(Reuters) -Shareholders of Lions Gate Entertainment, the studio behind the "John Wick" movie franchise, have approved a plan to split its film and TV studio from the Starz business, a person familiar with the matter told Reuters on Wednesday.
The split is intended to streamline operations and better position the company to compete in an industry where customers are shifting from cable TV to streaming services such as Amazon (NASDAQ:AMZN) Prime Video, YouTube and Netflix (NASDAQ:NFLX).
The standalone Lionsgate Studios business includes the company’s Motion Picture Group, Television Studio operations, and a library of more than 20,000 film and television titles.
In December, Bloomberg News reported that activist investor Anson Funds Management had taken a stake in Lionsgate Studios and was urging the company to explore strategic options, including a potential sale.
Last year, Comcast (NASDAQ:CMCSA) said it planned to spin off the bulk of its fading NBCUniversal cable TV networks, including MSNBC and CNBC, as the company is repositioning itself for growth in the streaming era.