding	60,000	60,000
Unamortized Discount	0	0
Net carrying amount	$ 60,000	$ 60,000
Coupon rate	1.25%
Conversion price per share	$ 29.71

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Segment Information (Acquisition of Investment in Films and Television Programs by Segment) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Acquisition of investment in films and television programs	$ 176,450	$ 354,647	$ 815,469	$ 692,943
Motion Pictures [Member]
Segment Reporting Information [Line Items]
Acquisition of investment in films and television programs	89,041	212,598	517,385	432,208
Television Production [Member]
Segment Reporting Information [Line Items]
Acquisition of investment in films and television programs	$ 87,409	$ 142,049	$ 298,084	$ 260,735

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Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
Derivative [Line Items]
Remaining maturity of forward foreign exchange contracts, maximum			23 months
Net unrealized fair value gain (loss) on foreign exchange contracts, effective portion	$ 277,000	$ (114,000)	$ 693,000	$ (770,000)
Net unrealized fair value gain on foreign exchange contracts that did not qualify as effective hedge contracts	0	0	400,000	0
Other Assets [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative asset	6,000,000		6,000,000
Derivative assets (liabilities) at fair value, net					1,800,000
Accounts Payable and Accrued Liabilities [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative liability	$ 3,100,000		$ 3,100,000

XML

Consolidating Financial Information - Convertible Senior Subordinated Notes (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Jul. 31, 2013
April 2009 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Consolidating Financial Information [Line Items]
Coupon rate		3.625%
January 2012 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Consolidating Financial Information [Line Items]
Coupon rate		4.00%
April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Consolidating Financial Information [Line Items]
Coupon rate		1.25%
5.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member]
Consolidating Financial Information [Line Items]
Coupon rate	5.25%	5.25%	5.25%
10.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member]
Consolidating Financial Information [Line Items]
Coupon rate	10.25%	10.25%	10.25%
Lions Gate Entertainment Corp. [Member] | Convertible Senior Subordinated Notes [Member]
Consolidating Financial Information [Line Items]
Deferred financing costs	$ 6,860
Lions Gate Entertainment Inc. [Member]
Consolidating Financial Information [Line Items]
Percentage ownership of LGEI, the issuer, by parent company guarantor		100.00%

XML

Income Taxes (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Discrete and other charges (benefits) included in tax provision	$ (0.3)		$ (12.0)
Discrete charge associated with the gain on sale of FEARnet		4.2
Discrete charge from other discrete items		$ 0.4

XML

Derivative Instruments and Hedging Activities

9 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses denominated in various foreign currencies. As of December 31, 2014, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 23 months from December 31, 2014):

December 31, 2014
Foreign Currency	Foreign Currency Amount			US Dollar Amount		Weighted Average Exchange Rate Per $1 USD
	(Amounts in millions)			(Amounts in millions)
British Pound Sterling		£19.6	in exchange for		$31.6	£0.62
Australian Dollar		A$31.9	in exchange for		$28.7	A$1.11
Canadian Dollar		C$0.6	in exchange for		$0.6	C$1.09

Changes in the fair value representing a net unrealized fair value gain (loss) on foreign exchange contracts that qualified as effective hedge contracts outstanding during the three and nine months ended December 31, 2014 were gains of $0.3 million and $0.7 million, respectively (2013 - losses of $0.1 million and $0.8 million, respectively), and are included in accumulated other comprehensive loss, a separate component of shareholders’ equity. Changes in the fair value representing a net unrealized fair value gain on foreign exchange contracts that did not qualify as effective hedge contracts outstanding during the three and nine months ended December 31, 2014 were nil and $0.4 million, respectively (2013 - nil) and are included in direct operating expenses in the consolidated statement of income. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions.

As of December 31, 2014, $6.0 million was included in other assets and $3.1 million in accounts payable and accrued liabilities (March 31, 2014 - $1.8 million in other assets) in the accompanying consolidated balance sheets related to the Company's use of foreign currency derivatives. The Company classifies its forward foreign exchange contracts within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments.

During the three and nine months ended December 31, 2014, the Company did not have any significant amounts reclassified out of accumulated other comprehensive loss.

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Other Assets (Composition Of Other Assets) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
Other Assets, Unclassified [Abstract]
Deferred financing costs, net of accumulated amortization	$ 29,084	$ 34,722
Prepaid expenses and other	40,648	33,347
Finite-lived intangible assets	1,640	2,998
Total other assets	$ 71,372	$ 71,067

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Investment In Films And Television Programs (Schedule of Investment In Films And Television Programs) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
Investment in Films and Television Programs [Line Items]
Acquired libraries, net of accumulated amortization	$ 11,153	$ 14,329
Total investment in film and television programs	1,447,393	1,274,573
Motion Pictures Segment - Theatrical and Non-Theatrical Films [Member]
Investment in Films and Television Programs [Line Items]
Released, net of accumulated amortization	454,576	509,831
Acquired libraries, net of accumulated amortization	11,153	14,329
Completed and not released	124,674	50,785
In progress	473,052	351,047
In development	30,765	22,336
Product inventory	22,342	31,248
Total investment in film and television programs	1,116,562	979,576
Television Production Segment - Direct-to-Television Programs [Member]
Investment in Films and Television Programs [Line Items]
Released, net of accumulated amortization	227,513	212,929
In progress	96,441	76,459
In development	6,877	5,609
Total investment in film and television programs	$ 330,831	$ 294,997

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Segment Information (Significant Assets Broken Down By Segment And Other Unallocated Assets) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
Significant assets by segment
Accounts receivable	$ 974,579		$ 974,579		$ 885,571
Investment in films and television programs, net	1,447,393		1,447,393		1,274,573
Goodwill	323,328		323,328		323,328
Total allocated assets by segment	2,745,300		2,745,300		2,483,472
Other unallocated assets (primarily cash, other assets, and equity method investments)	396,205		396,205		368,160
Total assets	3,141,505		3,141,505		2,851,632
Purchases of property and equipment	6,800	2,700	11,293	6,116
Motion Pictures [Member]
Significant assets by segment
Accounts receivable	611,888		611,888		580,906
Investment in films and television programs, net	1,116,562		1,116,562		979,576
Goodwill	294,367		294,367		294,367
Total allocated assets by segment	2,022,817		2,022,817		1,854,849
Television Production [Member]
Significant assets by segment
Accounts receivable	362,691		362,691		304,665
Investment in films and television programs, net	330,831		330,831		294,997
Goodwill	28,961		28,961		28,961
Total allocated assets by segment	$ 722,483		$ 722,483		$ 628,623

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Segment Information (Tables)

9 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information By Business Unit

Segment information by business unit is as follows:

	Three Months Ended					Nine Months Ended
	December 31,					December 31,
	2014		2013			2014		2013
	(Amounts in thousands)
Segment revenues
Motion Pictures	$	590,072	$	757,646		$	1,320,012	$	1,630,599
Television Production	161,227		82,293			433,546		277,797
	$	751,299	$	839,939		$	1,753,558	$	1,908,396
Direct operating expenses
Motion Pictures	$	260,309	$	324,124		$	583,792	$	737,297
Television Production	140,267		73,389			362,048		228,459
	$	400,576	$	397,513		$	945,840	$	965,756
Distribution and marketing
Motion Pictures	$	162,884	$	222,979		$	396,587	$	527,774
Television Production	8,555		10,556			25,050		22,723
	$	171,439	$	233,535		$	421,637	$	550,497
Gross segment contribution
Motion Pictures	$	166,879	$	210,543		$	339,633	$	365,528
Television Production	12,405		(1,652		)	46,448		26,615
	$	179,284	$	208,891		$	386,081	$	392,143
Segment general and administration
Motion Pictures	$	18,669	$	16,882		$	54,252	$	49,316
Television Production	3,172		3,488			10,081		10,043
	$	21,841	$	20,370		$	64,333	$	59,359
Segment profit (loss)
Motion Pictures	$	148,210	$	193,661		$	285,381	$	316,212
Television Production	9,233		(5,140		)	36,367		16,572
	$	157,443	$	188,521		$	321,748	$	332,784

Reconciliation Of Total Segment Profit To The Company's Income Before Income Taxes

The reconciliation of total segment profit to the Company’s income before income taxes is as follows:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Company’s total segment profit	$	157,443		$	188,521		$	321,748		$	332,784
Shared services and corporate expenses:
Share-based compensation expense	(15,132		)	(12,064		)	(48,875		)	(52,199		)
Restructuring charges(1)	(766		)	—			(7,008		)	—
Administrative proceeding(2)	—			(7,500		)	—			(7,500		)
Other shared services and corporate expenses	(23,668		)	(25,643		)	(66,759		)	(67,062		)
Total shared services and corporate expenses	(39,566		)	(45,207		)	(122,642		)	(126,761		)
Depreciation and amortization	(1,708		)	(1,530		)	(4,685		)	(4,766		)
Operating income	116,169			141,784			194,421			201,257
Interest expense	(13,551		)	(15,574		)	(39,594		)	(52,560		)
Interest and other income	623			1,771			2,188			4,750
Loss on extinguishment of debt	(690		)	—			(1,276		)	(36,653		)
Equity interests income (loss)	10,898			(1,321		)	37,353			13,158
Income before income taxes	$	113,449		$	126,660		$	193,092		$	129,952

________________________

(1) Restructuring charges in the nine months endedDecember 31, 2014 primarily consist of severance costs associated with the integration of the marketing operations of the Company's Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom. Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards (see Note 10).

(2) Administrative proceeding represents the settlement of an administrative order.

Reconciliation of Assets from Segment to Consolidated

The following table sets forth significant assets as broken down by segment and other unallocated assets as of December 31, 2014 and March 31, 2014:

	December 31, 2014						March 31, 2014
	Motion Pictures		Television Production		Total		Motion Pictures		Television Production		Total
	(Amounts in thousands)
Significant assets by segment
Accounts receivable	$	611,888	$	362,691	$	974,579	$	580,906	$	304,665	$	885,571
Investment in films and television programs, net	1,116,562		330,831		1,447,393		979,576		294,997		1,274,573
Goodwill	294,367		28,961		323,328		294,367		28,961		323,328
	$	2,022,817	$	722,483	$	2,745,300	$	1,854,849	$	628,623	$	2,483,472
Other unallocated assets (primarily cash, other assets, and equity method investments)					396,205						368,160
Total assets					$	3,141,505					$	2,851,632

Acquisition of Investment in Films and Television Programs by Segment

The following table sets forth acquisition of investment in films and television programs as broken down by segment for the three and nine months ended December 31, 2014 and 2013:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands)
Acquisition of investment in films and television programs
Motion Pictures	$	89,041	$	212,598	$	517,385	$	432,208
Television Production	87,409		142,049		298,084		260,735
	$	176,450	$	354,647	$	815,469	$	692,943

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Corporate Debt (Narrative - 5.25% Senior Notes and Term Loan) (Details) (USD $)	9 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Jul. 31, 2013
Debt Instrument [Line Items]
Carrying value of debt outstanding	$ 721,792,000		$ 677,160,000
Unamortized discount	6,732,000
5.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member]
Debt Instrument [Line Items]
Coupon rate	5.25%	5.25%		5.25%
Principal amount of notes				225,000,000
Carrying value of debt outstanding	225,000,000		225,000,000
Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Term Loan, term	7 years
Carrying value of debt outstanding	223,021,000		222,753,000	222,500,000
Unamortized discount	1,979,000		2,247,000	2,500,000
Effective interest rate	5.00%		5.00%
Term Loan [Member] | Base Rate [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	3.00%
Interest rate floor	2.00%
Term Loan [Member] | LIBOR [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	4.00%
Interest rate floor	1.00%
5.25% Senior Notes and Term Loan [Member] | Senior Secured Second-Priority Notes and Term Loan [Member]
Debt Instrument [Line Items]
Principal amount of notes				450,000,000
Transaction costs capitalized as deferred financing costs		4,200,000
Transaction costs expensed as early extinguishment of debt		$ 2,600,000
10.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member]
Debt Instrument [Line Items]
Coupon rate	10.25%	10.25%		10.25%
Debt instrument redemption price percentage	100.00%

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Capital Stock (Narrative) (Details) (USD $)	0 Months Ended	3 Months Ended		9 Months Ended
	Dec. 12, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 17, 2013	Dec. 16, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized common shares		500,000,000		500,000,000		500,000,000
Excess tax benefits on equity-based compensation awards				$ 6,767,000
Share repurchase plan, authorized amount							300,000,000	150,000,000
Common shares repurchased during period, value				123,626,000
Dividends declared per common share	$ 0.07	$ 0.07	$ 0.05	$ 0.19	$ 0.05
Cash dividends payable		9,817,000	6,900,000	9,817,000	6,900,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		57,400,000		57,400,000
Total unrecognized compensation cost, weighted average period for recognition				2 years 1 month 6 days
Restricted Share Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		30,100,000		30,100,000
Total unrecognized compensation cost, weighted average period for recognition				1 year 8 months 12 days
Share Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash-settled SARs exercised				75,000
Cash paid for the exercise of cash-settled SARs				1,700,000
Performance Incentive Plan of 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for grant under the share-based compensation arrangement plan		27,600,000		27,600,000
Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefits on equity-based compensation awards				6,767,000	0
Common shares repurchased during period, shares				4,594,594
Common shares repurchased during period, value				123,626,000
Share Repurchase Plan 2013 [Member] | Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares repurchased during period, shares				4,594,594
Common shares repurchased during period, value				$ 123,626,000
Weighted average repurchase price per share				$ 26.91

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Film Obligations and Production Loans (Film Obligations And Production Loans) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
Film obligations	$ 46,769	$ 80,904
Production loans	690,796	418,883
Total film obligations and production loans	$ 737,565	$ 499,787

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Equity Method Investments (Summarized Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
EPIX [Member]
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	$ 221,417	$ 184,471
Non-current assets	267,544	247,231
Current liabilities	117,394	126,217
Non-current liabilities	9,515	9,459
POP [Member]
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	31,594	27,150
Non-current assets	192,430	196,011
Current liabilities	29,583	30,653
Non-current liabilities	6,970	12,334
Redeemable preferred stock	$ 377,062	$ 325,204

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Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
5.25% Senior Notes and Term Loan [Member]
Deferred financing costs	$ 0	$ 6,860
Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member]
Coupon rate	5.25%	5.25%
Senior Secured Second-Priority Notes [Member] | 10.25% Senior Notes [Member]
Coupon rate	10.25%	10.25%

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Film Obligations and Production Loans (Future Annual Repayment of Film Obligations And Production Loans) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
Future Annual Repayment Of Film Obligations And Production Loans
Three Months Ended March 31, 2015	$ 110,496
Year Ended March 31, 2016	408,461
Year Ended March 31, 2017	216,095
Year Ended March 31, 2018	2,000
Year Ended March 31, 2019	1,000
Thereafter	0
Total	738,052
Less imputed interest on film obligations	(487)
Total film obligations and production loans	737,565	499,787
Film Obligations [Member]
Future Annual Repayment Of Film Obligations And Production Loans
Three Months Ended March 31, 2015	24,612
Year Ended March 31, 2016	16,680
Year Ended March 31, 2017	2,964
Year Ended March 31, 2018	2,000
Year Ended March 31, 2019	1,000
Thereafter	0
Total	47,256
Production Loans [Member]
Future Annual Repayment Of Film Obligations And Production Loans
Three Months Ended March 31, 2015	85,884
Year Ended March 31, 2016	391,781
Year Ended March 31, 2017	213,131
Year Ended March 31, 2018	0
Year Ended March 31, 2019	0
Thereafter	0
Total	$ 690,796

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Investment In Films And Television Programs (Schedule Of Acquired Libraries) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
Total acquired libraries	$ 11,153	$ 14,329
Artisan Entertainment [Member]
Total amortization period (in years)	20 years
Remaining amortization period (in years)	9 years 0 months
Total acquired libraries	6,702	10,236
Summit Entertainment [Member]
Total amortization period (in years)	20 years
Remaining amortization period (in years)	17 years 0 months
Total acquired libraries	$ 4,451	$ 4,093
Maximum [Member]
Total amortization period (in years)	20 years

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Investment In Films And Television Programs (Tables)

9 Months Ended

Dec. 31, 2014

Investment In Films And Television Programs [Abstract]

Investment In Films And Television Programs

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Motion Pictures Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	454,576	$	509,831
Acquired libraries, net of accumulated amortization	11,153		14,329
Completed and not released	124,674		50,785
In progress	473,052		351,047
In development	30,765		22,336
Product inventory	22,342		31,248
	1,116,562		979,576
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	227,513		212,929
In progress	96,441		76,459
In development	6,877		5,609
	330,831		294,997
	$	1,447,393	$	1,274,573

Schedule of Acquired Libraries Unamortized Costs

The following table sets forth acquired libraries that represent titles released three years prior to the date of acquisition. These libraries are being amortized over their expected revenue stream from the acquisition date over a period up to 20 years:

		Total Amortization Period	Remaining Amortization Period	Unamortized Costs
Acquired Library	Acquisition Date			December 31, 2014		March 31, 2014
		(In years)		(Amounts in thousands)
Artisan Entertainment	December 2003	20.00	9.00	$	6,702	$	10,236
Summit Entertainment	January 2012	20.00	17.00	4,451		4,093
Total acquired libraries				$	11,153	$	14,329

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Net Income Per Share (Policies)

9 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Income Per Share

Diluted net income per common share reflects the potential dilutive effect, if any, of the conversion of convertible senior subordinated notes under the "if converted" method. Diluted net income per common share also reflects share purchase options, including equity-settled share appreciation rights and restricted share units ("RSUs") using the treasury stock method when dilutive, and any contingently issuable shares when dilutive.

Basic net income per share is calculated based on the weighted average common shares outstanding for the period.

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Corporate Debt (Future Annual Contractual Principal Payment Commitments) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014		Mar. 31, 2014	Dec. 31, 2013	Jul. 31, 2013
Long-term Debt, Fiscal Year Maturity [Abstract]
Year Ended March 31, 2015	$ 16,174
Year Ended March 31, 2016	0
Year Ended March 31, 2017	41,850
Year Ended March 31, 2018	160,500
Year Ended March 31, 2019	285,000
Thereafter	225,000
Total	728,524
Less aggregate unamortized discount	(6,732)
Carrying value of debt outstanding	721,792		677,160
Senior Revolving Credit Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Year Ended March 31, 2015	0
Year Ended March 31, 2016	0
Year Ended March 31, 2017	0
Year Ended March 31, 2018	160,500
Year Ended March 31, 2019	0
Thereafter	0
Total	160,500
Convertible Senior Subordinated Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Total	118,024		142,185
Less aggregate unamortized discount	(4,753)		(10,397)
Carrying value of debt outstanding	113,271		131,788
5.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Year Ended March 31, 2015	0
Year Ended March 31, 2016	0
Year Ended March 31, 2017	0
Year Ended March 31, 2018	0
Year Ended March 31, 2019	225,000
Thereafter	0
Total	225,000
Carrying value of debt outstanding	225,000		225,000
Coupon rate	5.25%			5.25%	5.25%
Term Loan [Member] | Term Loan [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Year Ended March 31, 2015	0
Year Ended March 31, 2016	0
Year Ended March 31, 2017	0
Year Ended March 31, 2018	0
Year Ended March 31, 2019	0
Thereafter	225,000
Total	225,000
Less aggregate unamortized discount	(1,979)		(2,247)		(2,500)
Carrying value of debt outstanding	223,021		222,753		222,500
April 2009 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Year Ended March 31, 2015	16,174	[1]
Year Ended March 31, 2016	0	[1]
Year Ended March 31, 2017	0	[1]
Year Ended March 31, 2018	0	[1]
Year Ended March 31, 2019	0	[1]
Thereafter	0	[1]
Total	16,174		40,220
Less aggregate unamortized discount	(370)		(4,605)
Carrying value of debt outstanding	15,804		35,615
Conversion price per share	$ 8.17
Coupon rate	3.625%
January 2012 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Year Ended March 31, 2015	0	[1]
Year Ended March 31, 2016	0	[1]
Year Ended March 31, 2017	41,850	[1]
Year Ended March 31, 2018	0	[1]
Year Ended March 31, 2019	0	[1]
Thereafter	0	[1]
Total	41,850		41,850
Less aggregate unamortized discount	(4,383)		(5,792)
Carrying value of debt outstanding	37,467		36,058
Conversion price per share	$ 10.40
Coupon rate	4.00%
April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Year Ended March 31, 2015	0	[1]
Year Ended March 31, 2016	0	[1]
Year Ended March 31, 2017	0	[1]
Year Ended March 31, 2018	0	[1]
Year Ended March 31, 2019	60,000	[1]
Thereafter	0	[1]
Total	60,000		60,000
Less aggregate unamortized discount	0		0
Carrying value of debt outstanding	$ 60,000		$ 60,000
Conversion price per share	$ 29.71
Coupon rate	1.25%

[1] The future repayment dates of the convertible senior subordinated notes represent the next redemption date by holders for each series of notes respectively, as described below.

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Equity Method Investments (Narrative) (Details) (USD $)	9 Months Ended		3 Months Ended		30 Months Ended	81 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2010	Dec. 31, 2014	Jun. 30, 2014	May 31, 2013
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees	$ 14,750,000	$ 17,250,000
EPIX [Member]
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees					80,400,000
Equity method investment distributions received	7,800,000	14,000,000	0	0		28,000,000
Equity method investment, ownership percentage	31.15%	31.15%	31.15%	31.15%		31.15%
POP [Member]
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees	10,500,000		0
Equity method investment, ownership percentage	50.00%	50.00%	50.00%	50.00%		50.00%
TVGuide.com [Member]
Schedule of Equity Method Investments [Line Items]
Percentage sold of equity interest								50.00%
Defy Media [Member]
Schedule of Equity Method Investments [Line Items]
Effective economic interest in Defy Media	16.00%		16.00%			16.00%
Roadside Attractions [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	43.00%		43.00%			43.00%
Pantelion Films [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%		49.00%			49.00%
MovieFriends [Member]
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees							2,200,000
Equity method investment, ownership percentage	12.30%		12.30%			12.30%
Tribeca Short List [Member]
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees			$ 2,100,000
Equity method investment, ownership percentage	75.00%		75.00%			75.00%
Redeemable Preferred Stock [Member] | POP [Member]
Schedule of Equity Method Investments [Line Items]
Rate of dividend on preferred stock	10.00%
Total accretion period to redemption date of mandatorily redeemable preferred stock units and dividend	10 years

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Equity Method Investments (Tables)

9 Months Ended

Dec. 31, 2014

Schedule of Equity Method Investments [Line Items]

Carrying Amount Of Equity Method Investments

The carrying amounts of equity method investments at December 31, 2014 and March 31, 2014 were as follows:

	December 31, 2014
Equity Method Investee	Ownership Percentage	December 31, 2014		March 31, 2014
		(Amounts in thousands)
EPIX	31.2%	$	98,416	$	78,758
POP (formerly TVGN)	50.0%	92,134		86,298
Other Equity Method Investments(1)	Various	21,130		16,885
		$	211,680	$	181,941

Equity Method Investee, Income (Loss)

Equity interests in equity method investments for the three and nine months ended December 31, 2014 and 2013 were as follows (income (loss)):

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
Equity Method Investee	2014			2013			2014			2013
	(Amounts in thousands)
EPIX	$	11,214		$	5,614		$	27,446		$	21,236
POP (formerly TVGN)	(1,115		)	(5,223		)	(4,663		)	(3,166		)
Other Equity Method Investments(1)	799			(1,712		)	14,570			(4,912		)
	$	10,898		$	(1,321	)	$	37,353		$	13,158

_________________________

(1)The Company records its share of the net income or loss of Other Equity Method Investmentson a one quarter lag and, accordingly, during the three and nine months ended December 31, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and nine months ended September 30, 2014 and 2013, respectively. Equity interest income from Other Equity Method Investments of $14.6 million for the nine months endedDecember 31, 2014 includes a gain on the sale of the Company's investment in FEARnet of $11.4 million. The Company sold all of its 34.5% interest in FEARnet on April 14, 2014, for a sales price of approximately $14.6 million. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014.

EPIX [Member]

Schedule of Equity Method Investments [Line Items]

Summarized Balance Sheet

The following table presents summarized balance sheet data as of December 31, 2014 and March 31, 2014 for EPIX:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Current assets	$	221,417	$	184,471
Non-current assets	$	267,544	$	247,231
Current liabilities	$	117,394	$	126,217
Non-current liabilities	$	9,515	$	9,459

Summarized Statement Of Operations

The following table presents the summarized statement of operations for the three and nine months ended December 31, 2014 and 2013 for EPIX and a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenues	$	101,124		$	89,768		$	288,424		$	261,998
Expenses:
Operating expenses	59,224			60,973			178,690			182,259
Selling, general and administrative expenses	5,863			5,791			17,503			17,054
Operating income	36,037			23,004			92,231			62,685
Interest and other expense	(399		)	(163		)	(1,130		)	(1		)
Net income	$	35,638		$	22,841		$	91,101		$	62,684
Reconciliation of net income reported by EPIX to equity interest income:
Net income reported by EPIX	$	35,638		$	22,841		$	91,101		$	62,684
Ownership interest in EPIX	31.15		%	31.15		%	31.15		%	31.15		%
The Company's share of net income	11,101			7,115			28,378			19,526
Eliminations of the Company’s share of profits on licensing sales to EPIX(1)	(1,935		)	(3,606		)	(7,007		)	(9,226		)
Realization of the Company’s share of profits on licensing sales to EPIX(2)	2,048			2,105			6,075			10,936
Total equity interest income recorded	$	11,214		$	5,614		$	27,446		$	21,236

__________________

(1) Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and nine months ended December 31, 2014 and 2013:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenue recognized on licensing sales to EPIX	$	15,349		$	24,740		$	41,281		$	47,871
Gross profit on licensing sales to EPIX	$	6,213		$	11,576		$	22,493		$	29,619
Ownership interest in EPIX	31.15		%	31.15		%	31.15		%	31.15		%
Elimination of the Company's share of profits on licensing sales to EPIX	$	1,935		$	3,606		$	7,007		$	9,226

(2) Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized.

POP [Member]

Schedule of Equity Method Investments [Line Items]

Summarized Balance Sheet

The following table presents summarized balance sheet data as of December 31, 2014 and March 31, 2014 for POP:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Current assets	$	31,594	$	27,150
Non-current assets	$	192,430	$	196,011
Current liabilities	$	29,583	$	30,653
Non-current liabilities	$	6,970	$	12,334
Redeemable preferred stock	$	377,062	$	325,204

Summarized Statement Of Operations

The following table presents the summarized statement of operations for the three and nine months ended December 31, 2014 and 2013 for POP and a reconciliation of the net loss reported by POP to equity interest loss recorded by the Company:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenues	$	20,507		$	20,058		$	59,073		$	55,023
Expenses:
Cost of services	8,645			13,874			26,938			27,877
Selling, marketing, and general and administration	11,934			12,446			34,527			32,923
Depreciation and amortization	1,928			2,040			5,866			6,034
Operating loss	(2,000		)	(8,302		)	(8,258		)	(11,811		)
Other expense (income)	6			160			391			(1,230		)
Interest expense, net	160			297			551			979
Accretion of redeemable preferred stock units(1)	12,461			10,347			35,361			29,498
Total interest expense, net	12,627			10,804			36,303			29,247
Loss from continuing operations	(14,627		)	(19,106		)	(44,561		)	(41,058		)
Loss from discontinued operations	—			(1,685		)	—			(2,799		)
Net loss	$	(14,627	)	$	(20,791	)	$	(44,561	)	$	(43,857	)
Reconciliation of net loss reported by POP to equity interest loss:
Net loss reported by POP	$	(14,627	)	$	(20,791	)	$	(44,561	)	$	(43,857	)
Ownership interest in POP	50		%	50		%	50		%	50		%
The Company's share of net loss	(7,314		)	(10,396		)	(22,281		)	(21,929		)
Gain on sale of the Company's 50% share of TVGuide.com(2)	—			—			—			3,960
Accretion of dividend and interest income on redeemable preferred stock units(1)	6,231			5,173			17,681			14,749
Elimination of the Company's share of profits on licensing sales to POP	—			—			(367		)	—
Realization of the Company’s share of profits on licensing sales to POP	(32		)	—			304			54
Total equity interest loss recorded	$	(1,115	)	$	(5,223	)	$	(4,663	)	$	(3,166	)

 ___________________

(1) Accretion of mandatorily redeemable preferred stock units represents POP's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss).

(2) Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by POP, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for POP.

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Other Assets (Tables)

9 Months Ended

Dec. 31, 2014

Other Assets, Unclassified [Abstract]

Other Assets

The composition of the Company’s other assets is as follows as of December 31, 2014 and March 31, 2014:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Deferred financing costs, net of accumulated amortization	$	29,084	$	34,722
Prepaid expenses and other	40,648		33,347
Finite-lived intangible assets	1,640		2,998
	$	71,372	$	71,067

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Unaudited Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net income	$ 162,227	$ 102,885
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	4,685	4,766
Amortization of films and television programs	639,472	636,818
Amortization of debt discount and deferred financing costs	10,048	12,878
Non-cash share-based compensation	48,691	41,044
Distribution from equity method investee	7,788	9,849
Loss on extinguishment of debt	1,276	36,653
Equity interests income	(37,353)	(13,158)
Deferred income taxes	11,243	13,272
Changes in operating assets and liabilities:
Restricted cash	1,417	(29,754)
Accounts receivable, net	(94,803)	(46,376)
Investment in films and television programs	(815,469)	(692,943)
Other assets	(1,416)	(1,696)
Accounts payable and accrued liabilities	(52,700)	4,205
Participations and residuals	(6,070)	38,236
Film obligations	(33,953)	11,208
Deferred revenue	(8,124)	17,947
Net Cash Flows Provided By (Used In) Operating Activities	(163,041)	145,834
Investing Activities:
Proceeds from the sale of equity method investees	14,575	9,000
Investment in equity method investees	(14,750)	(17,250)
Distributions from equity method investee in excess of earnings	0	4,169
Other investments	(2,000)	0
Repayment of loans receivable	0	4,275
Purchases of property and equipment	(11,293)	(6,116)
Net Cash Flows Used In Investing Activities	(13,468)	(5,922)
Financing Activities:
Senior revolving credit facility - borrowings	681,500	782,219
Senior revolving credit facility - repayments	(618,619)	(926,574)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013	0	440,640
10.25% Senior Notes - repurchases and redemptions	0	(470,584)
Convertible senior subordinated notes - borrowings	0	60,000
Convertible senior subordinated notes - repurchases	(16)	0
Production loans - borrowings	533,781	359,582
Production loans - repayments	(261,868)	(301,385)
Pennsylvania Regional Center credit facility - repayments	0	(65,000)
Repurchase of common shares	(129,859)	0
Dividends paid	(23,536)	0
Excess tax benefits on equity-based compensation awards	6,767	0
Exercise of stock options	4,404	10,869
Tax withholding required on equity awards	(14,939)	(14,376)
Net Cash Flows Provided By (Used In) Financing Activities	177,615	(124,609)
Net Change In Cash And Cash Equivalents	1,106	15,303
Foreign Exchange Effects on Cash	2,088	(2,264)
Cash and Cash Equivalents - Beginning Of Period	25,692	62,363
Cash and Cash Equivalents - End Of Period	$ 28,886	$ 75,402

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Corporate Debt (Tables)

9 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Carrying Values of Corporate Debt, Excluding Film Obligations and Production Loans

The total carrying values of corporate debt of the Company, excluding film obligations and production loans, were as follows as of December 31, 2014 and March 31, 2014:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Senior revolving credit facility	$	160,500	$	97,619
5.25% Senior Notes	225,000		225,000
Term Loan, net of unamortized discount of $1,979 (March 31, 2014 - $2,247)	223,021		222,753
Convertible senior subordinated notes, net of unamortized discount of $4,753 (March 31, 2014 - $10,397)	113,271		131,788
	$	721,792	$	677,160

Future Annual Contractual Principal Payment Commitments Under Corporate Debt

The following table sets forth future annual contractual principal payment commitments of corporate debt as of December 31, 2014:

	Conversion Price Per Share at December 31, 2014	Maturity Date or Next Holder Redemption Date(1)	Year Ended March 31,
Debt Type			2015		2016		2017		2018		2019		Thereafter		Total
			(Amounts in thousands)
Senior revolving credit facility	N/A	September 2017	$	—	$	—	$	—	$	160,500	$	—	$	—	$	160,500
5.25% Senior Notes	N/A	August 2018	—		—		—		—		225,000		—		225,000
Term Loan	N/A	July 2020	—		—		—		—		—		225,000		225,000
Principal amounts of convertible senior subordinated notes:
April 2009 3.625% Notes	$8.17	March 2015	16,174		—		—		—		—		—		16,174
January 2012 4.00% Notes	$10.40	January 2017	—		—		41,850		—		—		—		41,850
April 2013 1.25% Notes	$29.71	April 2018	—		—		—		—		60,000		—		60,000
			$	16,174	$	—	$	41,850	$	160,500	$	285,000	$	225,000	728,524
Less aggregate unamortized discount															(6,732		)
															$	721,792

____________________

(1) The future repayment dates of the convertible senior subordinated notes represent the next redemption date by holders for each series of notes respectively, as described below.

Convertible Senior Subordinated Notes Outstanding and Certain Key Terms

The following table sets forth the convertible senior subordinated notes outstanding and certain key terms of these notes at December 31, 2014 and March 31, 2014:

	Maturity Date or Next Holder Redemption Date	Conversion Price at December 31, 2014	December 31, 2014							March 31, 2014
Convertible Senior Subordinated Notes			Principal		Unamortized Discount			Net Carrying Amount		Principal		Unamortized Discount			Net Carrying Amount
			(Amounts in thousands)
October 2004 2.9375% Notes	N/A	N/A	$	—	$	—		$	—	$	115	$	—		$	115
April 2009 3.625% Notes	March 15, 2015	$8.17	16,174		(370		)	15,804		40,220		(4,605		)	35,615
January 2012 4.00% Notes	January 11, 2017	$10.40	41,850		(4,383		)	37,467		41,850		(5,792		)	36,058
April 2013 1.25% Notes	April 15, 2018	$29.71	60,000		—			60,000		60,000		—			60,000
			$	118,024	$	(4,753	)	$	113,271	$	142,185	$	(10,397	)	$	131,788

Interest Expense on Convertible Senior Subordinated Notes

Interest expense recognized for the convertible senior subordinated notes for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands)
Interest Expense
Contractual interest coupon	$	776	$	1,191	$	2,705	$	3,581
Amortization of discount on liability component and debt issuance costs	1,061		2,195		4,322		6,432
	$	1,837	$	3,386	$	7,027	$	10,013

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Supplementary Cash Flow Statement Information (Non-Cash Investing and Financing Activities) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Non-cash financing activities
Accrued dividends (see Note 10)	$ 9,817	$ 6,900
Accrued share repurchases	2,106	0
Conversions of convertible senior subordinated notes (see Note 5)	$ 24,145	$ 3,150

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Supplementary Cash Flow Statement Information (Tables)

9 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Elements [Abstract]

Supplemental Schedule of Non-Cash Investing and Financing Activities

	Nine Months Ended
	December 31,
	2014		2013
	(Amounts in thousands)
Non-cash financing activities:
Accrued dividends (see Note 10)	$	9,817	$	6,900
Accrued share repurchases	$	2,106	$	—
Conversions of convertible senior subordinated notes (see Note 5)	$	24,145	$	3,150

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Corporate Debt (Narrative - 10.25% Senior Notes) (Details) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended		3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2013	Jun. 30, 2013	Jun. 30, 2013	Sep. 30, 2013
Debt Instrument [Line Items]
Amounts paid for repurchases			$ 0	$ 470,584,000
Loss on extinguishment of debt	690,000	0	1,276,000	36,653,000
Senior Secured Second-Priority Notes [Member] | 10.25% Senior Notes [Member]
Debt Instrument [Line Items]
Amounts paid for repurchases						4,300,000
Principal amount of notes repurchased or redeemed					432,000,000	4,000,000
Carrying value of notes extinguished						4,000,000
Loss on extinguishment of debt							500,000
Write-off of deferred debt financing costs							200,000
Coupon rate	10.25%	10.25%	10.25%	10.25%	10.25%
Premium and interest paid for early redemption of 10.25% Senior Notes					34,300,000
Deferred financing costs and unamortized discount related to redeemed notes					19,800,000
Debt instrument redemption price percentage			100.00%
Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member]
Debt Instrument [Line Items]
Coupon rate	5.25%	5.25%	5.25%	5.25%	5.25%
Principal amount of notes					225,000,000
Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Term Loan, term			7 years
Senior Secured Second-Priority Notes and Term Loan [Member] | 10.25% Senior Notes and New Issuances [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt								35,900,000
Senior Secured Second-Priority Notes and Term Loan [Member] | 5.25% Senior Notes and Term Loan [Member]
Debt Instrument [Line Items]
Principal amount of notes					$ 450,000,000

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Government Assistance (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
Government Assistance [Abstract]
Tax credits earned for film and television production activity	$ 103.5	$ 15.0	$ 193.0	$ 62.0
Tax credits receivable for film and television production	$ 272.9		$ 272.9		$ 115.3

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Unaudited Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
ASSETS
Cash and cash equivalents	$ 28,886	$ 25,692
Restricted cash	7,508	8,925
Accounts receivable, net of reserves for returns and allowances of $64,815 (March 31, 2014 - $106,680) and provision for doubtful accounts of $4,074 (March 31, 2014 - $4,876)	974,579	885,571
Investment in films and television programs, net	1,447,393	1,274,573
Property and equipment, net	22,430	14,552
Equity method investments	211,680	181,941
Goodwill	323,328	323,328
Other assets	71,372	71,067
Deferred tax assets	54,329	65,983
Total assets	3,141,505	2,851,632
LIABILITIES
Senior revolving credit facility	160,500	97,619
5.25% Senior Notes	225,000	225,000
Term Loan	223,021	222,753
Accounts payable and accrued liabilities	271,101	332,457
Participations and residuals	463,093	469,390
Film obligations and production loans	737,565	499,787
Convertible senior subordinated notes	113,271	131,788
Deferred revenue	279,958	288,300
Total liabilities	2,473,509	2,267,094
Commitments and contingencies
SHAREHOLDERS’ EQUITY
Common shares, no par value, 500,000,000 shares authorized, 140,259,641 shares issued (March 31, 2014 - 141,007,461 shares)	668,492	743,788
Retained earnings (accumulated deficit)	4,352	(157,875)
Accumulated other comprehensive loss	(4,848)	(1,375)
Total shareholders’ equity	667,996	584,538
Total liabilities and shareholders’ equity	$ 3,141,505	$ 2,851,632

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Equity Method Investments (Carrying Amount Of Equity Method Investments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014		Mar. 31, 2014		Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 211,680		$ 181,941
EPIX [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	31.15%				31.15%
Equity method investments	98,416		78,758
POP [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%				50.00%
Equity method investments	92,134		86,298
Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 21,130	[1]	$ 16,885	[1]

[1] The Company records its share of the net income or loss of Other Equity Method Investments on a one quarter lag and, accordingly, during the three and nine months ended December 31, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and nine months ended September 30, 2014 and 2013, respectively. Equity interest income from Other Equity Method Investments of $14.6 million for the nine months ended December 31, 2014 includes a gain on the sale of the Company's investment in FEARnet of $11.4 million. The Company sold all of its 34.5% interest in FEARnet on April 14, 2014, for a sales price of approximately $14.6 million. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014.

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Unaudited Condensed Consolidated Statement of Shareholders' Equity (USD $) In Thousands, except Share data	Total	Common Shares [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Mar. 31, 2014	$ 584,538	$ 743,788	$ (157,875)	$ (1,375)
Beginning balance, shares at Mar. 31, 2014		141,007,461
Exercise of stock options	4,404	4,404
Exercise of stock options, shares		268,247
Share-based compensation, net of withholding tax obligations of $14,939	38,901	38,901
Share-based compensation, net of withholding tax obligations of $14,939, shares		621,604
Conversion of October 2004 2.9375% Notes and April 2009 3.625% Notes	24,024	24,024
Conversion of October 2004 2.9375% Notes and April 2009 3.625% Notes, shares		2,938,533
Issuance of common shares to directors for services	521	521
Issuance of common shares to directors for services, shares		18,390
Repurchase of common shares, no par value	(123,626)	(123,626)
Repurchase of common shares, no par value, shares		(4,594,594)
Dividends declared	(26,287)	(26,287)
Excess tax benefits on equity-based compensation awards	6,767	6,767
Net income	162,227		162,227
Foreign currency translation adjustments	(4,166)			(4,166)
Net unrealized gain on foreign exchange contracts, net of tax	693			693
Ending balance at Dec. 31, 2014	$ 667,996	$ 668,492	$ 4,352	$ (4,848)
Ending balance, shares at Dec. 31, 2014		140,259,641

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Participations and Residuals (Details)	9 Months Ended
	Dec. 31, 2014
Participations And Residuals [abstract]
Percentage of accrued participations and residuals payable within one year	58.00%

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Net Income Per Share (Tables)

9 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Basic Net Income Per Common Share

Basic net income per share for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands, except per share amounts)
Basic Net Income Per Common Share:
Numerator:
Net income	$	98,185	$	88,763	$	162,227	$	102,885
Denominator:
Weighted average common shares outstanding	139,963		137,946		138,618		137,097
Basic Net Income Per Common Share	$	0.70	$	0.64	$	1.17	$	0.75

Diluted Net Income Per Common Share

Diluted net income per common share for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands, except per share amounts)
Diluted Net Income Per Common Share:
Numerator:
Net income	$	98,185	$	88,763	$	162,227	$	102,885
Add:
Interest on convertible notes, net of tax	1,163		2,137		4,456		6,315
Numerator for Diluted Net Income Per Common Share	$	99,348	$	90,900	$	166,683	$	109,200
Denominator:
Weighted average common shares outstanding	139,963		137,946		138,618		137,097
Effect of dilutive securities:
Conversion of notes	8,360		13,815		9,995		13,842
Share purchase options	2,943		2,797		2,662		2,619
Restricted share units	447		579		441		639
Adjusted weighted average common shares outstanding	151,713		155,137		151,716		154,197
Diluted Net Income Per Common Share	$	0.65	$	0.59	$	1.10	$	0.71

Anti-dilutive Shares Issuable

For the three and nine months ended December 31, 2014 and 2013, the Company's outstanding common shares issuable presented below were excluded from diluted net income per common share because their inclusion would have had an anti-dilutive effect.

	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2014	2013	2014	2013
	(Amounts in thousands)
Anti-dilutive shares issuable
Share purchase options	3,122	2,630	4,334	2,203
Restricted share units	97	117	144	52
Contingently issuable shares	298	451	286	446
Total weighted average anti-dilutive shares issuable excluded from Diluted Net Income Per Common Share	3,517	3,198	4,764	2,701

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Net Income Per Share (Diluted) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 98,185	$ 88,763	$ 162,227	$ 102,885
Interest on convertible notes, net of tax	1,163	2,137	4,456	6,315
Numerator for Diluted Net Income Per Common Share	$ 99,348	$ 90,900	$ 166,683	$ 109,200
Denominator:
Weighted average common shares outstanding	139,963	137,946	138,618	137,097
Conversion of notes	8,360	13,815	9,995	13,842
Share purchase options	2,943	2,797	2,662	2,619
Restricted share units	447	579	441	639
Adjusted weighted average common shares outstanding	151,713	155,137	151,716	154,197
Diluted net income per common share	$ 0.65	$ 0.59	$ 1.10	$ 0.71

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Segment Information

9 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

Accounting guidance requires the Company to make certain disclosures about each reportable segment. The Company’s reportable segments are determined based on the distinct nature of their operations and each segment is a strategic business unit that offers different products and services and is managed separately. The Company has two reportable business segments as of December 31, 2014: Motion Pictures and Television Production.

Motion Pictures consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired.

Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series and non-fiction programming.

Segment information by business unit is as follows:

	Three Months Ended					Nine Months Ended
	December 31,					December 31,
	2014		2013			2014		2013
	(Amounts in thousands)
Segment revenues
Motion Pictures	$	590,072	$	757,646		$	1,320,012	$	1,630,599
Television Production	161,227		82,293			433,546		277,797
	$	751,299	$	839,939		$	1,753,558	$	1,908,396
Direct operating expenses
Motion Pictures	$	260,309	$	324,124		$	583,792	$	737,297
Television Production	140,267		73,389			362,048		228,459
	$	400,576	$	397,513		$	945,840	$	965,756
Distribution and marketing
Motion Pictures	$	162,884	$	222,979		$	396,587	$	527,774
Television Production	8,555		10,556			25,050		22,723
	$	171,439	$	233,535		$	421,637	$	550,497
Gross segment contribution
Motion Pictures	$	166,879	$	210,543		$	339,633	$	365,528
Television Production	12,405		(1,652		)	46,448		26,615
	$	179,284	$	208,891		$	386,081	$	392,143
Segment general and administration
Motion Pictures	$	18,669	$	16,882		$	54,252	$	49,316
Television Production	3,172		3,488			10,081		10,043
	$	21,841	$	20,370		$	64,333	$	59,359
Segment profit (loss)
Motion Pictures	$	148,210	$	193,661		$	285,381	$	316,212
Television Production	9,233		(5,140		)	36,367		16,572
	$	157,443	$	188,521		$	321,748	$	332,784

Gross segment contribution is defined as segment revenue less segment direct operating and distribution and marketing expenses.

Segment profit (loss) is defined as segment revenue less segment direct operating, distribution and marketing, and general and administration expenses. The reconciliation of total segment profit to the Company’s income before income taxes is as follows:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Company’s total segment profit	$	157,443		$	188,521		$	321,748		$	332,784
Shared services and corporate expenses:
Share-based compensation expense	(15,132		)	(12,064		)	(48,875		)	(52,199		)
Restructuring charges(1)	(766		)	—			(7,008		)	—
Administrative proceeding(2)	—			(7,500		)	—			(7,500		)
Other shared services and corporate expenses	(23,668		)	(25,643		)	(66,759		)	(67,062		)
Total shared services and corporate expenses	(39,566		)	(45,207		)	(122,642		)	(126,761		)
Depreciation and amortization	(1,708		)	(1,530		)	(4,685		)	(4,766		)
Operating income	116,169			141,784			194,421			201,257
Interest expense	(13,551		)	(15,574		)	(39,594		)	(52,560		)
Interest and other income	623			1,771			2,188			4,750
Loss on extinguishment of debt	(690		)	—			(1,276		)	(36,653		)
Equity interests income (loss)	10,898			(1,321		)	37,353			13,158
Income before income taxes	$	113,449		$	126,660		$	193,092		$	129,952

________________________

(1) Restructuring charges in the nine months endedDecember 31, 2014 primarily consist of severance costs associated with the integration of the marketing operations of the Company's Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom. Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards (see Note 10).

(2) Administrative proceeding represents the settlement of an administrative order.

The following table sets forth significant assets as broken down by segment and other unallocated assets as of December 31, 2014 and March 31, 2014:

	December 31, 2014						March 31, 2014
	Motion Pictures		Television Production		Total		Motion Pictures		Television Production		Total
	(Amounts in thousands)
Significant assets by segment
Accounts receivable	$	611,888	$	362,691	$	974,579	$	580,906	$	304,665	$	885,571
Investment in films and television programs, net	1,116,562		330,831		1,447,393		979,576		294,997		1,274,573
Goodwill	294,367		28,961		323,328		294,367		28,961		323,328
	$	2,022,817	$	722,483	$	2,745,300	$	1,854,849	$	628,623	$	2,483,472
Other unallocated assets (primarily cash, other assets, and equity method investments)					396,205						368,160
Total assets					$	3,141,505					$	2,851,632

The following table sets forth acquisition of investment in films and television programs as broken down by segment for the three and nine months ended December 31, 2014 and 2013:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands)
Acquisition of investment in films and television programs
Motion Pictures	$	89,041	$	212,598	$	517,385	$	432,208
Television Production	87,409		142,049		298,084		260,735
	$	176,450	$	354,647	$	815,469	$	692,943

Purchases of property and equipment amounted to $6.8 million and $11.3 million for the three and nine months ended December 31, 2014, respectively, and $2.7 million and $6.1 million for the three and nine months ended December 31, 2013, respectively, primarily pertaining to purchases for the Company’s corporate headquarters.

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Capital Stock (Tables)

9 Months Ended

Dec. 31, 2014

Equity and Share-based Compensation [Abstract]

Common Shares Reserved For Future Issuance

The table below outlines common shares reserved for future issuance:

	December 31, 2014	March 31, 2014
	(Amounts in thousands)
Stock options outstanding, average exercise price $22.06 (March 31, 2014 - $20.83)	12,104	10,894
Restricted share units — unvested	1,784	2,139
Share purchase options and restricted share units available for future issuance	7,643	3,471
Shares issuable upon conversion of October 2004 2.9375% Notes at conversion price of $11.46 per share at March 31, 2014	—	10
Shares issuable upon conversion of April 2009 3.625% Notes at conversion price of $8.17 per share (March 31, 2014 - $8.22)	1,980	4,893
Shares issuable upon conversion of January 2012 4.00% Notes at conversion price of $10.40 per share (March 31, 2014 - $10.46)	4,024	4,001
Shares issuable upon conversion of April 2013 1.25% Notes at conversion price of $29.71 per share (March 31, 2014 - $29.89)	2,020	2,007
Shares reserved for future issuance	29,555	27,415

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation Expense

The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2014, and 2013:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Compensation Expense:
Stock Options	$	7,551		$	5,393		$	25,560		$	15,131
Restricted Share Units and Other Share-based Compensation	6,477			6,597			19,515			22,032
Share Appreciation Rights	1,104			74			3,800			15,036
	15,132			12,064			48,875			52,199
Impact of accelerated vesting on stock options and restricted share units(1)	—			—			1,194			—
Total share-based compensation expense	$	15,132		$	12,064		$	50,069		$	52,199
Tax impact(2)	(5,547		)	(4,464		)	(18,355		)	(19,314		)
Reduction in net income	$	9,585		$	7,600		$	31,714		$	32,885

____________________________

(1) Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels.

(2) Represents the income tax benefit recognized in the statements of income for share-based compensation arrangements.

Schedule of Stock Option and Restricted Share Unit Activity

	Stock Options		Weighted-Average Exercise Price	Restricted Share Units		Weighted-Average Grant-Date Fair Value
Outstanding at March 31, 2014	10,894,010		$20.83	2,139,175		$23.38
Granted	1,505,267		$29.89	766,652		$29.48
Options exercised or RSUs vested	(268,247	)	$16.42	(1,108,305	)	$22.17
Forfeited or expired	(27,238	)	$17.65	(14,011	)	$18.98
Outstanding at December 31, 2014	12,103,792		$22.06	1,783,511		$27.02

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Consolidating Financial Information - Convertible Senior Subordinated Notes (Convertible Senior Subordinated Notes [Member])

9 Months Ended

Dec. 31, 2014

Convertible Senior Subordinated Notes [Member]

Consolidating Financial Information [Line Items]

Consolidating Financial Information - Convertible Senior Subordinated Notes

Consolidating Financial Information — Convertible Senior Subordinated Notes

The April 2009 3.625% Notes, the January 2012 4.00% Notes, and the April 2013 1.25% Notes by their terms, are fully and unconditionally guaranteed by the Company. LGEI, the issuer of the April 2009 3.625% Notes, the January 2012 4.00% Notes, and the April 2013 1.25% Notes that are guaranteed by the Company, is 100% owned by the parent company guarantor, Lions Gate Entertainment Corp.

The following tables present condensed consolidating financial information as of December 31, 2014 and March 31, 2014, and for the nine months endedDecember 31, 2014 and 2013 for (1) the Company, on a stand-alone basis, (2) LGEI, on a stand-alone basis, (3) the non-guarantor subsidiaries of the Company (including the subsidiaries of LGEI), on a combined basis (collectively, the “Non-guarantor Subsidiaries”) and (4) the Company, on a consolidated basis.

	As of
	December 31, 2014
	Lions Gate Entertainment Corp.		Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries		Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
BALANCE SHEET
Assets
Cash and cash equivalents	$	839	$	15,501		$	12,546	$	—		$	28,886
Restricted cash	—		7,508			—		—			7,508
Accounts receivable, net	741		5,581			968,257		—			974,579
Investment in films and television programs, net	—		6,394			1,440,999		—			1,447,393
Property and equipment, net	—		20,685			1,745		—			22,430
Equity method investments	—		5,947			205,800		(67		)	211,680
Goodwill	10,172		—			313,156		—			323,328
Other assets	3,636		65,305			8,467		(6,036		)	71,372
Deferred tax assets	6,766		38,974			8,589		—			54,329
Subsidiary investments and advances	1,273,816		1,277,306			2,055,224		(4,606,346		)	—
	$	1,295,970	$	1,443,201		$	5,014,783	$	(4,612,449	)	$	3,141,505
Liabilities and Shareholders’ Equity (Deficiency)
Senior revolving credit facility	$	160,500	$	—		$	—	$	—		$	160,500
5.25% Senior Notes	225,000		—			—		—			225,000
Term Loan	223,021		—			—		—			223,021
Accounts payable and accrued liabilities	19,453		69,295			182,353		—			271,101
Participations and residuals	—		3,417			459,676		—			463,093
Film obligations and production loans	—		—			737,565		—			737,565
Convertible senior subordinated notes	—		113,271			—		—			113,271
Deferred revenue	—		8,813			271,145		—			279,958
Intercompany payable	—		1,414,020			1,991,164		(3,405,184		)	—
Shareholders’ equity (deficiency)	667,996		(165,615		)	1,372,880		(1,207,265		)	667,996
	$	1,295,970	$	1,443,201		$	5,014,783	$	(4,612,449	)	$	3,141,505

	Nine Months Ended
	December 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments			Lions Gate Consolidated
				(Amounts in thousands)
STATEMENT OF INCOME
Revenues	$	—		$	21,565		$	1,732,520		$	(527	)	$	1,753,558
EXPENSES:
Direct operating	2			3,243			942,595			—			945,840
Distribution and marketing	—			1,575			420,062			—			421,637
General and administration	2,383			115,942			69,010			(360		)	186,975
Depreciation and amortization	—			2,721			1,964			—			4,685
Total expenses	2,385			123,481			1,433,631			(360		)	1,559,137
OPERATING INCOME (LOSS)	(2,385		)	(101,916		)	298,889			(167		)	194,421
Other expenses (income):
Interest expense	25,919			138,139			96,941			(221,405		)	39,594
Interest and other income	(126,019		)	(2,766		)	(94,457		)	221,054			(2,188		)
Loss on extinguishment of debt	—			1,276			—			—			1,276
Total other expenses (income)	(100,100		)	136,649			2,484			(351		)	38,682
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES	97,715			(238,565		)	296,405			184			155,739
Equity interests income (loss)	66,045			317,176			37,224			(383,092		)	37,353
INCOME (LOSS) BEFORE INCOME TAXES	163,760			78,611			333,629			(382,908		)	193,092
Income tax provision (benefit)	1,533			12,566			52,982			(36,216		)	30,865
NET INCOME (LOSS)	162,227			66,045			280,647			(346,692		)	162,227
Foreign currency translation adjustments	(3,473		)	(4,383		)	(1,301		)	4,991			(4,166		)
Net unrealized gain on foreign exchange contracts, net of tax	—			—			693			—			693
COMPREHENSIVE INCOME (LOSS)	$	158,754		$	61,662		$	280,039		$	(341,701	)	$	158,754

	Nine Months Ended
	December 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments		Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF CASH FLOWS
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	93,761		$	16,210		$	(273,012	)	$	—	$	(163,041	)
INVESTING ACTIVITIES:
Proceeds from the sale of equity method investees	—			—			14,575			—		14,575
Investment in equity method investees	—			(2,150		)	(12,600		)	—		(14,750		)
Other investments	—			(2,000		)	—			—		(2,000		)
Purchases of property and equipment	—			(9,309		)	(1,984		)	—		(11,293		)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	—			(13,459		)	(9		)	—		(13,468		)
FINANCING ACTIVITIES:
Senior revolving credit facility - borrowings	681,500			—			—			—		681,500
Senior revolving credit facility - repayments	(618,619		)	—			—			—		(618,619		)
Convertible senior subordinated notes - repurchases	—			(16		)	—			—		(16		)
Production loans - borrowings	—			—			533,781			—		533,781
Production loans - repayments	—			—			(261,868		)	—		(261,868		)
Repurchase of common shares	(129,859		)	—			—			—		(129,859		)
Dividends paid	(23,536		)	—			—			—		(23,536		)
Excess tax benefits on equity-based compensation awards	—			6,767			—			—		6,767
Exercise of stock options	4,404			—			—			—		4,404
Tax withholding required on equity awards	(14,939		)	—			—			—		(14,939		)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	(101,049		)	6,751			271,913			—		177,615
NET CHANGE IN CASH AND CASH EQUIVALENTS	(7,288		)	9,502			(1,108		)	—		1,106
FOREIGN EXCHANGE EFFECTS ON CASH	(1		)	—			2,089			—		2,088
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	8,128			5,999			11,565			—		25,692
CASH AND CASH EQUIVALENTS — END OF PERIOD	$	839		$	15,501		$	12,546		$	—	$	28,886

	As of
	March 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries		Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
BALANCE SHEET
Assets
Cash and cash equivalents	$	8,128		$	5,999		$	11,565	$	—		$	25,692
Restricted cash	—			8,925			—		—			8,925
Accounts receivable, net	688			2,514			882,369		—			885,571
Investment in films and television programs, net	(18		)	6,394			1,266,703		1,494			1,274,573
Property and equipment, net	—			14,185			367		—			14,552
Equity method investments	—			3,668			178,273		—			181,941
Goodwill	10,172			—			313,156		—			323,328
Other assets	4,113			67,612			5,682		(6,340		)	71,067
Deferred tax assets	8,417			48,125			9,441		—			65,983
Subsidiary investments and advances	1,118,356			1,065,274			1,532,070		(3,715,700		)	—
	$	1,149,856		$	1,222,696		$	4,199,626	$	(3,720,546	)	$	2,851,632
Liabilities and Shareholders’ Equity (Deficiency)
Senior revolving credit facility	$	97,619		$	—		$	—	$	—		$	97,619
5.25% Senior Notes	225,000			—			—		—			225,000
Term Loan	222,753			—			—		—			222,753
Accounts payable and accrued liabilities	19,946			73,045			239,466		—			332,457
Participations and residuals	—			3,417			465,973		—			469,390
Film obligations and production loans	—			—			499,787		—			499,787
Convertible senior subordinated notes	—			131,788			—		—			131,788
Deferred revenue	—			11,689			276,611		—			288,300
Intercompany payable	—			1,232,310			1,480,273		(2,712,583		)	—
Shareholders’ equity (deficiency)	584,538			(229,553		)	1,237,516		(1,007,963		)	584,538
	$	1,149,856		$	1,222,696		$	4,199,626	$	(3,720,546	)	$	2,851,632

	Nine Months Ended
	December 31, 2013
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF INCOME
Revenues	$	6,748		$	20,989		$	1,889,642		$	(8,983	)	$	1,908,396
EXPENSES:
Direct operating	(254		)	(2,933		)	968,943			—			965,756
Distribution and marketing	2			2,490			548,005			—			550,497
General and administration	1,344			124,084			61,093			(401		)	186,120
Depreciation and amortization	—			1,608			3,158			—			4,766
Total expenses	1,092			125,249			1,581,199			(401		)	1,707,139
OPERATING INCOME (LOSS)	5,656			(104,260		)	308,443			(8,582		)	201,257
Other expenses (income):
Interest expense	12,496			70,840			20,036			(50,812		)	52,560
Interest and other income	(33,592		)	(4,838		)	(17,132		)	50,812			(4,750		)
Loss on extinguishment of debt	2,600			34,053			—			—			36,653
Total other expenses (income)	(18,496		)	100,055			2,904			—			84,463
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES	24,152			(204,315		)	305,539			(8,582		)	116,794
Equity interests income (loss)	74,296			298,123			18,328			(377,589		)	13,158
INCOME (LOSS) BEFORE INCOME TAXES	98,448			93,808			323,867			(386,171		)	129,952
Income tax provision (benefit)	(4,437		)	19,512			67,244			(55,252		)	27,067
NET INCOME (LOSS)	102,885			74,296			256,623			(330,919		)	102,885
Foreign currency translation adjustments	3,334			(59		)	26,082			(25,253		)	4,104
Net unrealized loss on foreign exchange contracts, net of tax	—			—			(770		)	—			(770		)
COMPREHENSIVE INCOME (LOSS)	$	106,219		$	74,237		$	281,935		$	(356,172	)	$	106,219

	Nine Months Ended
	December 31, 2013
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments		Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF CASH FLOWS
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(630,884	)	$	761,836		$	14,882		$	—	$	145,834
INVESTING ACTIVITIES:
Proceeds from the sale of equity method investees	—			—			9,000			—		9,000
Investment in equity method investees	—			(750		)	(16,500		)	—		(17,250		)
Distributions from equity method investee in excess of earnings	—			—			4,169			—		4,169
Repayment of loans receivable	—			—			4,275			—		4,275
Purchases of property and equipment	—			(4,276		)	(1,840		)	—		(6,116		)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	—			(5,026		)	(896		)	—		(5,922		)
FINANCING ACTIVITIES:
Senior revolving credit facility - borrowings	319,119			463,100			—			—		782,219
Senior revolving credit facility - repayments	(125,000		)	(801,574		)	—			—		(926,574		)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860	440,640			—			—			—		440,640
10.25% Senior Notes - repurchases and redemptions	—			(470,584		)	—			—		(470,584		)
Convertible senior subordinated notes - borrowings	—			60,000			—			—		60,000
Production loans - borrowings	—			—			359,582			—		359,582
Production loans - repayments	—			—			(301,385		)	—		(301,385		)
Pennsylvania Regional Center credit facility - repayments	—			—			(65,000		)	—		(65,000		)
Exercise of stock options	10,869			—			—			—		10,869
Tax withholding required on equity awards	(14,376		)	—			—			—		(14,376		)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	631,252			(749,058		)	(6,803		)	—		(124,609		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	368			7,752			7,183			—		15,303
FOREIGN EXCHANGE EFFECTS ON CASH	(210		)	—			(2,054		)	—		(2,264		)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	592			36,834			24,937			—		62,363
CASH AND CASH EQUIVALENTS — END OF PERIOD	$	750		$	44,586		$	30,066		$	—	$	75,402

XML

Capital Stock (Common Shares Reserved for Future Issuance) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	29,555	27,415
Stock Options [Member]
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	12,104	10,894
Stock options outstanding, average exercise price	22.06	20.83
Restricted Share Units (RSUs) - Unvested [Member]
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	1,784	2,139
Share Purchase Options and Restricted Share Units [Member]
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	7,643	3,471
October 2004 Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	0	10
Conversion price per share		11.46
April 2009 Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	1,980	4,893
Conversion price per share	8.17	8.22
January 2012 Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	4,024	4,001
Conversion price per share	10.40	10.46
April 2013 Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Shares reserved for future issuance	2,020	2,007
Conversion price per share	29.71	29.89
October 2004 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Coupon rate	2.9375%
April 2009 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Conversion price per share	8.17
Coupon rate	3.625%
January 2012 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Conversion price per share	10.40
Coupon rate	4.00%
April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member]
Common Shares Reserved For Future Issuance [Line Items]
Conversion price per share	29.71
Coupon rate	1.25%

XML

Unaudited Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2014
Withholding tax obligations for share-based compensation	$ 14,939
Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member]
Coupon rate	2.9375%
Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Coupon rate	3.625%

XML

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014
Reserve for returns and allowances on accounts receivable	$ 64,815	$ 106,680
Provision for doubtful accounts on accounts receivable	$ 4,074	$ 4,876
Common stock, no par value
Authorized common shares	500,000,000	500,000,000
Common stock, shares issued	140,259,641	141,007,461
5.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member]
Coupon rate	5.25%

XML

Fair Value Measurements

9 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

Accounting guidance and standards about fair value establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 liabilities that are not required to be measured at fair value on a recurring basis include the Company’s convertible senior subordinated notes, production loans, 5.25% Senior Notes, and Term Loan, which are priced using discounted cash flow techniques that use observable market inputs, such as LIBOR-based yield curves, three- and seven-year swap rates, and credit ratings.

• Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The Company measures the fair value of its investment in POP's (formerly TVGN's) Mandatorily Redeemable Preferred Stock Units using primarily a discounted cash flow analysis based on the expected cash flows of the investment. The analysis reflects the contractual terms of the investment, including the period to maturity, and uses a discount rate commensurate with the risk associated with the investment.

The following table sets forth the carrying values and fair values of the Company’s investment in POP's mandatorily redeemable preferred stock units and outstanding debt at December 31, 2014 and March 31, 2014:

	December 31, 2014				March 31, 2014
	(Amounts in thousands)
	Carrying Value		Fair Value		Carrying Value		Fair Value
			(Level 3)				(Level 3)
Assets:
Investment in POP's Mandatorily Redeemable Preferred Stock Units	$	92,134	$	116,938	$	86,298	$	99,907
	Carrying Value		Fair Value		Carrying Value		Fair Value
			(Level 2)				(Level 2)
Liabilities:
October 2004 2.9375% Notes	$	—	$	—	$	115	$	111
April 2009 3.625% Notes	15,804		16,305		35,615		40,140
January 2012 4.00% Notes	37,467		41,435		36,058		41,401
April 2013 1.25% Notes	60,000		51,834		60,000		51,411
Production loans	690,796		690,796		418,883		418,883
5.25% Senior Notes	225,000		229,923		225,000		223,313
Term Loan	223,021		226,125		222,753		225,844
	$	1,252,088	$	1,256,418	$	998,424	$	1,001,103

XML

Document and Entity Information	9 Months Ended
	Dec. 31, 2014	Feb. 02, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	LIONS GATE ENTERTAINMENT CORP /CN/
Entity Central Index Key	0000929351
Document Type	10-Q
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		139,853,866

XML

Net Income Per Share

9 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

Basic net income per share is calculated based on the weighted average common shares outstanding for the period. Basic net income per share for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands, except per share amounts)
Basic Net Income Per Common Share:
Numerator:
Net income	$	98,185	$	88,763	$	162,227	$	102,885
Denominator:
Weighted average common shares outstanding	139,963		137,946		138,618		137,097
Basic Net Income Per Common Share	$	0.70	$	0.64	$	1.17	$	0.75

Diluted net income per common share reflects the potential dilutive effect, if any, of the conversion of convertible senior subordinated notes under the "if converted" method. Diluted net income per common share also reflects share purchase options, including equity-settled share appreciation rights and restricted share units ("RSUs") using the treasury stock method when dilutive, and any contingently issuable shares when dilutive. Diluted net income per common share for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands, except per share amounts)
Diluted Net Income Per Common Share:
Numerator:
Net income	$	98,185	$	88,763	$	162,227	$	102,885
Add:
Interest on convertible notes, net of tax	1,163		2,137		4,456		6,315
Numerator for Diluted Net Income Per Common Share	$	99,348	$	90,900	$	166,683	$	109,200
Denominator:
Weighted average common shares outstanding	139,963		137,946		138,618		137,097
Effect of dilutive securities:
Conversion of notes	8,360		13,815		9,995		13,842
Share purchase options	2,943		2,797		2,662		2,619
Restricted share units	447		579		441		639
Adjusted weighted average common shares outstanding	151,713		155,137		151,716		154,197
Diluted Net Income Per Common Share	$	0.65	$	0.59	$	1.10	$	0.71

For the three and nine months ended December 31, 2014 and 2013, the Company's outstanding common shares issuable presented below were excluded from diluted net income per common share because their inclusion would have had an anti-dilutive effect.

	Three Months Ended		Nine Months Ended
	December 31,		December 31,
	2014	2013	2014	2013
	(Amounts in thousands)
Anti-dilutive shares issuable
Share purchase options	3,122	2,630	4,334	2,203
Restricted share units	97	117	144	52
Contingently issuable shares	298	451	286	446
Total weighted average anti-dilutive shares issuable excluded from Diluted Net Income Per Common Share	3,517	3,198	4,764	2,701

XML

Consolidating Financial Information - Convertible Senior Subordinated Notes (Statement of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Consolidating Financial Information [Line Items]
Net Cash Flows Provided By (Used In) Operating Activities	$ (163,041)	$ 145,834
Investing Activities:
Proceeds from the sale of equity method investees	14,575	9,000
Investment in equity method investees	(14,750)	(17,250)
Distributions from equity method investee in excess of earnings	0	4,169
Other investments	(2,000)	0
Repayment of loans receivable	0	4,275
Purchases of property and equipment	(11,293)	(6,116)
Net Cash Flows Provided By (Used In) Investing Activities	(13,468)	(5,922)
Financing Activities:
Senior revolving credit facility - borrowings	681,500	782,219
Senior revolving credit facility - repayments	(618,619)	(926,574)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013	0	440,640
10.25% Senior Notes - repurchases and redemptions	0	(470,584)
Convertible senior subordinated notes - borrowings	0	60,000
Convertible senior subordinated notes - repurchases	(16)	0
Production loans - borrowings	533,781	359,582
Production loans - repayments	(261,868)	(301,385)
Pennsylvania Regional Center credit facility - repayments	0	(65,000)
Repurchase of common shares	(129,859)	0
Dividends paid	(23,536)	0
Excess tax benefits on equity-based compensation awards	6,767	0
Exercise of stock options	4,404	10,869
Tax withholding required on equity awards	(14,939)	(14,376)
Net Cash Flows Provided By (Used In) Financing Activities	177,615	(124,609)
Net Change In Cash And Cash Equivalents	1,106	15,303
Foreign Exchange Effects on Cash	2,088	(2,264)
Cash and Cash Equivalents - Beginning Of Period	25,692	62,363
Cash and Cash Equivalents - End Of Period	28,886	75,402
Convertible Senior Subordinated Notes [Member]
Consolidating Financial Information [Line Items]
Net Cash Flows Provided By (Used In) Operating Activities	(163,041)	145,834
Investing Activities:
Proceeds from the sale of equity method investees	14,575	9,000
Investment in equity method investees	(14,750)	(17,250)
Distributions from equity method investee in excess of earnings		4,169
Other investments	(2,000)
Repayment of loans receivable		4,275
Purchases of property and equipment	(11,293)	(6,116)
Net Cash Flows Provided By (Used In) Investing Activities	(13,468)	(5,922)
Financing Activities:
Senior revolving credit facility - borrowings	681,500	782,219
Senior revolving credit facility - repayments	(618,619)	(926,574)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013		440,640
10.25% Senior Notes - repurchases and redemptions		(470,584)
Convertible senior subordinated notes - borrowings		60,000
Convertible senior subordinated notes - repurchases	(16)
Production loans - borrowings	533,781	359,582
Production loans - repayments	(261,868)	(301,385)
Pennsylvania Regional Center credit facility - repayments		(65,000)
Repurchase of common shares	(129,859)
Dividends paid	(23,536)
Excess tax benefits on equity-based compensation awards	6,767
Exercise of stock options	4,404	10,869
Tax withholding required on equity awards	(14,939)	(14,376)
Net Cash Flows Provided By (Used In) Financing Activities	177,615	(124,609)
Net Change In Cash And Cash Equivalents	1,106	15,303
Foreign Exchange Effects on Cash	2,088	(2,264)
Cash and Cash Equivalents - Beginning Of Period	25,692	62,363
Cash and Cash Equivalents - End Of Period	28,886	75,402
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Corp. [Member]
Consolidating Financial Information [Line Items]
Net Cash Flows Provided By (Used In) Operating Activities	93,761	(630,884)
Investing Activities:
Proceeds from the sale of equity method investees	0	0
Investment in equity method investees	0	0
Distributions from equity method investee in excess of earnings		0
Other investments	0
Repayment of loans receivable		0
Purchases of property and equipment	0	0
Net Cash Flows Provided By (Used In) Investing Activities	0	0
Financing Activities:
Senior revolving credit facility - borrowings	681,500	319,119
Senior revolving credit facility - repayments	(618,619)	(125,000)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013		440,640
10.25% Senior Notes - repurchases and redemptions		0
Convertible senior subordinated notes - borrowings		0
Convertible senior subordinated notes - repurchases	0
Production loans - borrowings	0	0
Production loans - repayments	0	0
Pennsylvania Regional Center credit facility - repayments		0
Repurchase of common shares	(129,859)
Dividends paid	(23,536)
Excess tax benefits on equity-based compensation awards	0
Exercise of stock options	4,404	10,869
Tax withholding required on equity awards	(14,939)	(14,376)
Net Cash Flows Provided By (Used In) Financing Activities	(101,049)	631,252
Net Change In Cash And Cash Equivalents	(7,288)	368
Foreign Exchange Effects on Cash	(1)	(210)
Cash and Cash Equivalents - Beginning Of Period	8,128	592
Cash and Cash Equivalents - End Of Period	839	750
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Inc. [Member]
Consolidating Financial Information [Line Items]
Net Cash Flows Provided By (Used In) Operating Activities	16,210	761,836
Investing Activities:
Proceeds from the sale of equity method investees	0	0
Investment in equity method investees	(2,150)	(750)
Distributions from equity method investee in excess of earnings		0
Other investments	(2,000)
Repayment of loans receivable		0
Purchases of property and equipment	(9,309)	(4,276)
Net Cash Flows Provided By (Used In) Investing Activities	(13,459)	(5,026)
Financing Activities:
Senior revolving credit facility - borrowings	0	463,100
Senior revolving credit facility - repayments	0	(801,574)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013		0
10.25% Senior Notes - repurchases and redemptions		(470,584)
Convertible senior subordinated notes - borrowings		60,000
Convertible senior subordinated notes - repurchases	(16)
Production loans - borrowings	0	0
Production loans - repayments	0	0
Pennsylvania Regional Center credit facility - repayments		0
Repurchase of common shares	0
Dividends paid	0
Excess tax benefits on equity-based compensation awards	6,767
Exercise of stock options	0	0
Tax withholding required on equity awards	0	0
Net Cash Flows Provided By (Used In) Financing Activities	6,751	(749,058)
Net Change In Cash And Cash Equivalents	9,502	7,752
Foreign Exchange Effects on Cash	0	0
Cash and Cash Equivalents - Beginning Of Period	5,999	36,834
Cash and Cash Equivalents - End Of Period	15,501	44,586
Convertible Senior Subordinated Notes [Member] | Non-guarantor Subsidiaries [Member]
Consolidating Financial Information [Line Items]
Net Cash Flows Provided By (Used In) Operating Activities	(273,012)	14,882
Investing Activities:
Proceeds from the sale of equity method investees	14,575	9,000
Investment in equity method investees	(12,600)	(16,500)
Distributions from equity method investee in excess of earnings		4,169
Other investments	0
Repayment of loans receivable		4,275
Purchases of property and equipment	(1,984)	(1,840)
Net Cash Flows Provided By (Used In) Investing Activities	(9)	(896)
Financing Activities:
Senior revolving credit facility - borrowings	0	0
Senior revolving credit facility - repayments	0	0
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013		0
10.25% Senior Notes - repurchases and redemptions		0
Convertible senior subordinated notes - borrowings		0
Convertible senior subordinated notes - repurchases	0
Production loans - borrowings	533,781	359,582
Production loans - repayments	(261,868)	(301,385)
Pennsylvania Regional Center credit facility - repayments		(65,000)
Repurchase of common shares	0
Dividends paid	0
Excess tax benefits on equity-based compensation awards	0
Exercise of stock options	0	0
Tax withholding required on equity awards	0	0
Net Cash Flows Provided By (Used In) Financing Activities	271,913	(6,803)
Net Change In Cash And Cash Equivalents	(1,108)	7,183
Foreign Exchange Effects on Cash	2,089	(2,054)
Cash and Cash Equivalents - Beginning Of Period	11,565	24,937
Cash and Cash Equivalents - End Of Period	12,546	30,066
Convertible Senior Subordinated Notes [Member] | Consolidating Adjustments [Member]
Consolidating Financial Information [Line Items]
Net Cash Flows Provided By (Used In) Operating Activities	0	0
Investing Activities:
Proceeds from the sale of equity method investees	0	0
Investment in equity method investees	0	0
Distributions from equity method investee in excess of earnings		0
Other investments	0
Repayment of loans receivable		0
Purchases of property and equipment	0	0
Net Cash Flows Provided By (Used In) Investing Activities	0	0
Financing Activities:
Senior revolving credit facility - borrowings	0	0
Senior revolving credit facility - repayments	0	0
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860 in 2013		0
10.25% Senior Notes - repurchases and redemptions		0
Convertible senior subordinated notes - borrowings		0
Convertible senior subordinated notes - repurchases	0
Production loans - borrowings	0	0
Production loans - repayments	0	0
Pennsylvania Regional Center credit facility - repayments		0
Repurchase of common shares	0
Dividends paid	0
Excess tax benefits on equity-based compensation awards	0
Exercise of stock options	0	0
Tax withholding required on equity awards	0	0
Net Cash Flows Provided By (Used In) Financing Activities	0	0
Net Change In Cash And Cash Equivalents	0	0
Foreign Exchange Effects on Cash	0	0
Cash and Cash Equivalents - Beginning Of Period	0	0
Cash and Cash Equivalents - End Of Period	$ 0	$ 0

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Unaudited Condensed Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Revenues	$ 751,299	$ 839,939	$ 1,753,558	$ 1,908,396
Expenses:
Direct operating	400,576	397,513	945,840	965,756
Distribution and marketing	171,439	233,535	421,637	550,497
General and administration	61,407	65,577	186,975	186,120
Depreciation and amortization	1,708	1,530	4,685	4,766
Total expenses	635,130	698,155	1,559,137	1,707,139
Operating income	116,169	141,784	194,421	201,257
Interest expense
Cash interest	10,567	11,484	29,546	39,682
Amortization of debt discount and deferred financing costs	2,984	4,090	10,048	12,878
Total interest expense	13,551	15,574	39,594	52,560
Interest and other income	(623)	(1,771)	(2,188)	(4,750)
Loss on extinguishment of debt	690	0	1,276	36,653
Total other expenses, net	13,618	13,803	38,682	84,463
Income before equity interests and income taxes	102,551	127,981	155,739	116,794
Equity interests income (loss)	10,898	(1,321)	37,353	13,158
Income before income taxes	113,449	126,660	193,092	129,952
Income tax provision	15,264	37,897	30,865	27,067
Net income	$ 98,185	$ 88,763	$ 162,227	$ 102,885
Basic net income per common share	$ 0.70	$ 0.64	$ 1.17	$ 0.75
Diluted net income per common share	$ 0.65	$ 0.59	$ 1.10	$ 0.71
Weighted average number of common shares outstanding:
Basic	139,963	137,946	138,618	137,097
Diluted	151,713	155,137	151,716	154,197
Dividends declared per common share	$ 0.07	$ 0.05	$ 0.19	$ 0.05

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Equity Method Investments

9 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

The carrying amounts of equity method investments at December 31, 2014 and March 31, 2014 were as follows:

	December 31, 2014
Equity Method Investee	Ownership Percentage	December 31, 2014		March 31, 2014
		(Amounts in thousands)
EPIX	31.2%	$	98,416	$	78,758
POP (formerly TVGN)	50.0%	92,134		86,298
Other Equity Method Investments(1)	Various	21,130		16,885
		$	211,680	$	181,941

Equity interests in equity method investments for the three and nine months ended December 31, 2014 and 2013 were as follows (income (loss)):

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
Equity Method Investee	2014			2013			2014			2013
	(Amounts in thousands)
EPIX	$	11,214		$	5,614		$	27,446		$	21,236
POP (formerly TVGN)	(1,115		)	(5,223		)	(4,663		)	(3,166		)
Other Equity Method Investments(1)	799			(1,712		)	14,570			(4,912		)
	$	10,898		$	(1,321	)	$	37,353		$	13,158

_________________________

(1)The Company records its share of the net income or loss of Other Equity Method Investmentson a one quarter lag and, accordingly, during the three and nine months ended December 31, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and nine months ended September 30, 2014 and 2013, respectively. Equity interest income from Other Equity Method Investments of $14.6 million for the nine months endedDecember 31, 2014 includes a gain on the sale of the Company's investment in FEARnet of $11.4 million. The Company sold all of its 34.5% interest in FEARnet on April 14, 2014, for a sales price of approximately $14.6 million. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014.

The Company licenses certain of its theatrical releases and other films and television programs to EPIX and POP (formerly TVGN). A portion of the profits of these licenses reflecting the Company's ownership share in the venture are eliminated through an adjustment to the equity interest income (loss) of the venture. These profits are recognized as they are realized by the equity method investee through the amortization of the related asset, recorded on the equity method investee's balance sheet, over the license period.

Distributions from equity method investees are recorded as a reduction of the Company's investment. Distributions received up to the Company's interest in the investee's retained earnings are considered returns on investments and are classified within cash flows from operating activities in the statement of cash flows. Distributions from equity method investments in excess of the Company's interest in the investee's retained earnings are considered returns of investments and are classified within cash flows provided by investing activities in the statement of cash flows.

EPIX. In April 2008, the Company formed a joint venture with Viacom, its Paramount Pictures unit and Metro-Goldwyn-Mayer Studios to create a premium television channel and subscription video-on-demand service named “EPIX”. The Company invested $80.4 million through September 30, 2010, and no additional amounts have been funded since. During the three and nine months ended December 31, 2014, the Company received distributions from EPIX of nil and $7.8 million, respectively. During the three and nine months ended December 31, 2013, the Company received distributions from EPIX of nil and $14.0 million, respectively. Since the Company's original investment in April 2008, the Company has received distributions from EPIX of $28.0 million through December 31, 2014.

EPIX Financial Information:

The following table presents summarized balance sheet data as of December 31, 2014 and March 31, 2014 for EPIX:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Current assets	$	221,417	$	184,471
Non-current assets	$	267,544	$	247,231
Current liabilities	$	117,394	$	126,217
Non-current liabilities	$	9,515	$	9,459

The following table presents the summarized statement of operations for the three and nine months ended December 31, 2014 and 2013 for EPIX and a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenues	$	101,124		$	89,768		$	288,424		$	261,998
Expenses:
Operating expenses	59,224			60,973			178,690			182,259
Selling, general and administrative expenses	5,863			5,791			17,503			17,054
Operating income	36,037			23,004			92,231			62,685
Interest and other expense	(399		)	(163		)	(1,130		)	(1		)
Net income	$	35,638		$	22,841		$	91,101		$	62,684
Reconciliation of net income reported by EPIX to equity interest income:
Net income reported by EPIX	$	35,638		$	22,841		$	91,101		$	62,684
Ownership interest in EPIX	31.15		%	31.15		%	31.15		%	31.15		%
The Company's share of net income	11,101			7,115			28,378			19,526
Eliminations of the Company’s share of profits on licensing sales to EPIX(1)	(1,935		)	(3,606		)	(7,007		)	(9,226		)
Realization of the Company’s share of profits on licensing sales to EPIX(2)	2,048			2,105			6,075			10,936
Total equity interest income recorded	$	11,214		$	5,614		$	27,446		$	21,236

__________________

(1) Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and nine months ended December 31, 2014 and 2013:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenue recognized on licensing sales to EPIX	$	15,349		$	24,740		$	41,281		$	47,871
Gross profit on licensing sales to EPIX	$	6,213		$	11,576		$	22,493		$	29,619
Ownership interest in EPIX	31.15		%	31.15		%	31.15		%	31.15		%
Elimination of the Company's share of profits on licensing sales to EPIX	$	1,935		$	3,606		$	7,007		$	9,226

(2) Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized.

POP (formerly TVGN). In January 2015, TVGN was rebranded as POP, a multi-platform destination dedicated to celebrating the fun of being a fan. The Company’s investment interest in POP consists of an equity investment in its common stock units and mandatorily redeemable preferred stock units. The Company has determined that it is not the primary beneficiary of POP because the power to direct the activities that most significantly impact the economic performance of POP is shared with CBS Corporation ("CBS"). Accordingly, the Company's interest in POP is being accounted for under the equity method of accounting. During the three and nine months ended December 31, 2014, the Company made contributions to POP of nil and $10.5 million, respectively.

The mandatorily redeemable preferred stock units carry a dividend rate of 10% compounded annually and are mandatorily redeemable in May 2019 at the stated value plus the dividend return and any additional capital contributions less previous distributions. The mandatorily redeemable preferred stock units were initially recorded based on their estimated fair value, as determined using an option pricing model. The mandatorily redeemable preferred stock units and the 10% dividend are being accreted up to their redemption amount over the ten-year period to the redemption date, which is recorded as income within equity interest.

POP Financial Information:

The following table presents summarized balance sheet data as of December 31, 2014 and March 31, 2014 for POP:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Current assets	$	31,594	$	27,150
Non-current assets	$	192,430	$	196,011
Current liabilities	$	29,583	$	30,653
Non-current liabilities	$	6,970	$	12,334
Redeemable preferred stock	$	377,062	$	325,204

The following table presents the summarized statement of operations for the three and nine months ended December 31, 2014 and 2013 for POP and a reconciliation of the net loss reported by POP to equity interest loss recorded by the Company:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Revenues	$	20,507		$	20,058		$	59,073		$	55,023
Expenses:
Cost of services	8,645			13,874			26,938			27,877
Selling, marketing, and general and administration	11,934			12,446			34,527			32,923
Depreciation and amortization	1,928			2,040			5,866			6,034
Operating loss	(2,000		)	(8,302		)	(8,258		)	(11,811		)
Other expense (income)	6			160			391			(1,230		)
Interest expense, net	160			297			551			979
Accretion of redeemable preferred stock units(1)	12,461			10,347			35,361			29,498
Total interest expense, net	12,627			10,804			36,303			29,247
Loss from continuing operations	(14,627		)	(19,106		)	(44,561		)	(41,058		)
Loss from discontinued operations	—			(1,685		)	—			(2,799		)
Net loss	$	(14,627	)	$	(20,791	)	$	(44,561	)	$	(43,857	)
Reconciliation of net loss reported by POP to equity interest loss:
Net loss reported by POP	$	(14,627	)	$	(20,791	)	$	(44,561	)	$	(43,857	)
Ownership interest in POP	50		%	50		%	50		%	50		%
The Company's share of net loss	(7,314		)	(10,396		)	(22,281		)	(21,929		)
Gain on sale of the Company's 50% share of TVGuide.com(2)	—			—			—			3,960
Accretion of dividend and interest income on redeemable preferred stock units(1)	6,231			5,173			17,681			14,749
Elimination of the Company's share of profits on licensing sales to POP	—			—			(367		)	—
Realization of the Company’s share of profits on licensing sales to POP	(32		)	—			304			54
Total equity interest loss recorded	$	(1,115	)	$	(5,223	)	$	(4,663	)	$	(3,166	)

 ___________________

(1) Accretion of mandatorily redeemable preferred stock units represents POP's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss).

(2) Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by POP, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for POP.

Other Equity Method Investments

Defy Media. In June 2007, the Company acquired an interest in Break Media, a multi-platform digital media company and a leader in male-targeted content creation and distribution. In October 2013, Break Media merged with Alloy Digital, a multi-platform digital media company with a strong presence in the youth market, to create Defy Media. The Company's effective economic interest in Defy Media through its investment in Break Media and its direct investment in Defy Media is approximately 16.0%. The Company is accounting for its investment in Defy Media, a limited liability company, under the equity method of accounting due to the Company's board representation that provides significant influence over the investee.

Roadside Attractions. Roadside Attractions is an independent theatrical distribution company. The Company owns a 43.0% interest in Roadside Attractions.

Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S. The Company owns a 49.0% interest in Pantelion Films.

MovieFriends. MovieFriends is a theatrical movie discovery service. The Company made an initial investment of $2.2 million in MovieFriends during the three months ended June 30, 2014. The Company owns a 12.3% interest in MovieFriends. The Company is accounting for its investment in MovieFriends, a limited liability company, under the equity method of accounting due to the Company's board representation that provides significant influence over the investee.

Tribeca Short List. Tribeca Short List is a subscription video-on-demand (SVOD) service. The Company made an initial investment of $2.1 million during the three months ended December 31, 2014. The Company holds a 75.0% economic interest, however, the power to direct the activities that most significantly impact the economic performance of Tribeca Short List is shared equally with Tribeca Enterprises. Accordingly, the Company's interest in Tribeca Short List is being accounted for under the equity method of accounting.

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Investment In Films And Television Programs

9 Months Ended

Dec. 31, 2014

Investment In Films And Television Programs [Abstract]

Investment In Films And Television Programs

Investment in Films and Television Programs

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Motion Pictures Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	454,576	$	509,831
Acquired libraries, net of accumulated amortization	11,153		14,329
Completed and not released	124,674		50,785
In progress	473,052		351,047
In development	30,765		22,336
Product inventory	22,342		31,248
	1,116,562		979,576
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	227,513		212,929
In progress	96,441		76,459
In development	6,877		5,609
	330,831		294,997
	$	1,447,393	$	1,274,573

The following table sets forth acquired libraries that represent titles released three years prior to the date of acquisition. These libraries are being amortized over their expected revenue stream from the acquisition date over a period up to 20 years:

		Total Amortization Period	Remaining Amortization Period	Unamortized Costs
Acquired Library	Acquisition Date			December 31, 2014		March 31, 2014
		(In years)		(Amounts in thousands)
Artisan Entertainment	December 2003	20.00	9.00	$	6,702	$	10,236
Summit Entertainment	January 2012	20.00	17.00	4,451		4,093
Total acquired libraries				$	11,153	$	14,329

The Company expects approximately 47% of completed films and television programs, net of accumulated amortization, will be amortized during the one-year period ending December 31, 2015. Additionally, the Company expects approximately 81% of completed and released films and television programs, net of accumulated amortization and excluding acquired libraries, will be amortized during the three-year period ending December 31, 2017.

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Contingencies

9 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Contingencies

Two purported Lions Gate stockholders have initiated legal proceedings in the United States District Court for the Southern District of New York relating to the March 13, 2014 announcement that the Company had entered into an administrative order with the United States Securities and Exchange Commission (the "SEC") that resolved the SEC’s investigation into transactions that the Company announced on July 20, 2010. These actions are captioned Laborers Pension Trust Fund-Detroit & Vicinity v. Lions Gate Entertainment Corp., et al., Case No. 14 CV 5197 (filed July 11, 2014) and Barger v. Lions Gate Entertainment Corp., Case No. 14 CV 5477 (filed July 21, 2014). The actions allege, among other things, that the Company and certain of its current and former officers and directors violated the federal securities laws by failing to disclose the SEC’s investigation prior to March 13, 2014. On October 28, 2014, the court consolidated the actions under the caption In re Lions Gate Entertainment Corp. Securities Litigation, Case No. 1:14-cv-05197-JGK, and appointed lead plaintiff and lead counsel. A consolidated amended complaint was filed December 29, 2014. The Company does not believe these actions have any merit and intends to vigorously defend against them.

In addition, on May 16, 2014, the Company received a letter from another purported stockholder, Arkansas Teachers Retirement System, demanding that the Company seek to recover the costs of the SEC investigation, including the fine paid, from the directors who were on the board at the time the July 20, 2010 transactions occurred. The board is considering the demand as provided by law. On October 1, 2014, Arkansas Teachers Retirement System filed a petition in the Supreme Court of British Columbia seeking an order granting it leave to prosecute the claims in the name and on behalf of Lions Gate.

From time to time, the Company is involved in other claims and legal proceedings arising in the normal course of business. While the resolution of these matters cannot be predicted with certainty, we do not believe, based on current knowledge, that the outcome of any currently pending legal proceedings in which the Company is currently involved will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flow.

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Capital Stock

9 Months Ended

Dec. 31, 2014

Equity and Share-based Compensation [Abstract]

Capital Stock

Capital Stock

(a) Common Shares

The Company had 500 million authorized common shares at December 31, 2014 and March 31, 2014. The table below outlines common shares reserved for future issuance:

	December 31, 2014	March 31, 2014
	(Amounts in thousands)
Stock options outstanding, average exercise price $22.06 (March 31, 2014 - $20.83)	12,104	10,894
Restricted share units — unvested	1,784	2,139
Share purchase options and restricted share units available for future issuance	7,643	3,471
Shares issuable upon conversion of October 2004 2.9375% Notes at conversion price of $11.46 per share at March 31, 2014	—	10
Shares issuable upon conversion of April 2009 3.625% Notes at conversion price of $8.17 per share (March 31, 2014 - $8.22)	1,980	4,893
Shares issuable upon conversion of January 2012 4.00% Notes at conversion price of $10.40 per share (March 31, 2014 - $10.46)	4,024	4,001
Shares issuable upon conversion of April 2013 1.25% Notes at conversion price of $29.71 per share (March 31, 2014 - $29.89)	2,020	2,007
Shares reserved for future issuance	29,555	27,415

In September 2012, the Company adopted the 2012 Performance Incentive Plan, as amended on September 9, 2014 (the "2012 Plan"). The 2012 Plan provides for the issuance of up to 27.6 million common shares of the Company, stock options, share appreciation rights, restricted shares, stock bonuses and other forms of awards granted or denominated in common shares or units of common shares of the Company, as well as certain cash bonus awards to eligible directors of the Company, officers or employees of the Company or any of its subsidiaries, and certain consultants and advisors to the Company or any of its subsidiaries.

(b) Share-based Compensation

The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2014, and 2013:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2014			2013			2014			2013
	(Amounts in thousands)
Compensation Expense:
Stock Options	$	7,551		$	5,393		$	25,560		$	15,131
Restricted Share Units and Other Share-based Compensation	6,477			6,597			19,515			22,032
Share Appreciation Rights	1,104			74			3,800			15,036
	15,132			12,064			48,875			52,199
Impact of accelerated vesting on stock options and restricted share units(1)	—			—			1,194			—
Total share-based compensation expense	$	15,132		$	12,064		$	50,069		$	52,199
Tax impact(2)	(5,547		)	(4,464		)	(18,355		)	(19,314		)
Reduction in net income	$	9,585		$	7,600		$	31,714		$	32,885

____________________________

(1) Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels.

(2) Represents the income tax benefit recognized in the statements of income for share-based compensation arrangements.

The following table sets forth the stock option and restricted share unit activity during the nine months endedDecember 31, 2014:

	Stock Options		Weighted-Average Exercise Price	Restricted Share Units		Weighted-Average Grant-Date Fair Value
Outstanding at March 31, 2014	10,894,010		$20.83	2,139,175		$23.38
Granted	1,505,267		$29.89	766,652		$29.48
Options exercised or RSUs vested	(268,247	)	$16.42	(1,108,305	)	$22.17
Forfeited or expired	(27,238	)	$17.65	(14,011	)	$18.98
Outstanding at December 31, 2014	12,103,792		$22.06	1,783,511		$27.02

During the nine months endedDecember 31, 2014, 75,000 cash-settled share appreciation rights were exercised resulting in a cash payment of $1.7 million.

The excess tax benefits realized from tax deductions associated with option exercises and RSU activity were $6.8 million and nil for the nine months endedDecember 31, 2014 and 2013, respectively.

Total unrecognized compensation cost related to unvested stock options and restricted share unit awards at December 31, 2014 are $57.4 million and $30.1 million, respectively, and are expected to be recognized over a weighted average period of 2.1 and 1.7 years, respectively.

(c) Share Repurchases

On December 17, 2013, our Board of Directors authorized the Company to increase our previously announced share repurchase plan from a total authorization of $150 million to $300 million. From April 1, 2014 through December 31, 2014, 4.6 million common shares were repurchased for an aggregate price of $123.6 million (weighted average repurchase price of $26.91 per share). See Note 18 for shares repurchased through January 21, 2015.

(d) Dividends

On December 12, 2014, the Company's Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on February 6, 2015, to shareholders of record as of December 31, 2014. As the Company had an accumulated deficit at the time this dividend was declared, this dividend was recorded as a reduction to common shares on the unaudited consolidated statement of shareholders' equity at December 31, 2014. As of December 31, 2014, the Company had $9.8 million of cash dividends payable included in accounts payable and accrued liabilities on the unaudited consolidated balance sheet.

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Subsequent Events (Unaudited) (Narrative) (Details) (USD $)	9 Months Ended	1 Months Ended	13 Months Ended
	Dec. 31, 2014	Jan. 21, 2015	Jan. 21, 2015	Dec. 17, 2013	Dec. 16, 2013
Subsequent Event [Line Items]
Share repurchase plan, authorized amount				$ 300,000,000	$ 150,000,000
Common shares repurchased during period, value	123,626,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Share repurchase plan, authorized amount		300,000,000	300,000,000
Common shares repurchased during period, shares		400,000.0	5,300,000.0
Common shares repurchased during period, value		12,900,000	144,800,000
Weighted average repurchase price per share		$ 29.81	$ 27.11
Share repurchase plan, remaining capacity		$ 89,900,000	$ 89,900,000

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Participations and Residuals

9 Months Ended

Dec. 31, 2014

Participations And Residuals [abstract]

Participations And Residuals

Participations and Residuals

The Company expects approximately 58% of accrued participations and residuals will be paid during the one-year period ending December 31, 2015.

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Film Obligations and Production Loans (Narrative) (Details) (Production Loans [Member])	9 Months Ended
	Dec. 31, 2014
Production Loans [Member]
Interest rate range, minimum	3.26%
Interest rate range, maximum	3.51%

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Other Assets

9 Months Ended

Dec. 31, 2014

Other Assets, Unclassified [Abstract]

Other Assets

Other Assets

The composition of the Company’s other assets is as follows as of December 31, 2014 and March 31, 2014:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Deferred financing costs, net of accumulated amortization	$	29,084	$	34,722
Prepaid expenses and other	40,648		33,347
Finite-lived intangible assets	1,640		2,998
	$	71,372	$	71,067

Deferred Financing Costs. Deferred financing costs primarily include costs incurred in connection with the Company's various debt issuances (see Note 5).

Prepaid Expenses and Other. Prepaid expenses and other primarily include prepaid expenses, security deposits, and other investments.

Finite-lived Intangible Assets. Finite-lived intangibles consist primarily of sales agency relationships and trademarks.

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Corporate Debt

9 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Corporate Debt

Corporate Debt

The total carrying values of corporate debt of the Company, excluding film obligations and production loans, were as follows as of December 31, 2014 and March 31, 2014:

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Senior revolving credit facility	$	160,500	$	97,619
5.25% Senior Notes	225,000		225,000
Term Loan, net of unamortized discount of $1,979 (March 31, 2014 - $2,247)	223,021		222,753
Convertible senior subordinated notes, net of unamortized discount of $4,753 (March 31, 2014 - $10,397)	113,271		131,788
	$	721,792	$	677,160

The following table sets forth future annual contractual principal payment commitments of corporate debt as of December 31, 2014:

	Conversion Price Per Share at December 31, 2014	Maturity Date or Next Holder Redemption Date(1)	Year Ended March 31,
Debt Type			2015		2016		2017		2018		2019		Thereafter		Total
			(Amounts in thousands)
Senior revolving credit facility	N/A	September 2017	$	—	$	—	$	—	$	160,500	$	—	$	—	$	160,500
5.25% Senior Notes	N/A	August 2018	—		—		—		—		225,000		—		225,000
Term Loan	N/A	July 2020	—		—		—		—		—		225,000		225,000
Principal amounts of convertible senior subordinated notes:
April 2009 3.625% Notes	$8.17	March 2015	16,174		—		—		—		—		—		16,174
January 2012 4.00% Notes	$10.40	January 2017	—		—		41,850		—		—		—		41,850
April 2013 1.25% Notes	$29.71	April 2018	—		—		—		—		60,000		—		60,000
			$	16,174	$	—	$	41,850	$	160,500	$	285,000	$	225,000	728,524
Less aggregate unamortized discount															(6,732		)
															$	721,792

____________________

(1) The future repayment dates of the convertible senior subordinated notes represent the next redemption date by holders for each series of notes respectively, as described below.

Senior Revolving Credit Facility

Availability of Funds. The senior revolving credit facility provides for borrowings and letters of credit up to an aggregate of $800 million, and at December 31, 2014 there was $639.5 million available (March 31, 2014 — $702.3 million). The availability of funds is limited by a borrowing base and also reduced by outstanding letters of credit which amounted to nil at December 31, 2014 (March 31, 2014 — $0.1 million).

Maturity Date. September 27, 2017.

Interest. Interest is payable at an alternative base rate, as defined, plus 1.5%, or LIBOR plus 2.5% as designated by the Company. As of December 31, 2014, the senior revolving credit facility bore interest of 2.5% over the LIBOR rate (effective interest rate of 2.67% and 2.65% on borrowings outstanding as of December 31, 2014 and March 31, 2014, respectively).

Commitment Fee. The Company is required to pay a quarterly commitment fee of 0.375% to 0.5% per annum, depending on the average balance of borrowings outstanding during the period, on the total senior revolving credit facility of $800 million less the amount drawn.

Security. Obligations are secured by collateral (as defined in the credit agreement) granted by the Company and certain subsidiaries of the Company, as well as a pledge of equity interests in certain of the Company’s subsidiaries.

Covenants. The senior revolving credit facility contains a number of covenants that, among other things, require the Company to satisfy certain financial covenants and restrict the ability of the Company to incur additional debt, pay dividends, make certain investments and acquisitions, repurchase its stock, prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets and merge or consolidate. As of December 31, 2014, the Company was in compliance with all applicable covenants.

Change in Control. The Company may also be subject to an event of default upon a change in control (as defined in the credit agreement) which, among other things, includes a person or group acquiring ownership or control in excess of 50% of the Company’s common shares.

5.25% Senior Notes and Term Loan

Issuance. In July 2013, contemporaneous with the redemption of the 10.25% Senior Secured Second-Priority Notes (the "10.25% Senior Notes") discussed below, Lions Gate Entertainment Corp. issued $225.0 million aggregate principal amount of 5.25% Senior Secured Second-Priority Notes (the "5.25% Senior Notes"), and entered into a seven-year term loan (the "Term Loan"), for an aggregate amount of $222.5 million, net of an original issue discount of $2.5 million (collectively, the "New Issuances"). Transaction costs of $4.2 million relating to these borrowings were capitalized as deferred financing costs and are being amortized to interest expense using the effective interest method over the terms of the respective borrowings. Transaction costs of $2.6 million relating to the portion of these borrowings deemed to be a modification of terms with creditors participating in both the New Issuances and the 10.25% Senior Notes redemption were expensed as an early extinguishment of debt in the quarter ended September 30, 2013.

Interest:

(i) 5.25% Senior Notes: Interest is payable semi-annually on February 1 and August 1 of each year at a rate of 5.25% per year, and commenced on February 1, 2014.

(ii) Term Loan: Bears interest by reference to a base rate or the LIBOR rate, plus an applicable margin of 3.00% or 4.00%, respectively. The base rate is subject to a floor of 2.00%, and the LIBOR rate is subject to a floor of 1.00%. In the case of LIBOR loans, interest is paid according to the respective LIBOR maturity, and in the case of base rate loans, interest is paid quarterly on the last business day of the quarter. The effective interest rate on borrowings outstanding as of December 31, 2014 was approximately 5.00% (March 31, 2014 - 5.00%).

Maturity:

(i) 5.25% Senior Notes: August 1, 2018

(ii) Term Loan: July 19, 2020

Covenants. The 5.25% Senior Notes and Term Loan contain certain restrictions and covenants that, subject to certain exceptions, limit the Company’s ability to incur additional indebtedness, pay dividends or repurchase the Company’s common shares, make certain loans or investments, and sell or otherwise dispose of certain assets subject to certain conditions, among other limitations. As of December 31, 2014, the Company was in compliance with all applicable covenants.

10.25% Senior Notes

Repurchases. In June 2013, Lions Gate Entertainment, Inc. ("LGEI"), the Company's wholly-owned subsidiary, paid $4.3 million to repurchase $4.0 million of aggregate principal amount (carrying value - $4.0 million) of the 10.25% Senior Notes. The Company recorded a loss on extinguishment in the quarter ended June 30, 2013 of $0.5 million, which included $0.2 million of deferred financing costs written off.

Redemptions. In July 2013, the Company called for early redemption of the $432.0 million remaining outstanding principal amount of the 10.25% Senior Notes. The 10.25% Senior Notes were due November 1, 2016, but were redeemable by the Company at any time prior to November 1, 2013 at a redemption price of 100% of the principal amount plus the Applicable Premium, as defined in the indenture, and accrued and unpaid interest to the date of redemption. In July 2013, the proceeds from the issuance of the 5.25% Senior Notes and the Term Loan discussed above, whose principal amount collectively totaled $450.0 million, together with cash on hand and borrowings under the Company's senior revolving credit facility, were used to fund the discharge of the 10.25% Senior Notes. In conjunction with the early redemption of the 10.25% Senior Notes, the Company paid $34.3 million, representing the present value of interest through the first call date of November 1, 2013 and related call premium pursuant to the terms of the indenture governing the 10.25% Senior Notes. This, along with $19.8 million of deferred financing costs and unamortized debt discount related to the redeemed notes, will be amortized over the life of the New Issuances to the extent deemed to be a modification of terms with creditors participating in both the New Issuances and the 10.25% Senior Notes redemption. The remaining amount of those costs plus certain New Issuance costs (as discussed above) amounting to $35.9 million in aggregate was expensed as an early extinguishment of debt in the quarter ended September 30, 2013.

Convertible Senior Subordinated Notes

Outstanding Amount and Terms. The following table sets forth the convertible senior subordinated notes outstanding and certain key terms of these notes at December 31, 2014 and March 31, 2014:

	Maturity Date or Next Holder Redemption Date	Conversion Price at December 31, 2014	December 31, 2014							March 31, 2014
Convertible Senior Subordinated Notes			Principal		Unamortized Discount			Net Carrying Amount		Principal		Unamortized Discount			Net Carrying Amount
			(Amounts in thousands)
October 2004 2.9375% Notes	N/A	N/A	$	—	$	—		$	—	$	115	$	—		$	115
April 2009 3.625% Notes	March 15, 2015	$8.17	16,174		(370		)	15,804		40,220		(4,605		)	35,615
January 2012 4.00% Notes	January 11, 2017	$10.40	41,850		(4,383		)	37,467		41,850		(5,792		)	36,058
April 2013 1.25% Notes	April 15, 2018	$29.71	60,000		—			60,000		60,000		—			60,000
			$	118,024	$	(4,753	)	$	113,271	$	142,185	$	(10,397	)	$	131,788

April 2009 3.625% Notes: In April 2009, LGEI issued approximately $66.6 million of April 2009 3.625% Notes, of which $16.2 million was allocated to the equity component. Interest is payable semi-annually on March 15 and September 15 of each year. The notes mature on March 15, 2025, and are redeemable by the Company on or after March 15, 2015, at a price equal to 100% of the principal amount to be redeemed, plus unpaid interest through the date of redemption. The holder may require LGEI to repurchase the April 2009 3.625% Notes on March 15, 2015, 2018 and 2023 or upon a “designated event,” (as defined in the governing indenture), at a price equal to 100% of the principal amount to be repurchased plus unpaid interest.

January 2012 4.00% Notes: In January 2012, LGEI issued approximately $45.0 million of January 2012 4.00% Notes, of which $10.1 million was allocated to the equity component. Interest is payable semi-annually on January 15 and July 15 of each year.

April 2013 1.25% Notes: In April 2013, LGEI issued approximately $60.0 million in aggregate principal amount of April 2013 1.25% Notes. Interest is payable semi-annually on April 15 and October 15 of each year, and commenced on October 15, 2013.

Conversion Features:The convertible senior subordinated notes areconvertible, at any time, into the number of common shares of the Company determined by the principal amount being converted divided by the conversion price, subject to adjustment in certain circumstances.

The April 2009 3.625% Notes and the January 2012 4.00% Notes provide that upon conversion, the Company has the option to deliver, in lieu of common shares, cash or a combination of cash and common shares of the Company. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of these notes is as follows: April 2009 3.625% Notes - 17.26%; January 2012 4.00% Notes - 9.56%.

The April 2013 1.25% Notes are convertible only into the Company's common shares and do not carry an option to be settled in cash upon conversion, and accordingly, have been recorded at their principal amount (not reduced by a debt discount for the equity component).

Conversions. In the nine months ended December 31, 2014, $24.0 million of the principal amount of the April 2009 3.625% Notes were converted into 2,929,899 common shares at a conversion price of approximately $8.21 per share, and $0.1 million of the principal amount of the October 2004 2.9375% Notes were converted into 8,634 common shares at a conversion price of approximately $11.46 per share. The Company recorded a loss on extinguishment of debt in the three and nine months ended December 31, 2014 of $0.7 million and $1.3 million, respectively, representing the excess of the fair value of the liability component of the April 2009 3.625% Notes converted over their carrying values, plus the deferred financing costs written off.

Interest Expense. Interest expense recognized for the convertible senior subordinated notes for the three and nine months ended December 31, 2014 and 2013 is presented below:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
	(Amounts in thousands)
Interest Expense
Contractual interest coupon	$	776	$	1,191	$	2,705	$	3,581
Amortization of discount on liability component and debt issuance costs	1,061		2,195		4,322		6,432
	$	1,837	$	3,386	$	7,027	$	10,013

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Film Obligations and Production Loans

9 Months Ended

Dec. 31, 2014

Film Obligations And Production Loans [Abstract]

Film Obligations And Production Loans

Film Obligations and Production Loans

	December 31, 2014		March 31, 2014
	(Amounts in thousands)
Film obligations	$	46,769	$	80,904
Production loans	690,796		418,883
Total film obligations and production loans	$	737,565	$	499,787

The following table sets forth future annual repayment of film obligations and production loans as of December 31, 2014:

	Three Months Ended
	March 31,		Year Ended March 31,
	2015		2016		2017		2018		2019		Thereafter		Total
	(Amounts in thousands)
Film obligations	$	24,612	$	16,680	$	2,964	$	2,000	$	1,000	$	—	$	47,256
Production loans	85,884		391,781		213,131		—		—		—		690,796
	$	110,496	$	408,461	$	216,095	$	2,000	$	1,000	$	—	738,052
Less imputed interest on film obligations													(487		)
													$	737,565

Film Obligations

Film obligations include minimum guarantees, which represent amounts payable for film rights that the Company has acquired and certain theatrical marketing obligations for amounts received from third parties that are contractually committed for theatrical marketing expenditures associated with specific titles.

Production Loans

Production loans represent individual loans for the production of film and television programs that the Company produces. The majority of production loans have contractual repayment dates either at or near the expected completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur interest at rates ranging from 3.26% to 3.51%.

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Net Income Per Share (Basic) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 98,185	$ 88,763	$ 162,227	$ 102,885
Denominator:
Weighted average common shares outstanding	139,963	137,946	138,618	137,097
Basic net income per common share	$ 0.70	$ 0.64	$ 1.17	$ 0.75

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Net Income Per Share (Anti-dilutive Shares Issuable) (Details) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Anti-dilutive shares issuable [Line Items]
Anti-dilutive shares issuable	3,517	3,198	4,764	2,701
Share Purchase Options [Member]
Anti-dilutive shares issuable [Line Items]
Anti-dilutive shares issuable	3,122	2,630	4,334	2,203
Restricted Share Units (RSUs) [Member]
Anti-dilutive shares issuable [Line Items]
Anti-dilutive shares issuable	97	117	144	52
Contingently Issuable Shares [Member]
Anti-dilutive shares issuable [Line Items]
Anti-dilutive shares issuable	298	451	286	446

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Fair Value Measurements (Carrying Values And Fair Values Of Investment in Mandatorily Redeemable Preferred Stock and Outstanding Debt) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Jul. 31, 2013
Fair Value [Line Items]
Corporate debt	$ 721,792	$ 677,160
Production loans	690,796	418,883
Convertible Senior Subordinated Notes [Member]
Fair Value [Line Items]
Corporate debt	113,271	131,788
Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member]
Fair Value [Line Items]
Corporate debt	0	115
Coupon rate	2.9375%
Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Fair Value [Line Items]
Corporate debt	15,804	35,615
Coupon rate	3.625%
Convertible Senior Subordinated Notes [Member] | January 2012 Notes [Member]
Fair Value [Line Items]
Corporate debt	37,467	36,058
Coupon rate	4.00%
Convertible Senior Subordinated Notes [Member] | April 2013 Notes [Member]
Fair Value [Line Items]
Corporate debt	60,000	60,000
Coupon rate	1.25%
Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member]
Fair Value [Line Items]
Corporate debt	225,000	225,000
Coupon rate	5.25%		5.25%	5.25%
Term Loan [Member] | Term Loan [Member]
Fair Value [Line Items]
Corporate debt	223,021	222,753		222,500
Carrying Value [Member]
Fair Value [Line Items]
Investment in POP's Mandatorily Redeemable Preferred Stock Units	92,134	86,298
Corporate debt and production loans	1,252,088	998,424
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member]
Fair Value [Line Items]
Corporate debt	0	115
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Fair Value [Line Items]
Corporate debt	15,804	35,615
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | January 2012 Notes [Member]
Fair Value [Line Items]
Corporate debt	37,467	36,058
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | April 2013 Notes [Member]
Fair Value [Line Items]
Corporate debt	60,000	60,000
Carrying Value [Member] | Film Obligations and Production Loans [Member] | Production Loans [Member]
Fair Value [Line Items]
Production loans	690,796	418,883
Carrying Value [Member] | Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member]
Fair Value [Line Items]
Corporate debt	225,000	225,000
Carrying Value [Member] | Term Loan [Member] | Term Loan [Member]
Fair Value [Line Items]
Corporate debt	223,021	222,753
Fair Value [Member] | Fair Value (Level 3) [Member]
Fair Value [Line Items]
Investment in POP's Mandatorily Redeemable Preferred Stock Units	116,938	99,907
Fair Value [Member] | Fair Value (Level 2) [Member]
Fair Value [Line Items]
Corporate debt and production loans	1,256,418	1,001,103
Fair Value [Member] | Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member]
Fair Value [Line Items]
Corporate debt	0	111
Fair Value [Member] | Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member]
Fair Value [Line Items]
Corporate debt	16,305	40,140
Fair Value [Member] | Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | January 2012 Notes [Member]
Fair Value [Line Items]
Corporate debt	41,435	41,401
Fair Value [Member] | Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | April 2013 Notes [Member]
Fair Value [Line Items]
Corporate debt	51,834	51,411
Fair Value [Member] | Fair Value (Level 2) [Member] | Film Obligations and Production Loans [Member] | Production Loans [Member]
Fair Value [Line Items]
Production loans	690,796	418,883
Fair Value [Member] | Fair Value (Level 2) [Member] | Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member]
Fair Value [Line Items]
Corporate debt	229,923	223,313
Fair Value [Member] | Fair Value (Level 2) [Member] | Term Loan [Member] | Term Loan [Member]
Fair Value [Line Items]
Corporate debt	$ 226,125	$ 225,844

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Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value of Investment in Mandatorily Redeemable Preferred Stock and Outstanding Debt

The following table sets forth the carrying values and fair values of the Company’s investment in POP's mandatorily redeemable preferred stock units and outstanding debt at December 31, 2014 and March 31, 2014:

	December 31, 2014				March 31, 2014
	(Amounts in thousands)
	Carrying Value		Fair Value		Carrying Value		Fair Value
			(Level 3)				(Level 3)
Assets:
Investment in POP's Mandatorily Redeemable Preferred Stock Units	$	92,134	$	116,938	$	86,298	$	99,907
	Carrying Value		Fair Value		Carrying Value		Fair Value
			(Level 2)				(Level 2)
Liabilities:
October 2004 2.9375% Notes	$	—	$	—	$	115	$	111
April 2009 3.625% Notes	15,804		16,305		35,615		40,140
January 2012 4.00% Notes	37,467		41,435		36,058		41,401
April 2013 1.25% Notes	60,000		51,834		60,000		51,411
Production loans	690,796		690,796		418,883		418,883
5.25% Senior Notes	225,000		229,923		225,000		223,313
Term Loan	223,021		226,125		222,753		225,844
	$	1,252,088	$	1,256,418	$	998,424	$	1,001,103

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Corporate Debt (Narrative - Senior Revolving Credit Facility) (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
Senior Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Senior revolving credit facility, available amount	639.5	$ 702.3
Senior revolving credit facility, maximum borrowing capacity	800
Effective interest rate	2.67%	2.65%
Change in control, trigger percentage	50.00%
Letter of Credit [Member]
Line of Credit Facility [Abstract]
Letters of credit outstanding, amount	0	$ 0.1
Minimum [Member] | Senior Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Senior revolving credit facility, commitment fee annual percentage	0.375%
Maximum [Member] | Senior Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Senior revolving credit facility, commitment fee annual percentage	0.50%
Base Rate [Member] | Senior Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Basis spread on variable interest rate	1.50%
LIBOR [Member] | Senior Revolving Credit Facility [Member]
Line of Credit Facility [Abstract]
Basis spread on variable interest rate	2.50%

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Government Assistance

9 Months Ended

Dec. 31, 2014

Government Assistance [Abstract]

Government Assistance

Government Assistance

Tax credits earned for film and television production activity for the three and nine months ended December 31, 2014 totaled $103.5 million and $193.0 million, respectively (three and nine months ended December 31, 2013 - $15.0 million and $62.0 million, respectively) and are recorded as a reduction of the cost of the related film and television program. Accounts receivable at December 31, 2014 includes $272.9 million with respect to tax credits receivable (March 31, 2014 - $115.3 million).

The Company is subject to routine inquiries and review by regulatory authorities of its various incentive claims which have been received or are receivable. Adjustments of claims have generally not been material historically.

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Supplementary Cash Flow Statement Information

9 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Statement Information

Supplementary Cash Flow Statement Information

The supplemental schedule of non-cash investing and financing activities for the nine months endedDecember 31, 2014 and 2013 is presented below.

	Nine Months Ended
	December 31,
	2014		2013
	(Amounts in thousands)
Non-cash financing activities:
Accrued dividends (see Note 10)	$	9,817	$	6,900
Accrued share repurchases	$	2,106	$	—
Conversions of convertible senior subordinated notes (see Note 5)	$	24,145	$	3,150

There were no non-cash investing activities for the nine months endedDecember 31, 2014 and 2013.

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Equity Method Investments (Intercompany Revenue and Gross Profit and Calculation of Profit Eliminated) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Revenue recognized on licensing sales to investee	$ 751,299		$ 839,939		$ 1,753,558		$ 1,908,396
EPIX [Member]
Schedule of Equity Method Investments [Line Items]
Revenue recognized on licensing sales to investee	15,349		24,740		41,281		47,871
Gross profit on licensing sales to investee	6,213		11,576		22,493		29,619
Ownership interest in investee	31.15%		31.15%		31.15%		31.15%
Elimination of the Company's share of profit on licensing sales to investee	$ 1,935	[1]	$ 3,606	[1]	$ 7,007	[1]	$ 9,226	[1]

[1] Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and nine months ended December 31, 2014 and 2013: (Amounts in thousands) Three months ended December 31, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $15,349 and $24,740, respectively; Gross profit on licensing sales to EPIX - $6,213 and $11,576, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $1,935 and $3,606, respectively. Nine months ended December 31, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $41,281 and $47,871, respectively; Gross profit on licensing sales to EPIX - $22,493 and $29,619, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $7,007 and $9,226, respectively.

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Investment In Films And Television Programs (Narrative) (Details)	9 Months Ended
	Dec. 31, 2014
Investment In Films And Television Programs [Abstract]
Percentage of unamortized film costs, one year	47.00%
Percentage of unamortized film costs, three years	81.00%

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Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Net income	$ 98,185	$ 88,763	$ 162,227	$ 102,885
Foreign currency translation adjustments	(2,373)	517	(4,166)	4,104
Net unrealized gain (loss) on foreign exchange contracts, net of tax	277	(114)	693	(770)
Comprehensive income	$ 96,089	$ 89,166	$ 158,754	$ 106,219

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General

9 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

General

Nature of Operations

Lions Gate Entertainment Corp. (the “Company,” “Lionsgate,” "Lions Gate," “we,” “us” or “our”) is a leading global entertainment company with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries.

The unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and nine months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. The balance sheet at March 31, 2014 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014.

Certain amounts presented in prior years have been reclassified to conform to the current year’s presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs for investment in films and television programs; estimates of sales returns and other allowances and provisions for doubtful accounts; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies acquired; income taxes and accruals for contingent liabilities; and impairment assessments for investment in films and television programs, property and equipment, equity investments, goodwill and intangible assets. Actual results could differ from such estimates.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update relating to the recognition of revenue from contracts with customers, which will supersede most current U.S. GAAP revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance will be effective for the Company's fiscal year beginning April 1, 2017, and can be applied either retrospectively or under a cumulative-effect transition method. The Company is currently evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.

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Corporate Debt (Interest Expense) (Details) (Convertible Senior Subordinated Notes [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Contractual interest coupon	$ 776	$ 1,191	$ 2,705	$ 3,581
Amortization of discount on liability component and debt issuance costs	1,061	2,195	4,322	6,432
Interest expense, total	$ 1,837	$ 3,386	$ 7,027	$ 10,013

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Derivative Instruments and Hedging Activities (Outstanding Forward Foreign Exchange Contracts) (Details) (Foreign Exchange Forward [Member]) In Millions, unless otherwise specified	Dec. 31, 2014 British Pounds Sterling USD ($)	Dec. 31, 2014 British Pounds Sterling GBP (£)	Dec. 31, 2014 Australia, Dollars USD ($)	Dec. 31, 2014 Australia, Dollars AUD	Dec. 31, 2014 Canada, Dollars USD ($)	Dec. 31, 2014 Canada, Dollars CAD
Derivative [Line Items]
Foreign Currency Amount		£ 19.6		31.9		0.6
US Dollar Amount	$ 31.6		$ 28.7		$ 0.6
Weighted average exchange rate per $1 USD	0.62	0.62	1.11	1.11	1.09	1.09

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Capital Stock (Share-Based Compensation Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Share-Based Compensation Expense [Line Items]
Share-based compensation expense	$ 15,132		$ 12,064		$ 48,875		$ 52,199
Impact of accelerated vesting on stock options and restricted share units	0	[1]	0	[1]	1,194	[1]	0	[1]
Total share-based compensation expense	15,132		12,064		50,069		52,199
Tax impact	(5,547)	[2]	(4,464)	[2]	(18,355)	[2]	(19,314)	[2]
Reduction in net income	9,585		7,600		31,714		32,885
Stock Options [Member]
Share-Based Compensation Expense [Line Items]
Share-based compensation expense	7,551		5,393		25,560		15,131
Restricted Share Units and Other Share-based Compensation [Member]
Share-Based Compensation Expense [Line Items]
Share-based compensation expense	6,477		6,597		19,515		22,032
Share Appreciation Rights (SARs) [Member]
Share-Based Compensation Expense [Line Items]
Share-based compensation expense	$ 1,104		$ 74		$ 3,800		$ 15,036

[1] Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels.

[2] Represents the income tax benefit recognized in the statements of income for share-based compensation arrangements.

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Subsequent Events (Unaudited)

9 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)

Share Repurchases. On December 17, 2013, our Board of Directors authorized the Company to increase our previously announced share repurchase plan from a total authorization of $150 million to $300 million. Since the December 17, 2013 increase in share repurchase authorization, through January 21, 2015, we have repurchased a total of 5.3 million common shares for an aggregate price of $144.8 million (weighted average repurchase price of $27.11 per share). Of these repurchases, 0.4 million common shares were repurchased for an aggregate price of $12.9 million (weighted average repurchase price of $29.81) during the period from January 1, 2015 to January 21, 2015. As a result of these repurchases, the Company has $89.9 million of remaining capacity in its $300 million share repurchase plan as of January 21, 2015.

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Segment Information (Reconciliation Of Total Segment Profit To The Company's Income Before Income Taxes) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Segment Reporting [Abstract]
Company’s total segment profit	$ 157,443		$ 188,521		$ 321,748		$ 332,784
Shared services and corporate expenses:
Share-based compensation expense	(15,132)		(12,064)		(48,875)		(52,199)
Restructuring charges	(766)	[1]	0	[1]	(7,008)	[1]	0	[1]
Administrative proceeding	0	[2]	(7,500)	[2]	0	[2]	(7,500)	[2]
Other shared services and corporate expenses	(23,668)		(25,643)		(66,759)		(67,062)
Total shared services and corporate expenses	(39,566)		(45,207)		(122,642)		(126,761)
Depreciation and amortization	(1,708)		(1,530)		(4,685)		(4,766)
Operating income	116,169		141,784		194,421		201,257
Interest expense	(13,551)		(15,574)		(39,594)		(52,560)
Interest and other income	623		1,771		2,188		4,750
Loss on extinguishment of debt	(690)		0		(1,276)		(36,653)
Equity interests income (loss)	10,898		(1,321)		37,353		13,158
Income before income taxes	113,449		126,660		193,092		129,952
Non-cash charges resulting from the acceleration of vesting of stock awards	$ 0	[3]	$ 0	[3]	$ 1,194	[3]	$ 0	[3]

[1] Restructuring charges in the nine months ended December 31, 2014 primarily consist of severance costs associated with the integration of the marketing operations of the Company's Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom. Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards (see Note 10).

[2] Administrative proceeding represents the settlement of an administrative order.

[3] Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels.

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Consolidating Financial Information - Convertible Senior Subordinated Notes (Tables) (Convertible Senior Subordinated Notes [Member])

9 Months Ended

Dec. 31, 2014

Convertible Senior Subordinated Notes [Member]

Consolidating Financial Information [Line Items]

Consolidated Financial Information - Balance Sheet

	As of
	December 31, 2014
	Lions Gate Entertainment Corp.		Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries		Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
BALANCE SHEET
Assets
Cash and cash equivalents	$	839	$	15,501		$	12,546	$	—		$	28,886
Restricted cash	—		7,508			—		—			7,508
Accounts receivable, net	741		5,581			968,257		—			974,579
Investment in films and television programs, net	—		6,394			1,440,999		—			1,447,393
Property and equipment, net	—		20,685			1,745		—			22,430
Equity method investments	—		5,947			205,800		(67		)	211,680
Goodwill	10,172		—			313,156		—			323,328
Other assets	3,636		65,305			8,467		(6,036		)	71,372
Deferred tax assets	6,766		38,974			8,589		—			54,329
Subsidiary investments and advances	1,273,816		1,277,306			2,055,224		(4,606,346		)	—
	$	1,295,970	$	1,443,201		$	5,014,783	$	(4,612,449	)	$	3,141,505
Liabilities and Shareholders’ Equity (Deficiency)
Senior revolving credit facility	$	160,500	$	—		$	—	$	—		$	160,500
5.25% Senior Notes	225,000		—			—		—			225,000
Term Loan	223,021		—			—		—			223,021
Accounts payable and accrued liabilities	19,453		69,295			182,353		—			271,101
Participations and residuals	—		3,417			459,676		—			463,093
Film obligations and production loans	—		—			737,565		—			737,565
Convertible senior subordinated notes	—		113,271			—		—			113,271
Deferred revenue	—		8,813			271,145		—			279,958
Intercompany payable	—		1,414,020			1,991,164		(3,405,184		)	—
Shareholders’ equity (deficiency)	667,996		(165,615		)	1,372,880		(1,207,265		)	667,996
	$	1,295,970	$	1,443,201		$	5,014,783	$	(4,612,449	)	$	3,141,505

	As of
	March 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries		Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
BALANCE SHEET
Assets
Cash and cash equivalents	$	8,128		$	5,999		$	11,565	$	—		$	25,692
Restricted cash	—			8,925			—		—			8,925
Accounts receivable, net	688			2,514			882,369		—			885,571
Investment in films and television programs, net	(18		)	6,394			1,266,703		1,494			1,274,573
Property and equipment, net	—			14,185			367		—			14,552
Equity method investments	—			3,668			178,273		—			181,941
Goodwill	10,172			—			313,156		—			323,328
Other assets	4,113			67,612			5,682		(6,340		)	71,067
Deferred tax assets	8,417			48,125			9,441		—			65,983
Subsidiary investments and advances	1,118,356			1,065,274			1,532,070		(3,715,700		)	—
	$	1,149,856		$	1,222,696		$	4,199,626	$	(3,720,546	)	$	2,851,632
Liabilities and Shareholders’ Equity (Deficiency)
Senior revolving credit facility	$	97,619		$	—		$	—	$	—		$	97,619
5.25% Senior Notes	225,000			—			—		—			225,000
Term Loan	222,753			—			—		—			222,753
Accounts payable and accrued liabilities	19,946			73,045			239,466		—			332,457
Participations and residuals	—			3,417			465,973		—			469,390
Film obligations and production loans	—			—			499,787		—			499,787
Convertible senior subordinated notes	—			131,788			—		—			131,788
Deferred revenue	—			11,689			276,611		—			288,300
Intercompany payable	—			1,232,310			1,480,273		(2,712,583		)	—
Shareholders’ equity (deficiency)	584,538			(229,553		)	1,237,516		(1,007,963		)	584,538
	$	1,149,856		$	1,222,696		$	4,199,626	$	(3,720,546	)	$	2,851,632

Consolidated Financial Information - Statement of Income

	Nine Months Ended
	December 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments			Lions Gate Consolidated
				(Amounts in thousands)
STATEMENT OF INCOME
Revenues	$	—		$	21,565		$	1,732,520		$	(527	)	$	1,753,558
EXPENSES:
Direct operating	2			3,243			942,595			—			945,840
Distribution and marketing	—			1,575			420,062			—			421,637
General and administration	2,383			115,942			69,010			(360		)	186,975
Depreciation and amortization	—			2,721			1,964			—			4,685
Total expenses	2,385			123,481			1,433,631			(360		)	1,559,137
OPERATING INCOME (LOSS)	(2,385		)	(101,916		)	298,889			(167		)	194,421
Other expenses (income):
Interest expense	25,919			138,139			96,941			(221,405		)	39,594
Interest and other income	(126,019		)	(2,766		)	(94,457		)	221,054			(2,188		)
Loss on extinguishment of debt	—			1,276			—			—			1,276
Total other expenses (income)	(100,100		)	136,649			2,484			(351		)	38,682
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES	97,715			(238,565		)	296,405			184			155,739
Equity interests income (loss)	66,045			317,176			37,224			(383,092		)	37,353
INCOME (LOSS) BEFORE INCOME TAXES	163,760			78,611			333,629			(382,908		)	193,092
Income tax provision (benefit)	1,533			12,566			52,982			(36,216		)	30,865
NET INCOME (LOSS)	162,227			66,045			280,647			(346,692		)	162,227
Foreign currency translation adjustments	(3,473		)	(4,383		)	(1,301		)	4,991			(4,166		)
Net unrealized gain on foreign exchange contracts, net of tax	—			—			693			—			693
COMPREHENSIVE INCOME (LOSS)	$	158,754		$	61,662		$	280,039		$	(341,701	)	$	158,754

	Nine Months Ended
	December 31, 2013
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments			Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF INCOME
Revenues	$	6,748		$	20,989		$	1,889,642		$	(8,983	)	$	1,908,396
EXPENSES:
Direct operating	(254		)	(2,933		)	968,943			—			965,756
Distribution and marketing	2			2,490			548,005			—			550,497
General and administration	1,344			124,084			61,093			(401		)	186,120
Depreciation and amortization	—			1,608			3,158			—			4,766
Total expenses	1,092			125,249			1,581,199			(401		)	1,707,139
OPERATING INCOME (LOSS)	5,656			(104,260		)	308,443			(8,582		)	201,257
Other expenses (income):
Interest expense	12,496			70,840			20,036			(50,812		)	52,560
Interest and other income	(33,592		)	(4,838		)	(17,132		)	50,812			(4,750		)
Loss on extinguishment of debt	2,600			34,053			—			—			36,653
Total other expenses (income)	(18,496		)	100,055			2,904			—			84,463
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES	24,152			(204,315		)	305,539			(8,582		)	116,794
Equity interests income (loss)	74,296			298,123			18,328			(377,589		)	13,158
INCOME (LOSS) BEFORE INCOME TAXES	98,448			93,808			323,867			(386,171		)	129,952
Income tax provision (benefit)	(4,437		)	19,512			67,244			(55,252		)	27,067
NET INCOME (LOSS)	102,885			74,296			256,623			(330,919		)	102,885
Foreign currency translation adjustments	3,334			(59		)	26,082			(25,253		)	4,104
Net unrealized loss on foreign exchange contracts, net of tax	—			—			(770		)	—			(770		)
COMPREHENSIVE INCOME (LOSS)	$	106,219		$	74,237		$	281,935		$	(356,172	)	$	106,219

Consolidated Financial Information - Statement of Cash Flows

	Nine Months Ended
	December 31, 2014
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments		Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF CASH FLOWS
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	93,761		$	16,210		$	(273,012	)	$	—	$	(163,041	)
INVESTING ACTIVITIES:
Proceeds from the sale of equity method investees	—			—			14,575			—		14,575
Investment in equity method investees	—			(2,150		)	(12,600		)	—		(14,750		)
Other investments	—			(2,000		)	—			—		(2,000		)
Purchases of property and equipment	—			(9,309		)	(1,984		)	—		(11,293		)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	—			(13,459		)	(9		)	—		(13,468		)
FINANCING ACTIVITIES:
Senior revolving credit facility - borrowings	681,500			—			—			—		681,500
Senior revolving credit facility - repayments	(618,619		)	—			—			—		(618,619		)
Convertible senior subordinated notes - repurchases	—			(16		)	—			—		(16		)
Production loans - borrowings	—			—			533,781			—		533,781
Production loans - repayments	—			—			(261,868		)	—		(261,868		)
Repurchase of common shares	(129,859		)	—			—			—		(129,859		)
Dividends paid	(23,536		)	—			—			—		(23,536		)
Excess tax benefits on equity-based compensation awards	—			6,767			—			—		6,767
Exercise of stock options	4,404			—			—			—		4,404
Tax withholding required on equity awards	(14,939		)	—			—			—		(14,939		)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	(101,049		)	6,751			271,913			—		177,615
NET CHANGE IN CASH AND CASH EQUIVALENTS	(7,288		)	9,502			(1,108		)	—		1,106
FOREIGN EXCHANGE EFFECTS ON CASH	(1		)	—			2,089			—		2,088
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	8,128			5,999			11,565			—		25,692
CASH AND CASH EQUIVALENTS — END OF PERIOD	$	839		$	15,501		$	12,546		$	—	$	28,886

	Nine Months Ended
	December 31, 2013
	Lions Gate Entertainment Corp.			Lions Gate Entertainment Inc.			Non-guarantor Subsidiaries			Consolidating Adjustments		Lions Gate Consolidated
	(Amounts in thousands)
STATEMENT OF CASH FLOWS
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(630,884	)	$	761,836		$	14,882		$	—	$	145,834
INVESTING ACTIVITIES:
Proceeds from the sale of equity method investees	—			—			9,000			—		9,000
Investment in equity method investees	—			(750		)	(16,500		)	—		(17,250		)
Distributions from equity method investee in excess of earnings	—			—			4,169			—		4,169
Repayment of loans receivable	—			—			4,275			—		4,275
Purchases of property and equipment	—			(4,276		)	(1,840		)	—		(6,116		)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	—			(5,026		)	(896		)	—		(5,922		)
FINANCING ACTIVITIES:
Senior revolving credit facility - borrowings	319,119			463,100			—			—		782,219
Senior revolving credit facility - repayments	(125,000		)	(801,574		)	—			—		(926,574		)
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $6,860	440,640			—			—			—		440,640
10.25% Senior Notes - repurchases and redemptions	—			(470,584		)	—			—		(470,584		)
Convertible senior subordinated notes - borrowings	—			60,000			—			—		60,000
Production loans - borrowings	—			—			359,582			—		359,582
Production loans - repayments	—			—			(301,385		)	—		(301,385		)
Pennsylvania Regional Center credit facility - repayments	—			—			(65,000		)	—		(65,000		)
Exercise of stock options	10,869			—			—			—		10,869
Tax withholding required on equity awards	(14,376		)	—			—			—		(14,376		)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	631,252			(749,058		)	(6,803		)	—		(124,609		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	368			7,752			7,183			—		15,303
FOREIGN EXCHANGE EFFECTS ON CASH	(210		)	—			(2,054		)	—		(2,264		)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	592			36,834			24,937			—		62,363
CASH AND CASH EQUIVALENTS — END OF PERIOD	$	750		$	44,586		$	30,066		$	—	$	75,402

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Income Taxes

9 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The income tax provision for the three and nine months ended December 31, 2014 and 2013 is calculated by estimating the Company's annual effective tax rate (estimated annual tax provision divided by estimated annual income before income taxes), and then applying the effective tax rate to income before income taxes for the quarter, plus or minus the tax effects of items that relate discretely to the quarter, if any.

For the three months ended December 31, 2014, the tax provision included a discrete benefit of $0.3 million, and for the nine months ended December 31, 2014 the tax provision included a discrete charge of $4.2 million associated with the gain on sale of our interest in FEARnet and a discrete charge of $0.4 million from other discrete items. For the nine months ended December 31, 2013, the tax provision included a discrete benefit of $12.0 million from the reversal of a valuation allowance related to the Company's net deferred tax assets in the Canadian tax jurisdiction and other discrete items.