Lionsgate and Lionsgate Studios have released first quarter financial results after the spinoff of the media giants studio business into a separately traded stock.

The Hollywood studio, led by CEO Jon Feltheimer, posted a first quarter net loss attributable to shareholders at $59.4 million, compared to a year-earlier $70.7 million loss, on overall revenue falling to $834.7 million, against a year-earlier $908.6 million.

Were pleased to report a solid quarter despite unprecedented industry disruption and the aftereffects of the strikes, Feltheimer said in a statement that accompanied his companys latest financial results. Lionsgate posted an earnings per-share loss of 25 cents, compared to a year-earlier per-share loss of 31 cents. The studio reported its latest financial results after in May 2024 debuting Lionsgate Studios as a standalone, publicly traded company, having been formed by combining Lionsgates studio business with Screaming Eagle Acquisition Corp. (SEAC), a special purpose acquisition company.

Launching Lionsgate Studios on NASDAQ has aimed to give the Hollywood studio options before completing a long-awaited separation of the film and TV studiosand Starz, including raising fresh capital and merging with existing businesses. Lionsgate Studios is made up of Lionsgates Motion Picture Group and Television Studio business, along with a 20,000-strong film and TV library.

Other recent measures to boost shareholder value include giving investors an upcoming vote on a plan to collapse two classes of shares into one class and offer a 12 percent premium to class A voting shareholders at Lionsgate.

During the first quarter, the companys studios business, which combines the Motion Picture and TV production segments, saw revenue fall 6 percent to $588.4 million.

The media networks revenue, which is mostly Starz Networks, rose 1 percent to $ 345.3 million. Starz North America ended the first quarter with 13.2 million streaming subscribers, down from 13.38 customers at the end of the fourth quarter of fiscal 2024.

The premium platform had another 8.1 million linear subscribers at the end of the latest quarter, a fall from 8.42 million at the end of the fourth quarter. The total number of global subscribers at Starz, excluding customers to be cut in Australia, Latin America and the UK, came to 27.17 million at the end of the first quarter, against 27.54 million for the fourth quarter.

The Motion Picture group revenue fell 15 percent to$347.3 million, due to an unfavorable year-earlier comparison with John Wick: Chapter Four box office. This May, The Strangers: Chapter One grossed $43 million at the global box office.

Elsewhere, television production revenue rose 10 percent to $241.1 million during the first quarter, driven by contributions from eOne and as the TV business continued to recover after the dual Hollywood actors and writers strikes last year were settled with increased content deliveries.