Professional Motion Picture Production and Distribution NEWS

Net Loss of $93.4 Million Compared to Net Income of $7.3 Million in Prior Year�s Third Quarter

(Santa Monica, CA, and Vancouver, BC) Lionsgate (NYSE: LGF), the leading next generation studio, reported revenues of $324.0 million for the third fiscal quarter (period ended December 31, 2008), an 8.4% increase from $299.0 million for the prior year�s third quarter, the Company announced. However, EBITDA for the third quarter was negative $88.9 million compared to EBITDA of positive $11.7 million in the prior year�s third quarter. EBITDA is defined as earnings before interest, income tax provision, depreciation and equity interests.

Net loss of $93.4 million in the third quarter translated into basic net loss per common share of $0.81, based on 115.8 million weighted average common shares outstanding, compared to net income of $7.3 million, or basic net income per common share of $0.06, based on 118.9 million weighted average common shares outstanding in the prior year's third quarter. The loss was primarily attributable to the underperformance of theatrical wide releases in the quarter along with a reserve taken for the Company�s HIT Entertainment North American DVD distribution deal due to several factors, including softness in the preschool non-theatrical retail market and unusually high returns from the field when Lionsgate took over distribution of the line. These losses more than offset gains in Lionsgate�s television business.

"During the quarter, we were negatively impacted by some of the same broad economic factors reported by other companies in the media and entertainment sector," said Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer. "However, the primary factor contributing to this quarter�s loss was the underperformance of our feature film slate. This will have a significant negative impact on our EBITDA and free cash flow for the whole year. Looking forward to fiscal 2010, with the solid performance of our television, home entertainment, international and library businesses, coupled with a smaller film slate and lower associated marketing costs, we anticipate significant positive EBITDA next year."

The Company�s filmed entertainment backlog was $442.4 million at December 31, 2008. Filmed entertainment backlog represents the amount of future revenue contracted but not yet recorded from the licensing of films and television product for television exhibition and in international markets.

Overall motion picture revenue for the quarter was $254.9 million, a decrease of 2% from $261.0 million in the prior year's third quarter, as declines in home entertainment, international and Mandate Pictures offset growth in theatrical and television from motion pictures.

Theatrical revenue of $69.3 million increased 9% from $63.8 million in the prior year�s third quarter. "Saw V" continued the strength of the "Saw" horror franchise and the documentary "Religulous" also performed well in platform release. The wide releases "The Spirit, Punisher: War Zone" and "Transporter 3" compared unfavorably to releases in the prior year�s third quarter.

Lionsgate�s home entertainment revenue from all segments was $101.5 million, an 11% decline compared to $114.6 million in the prior year�s third quarter. There were no high-profile new theatrical releases on DVD in the quarter. Significant home entertainment titles in the quarter were "Beer For My Horses" and continued sales of "Rambo," "The Bank Job, Forbidden Kingdom" and "War, " which were released in previous quarters. The Company has slated the releases of such major theatrical titles as "Saw V, ""Tyler Perry�s The Family That Preys, " "Bangkok Dangerous, ""My Best Friend�s Girl" and "Transporter 3" for the fiscal fourth quarter to avoid the glut of major studio releases before the holidays, as it has done in the past.

Television revenue included in the motion picture segment was $39.0 million in the third quarter, a 25% increase from $31.3 million in the prior year third quarter, led by titles such as "Tyler Perry's Meet The Browns, ""Rambo, ""The Bank Job" and "The Eye. "

Lionsgate's international revenue declined 8% to $41.1 million in the third quarter compared to $44.6 million in the third quarter of the prior year. Principal revenue contributors in the quarter were "Saw V, ""Punisher: War Zone, ""The Eye" and "Conan The Barbarian. "

Mandate Pictures reported third quarter revenues of $8.3 million, a decline of 34% from $12.5 million in the prior year third quarter. Significant titles in the quarter were "Juno, ""Nick and Norah�s Infinite Playlist" and "Passengers. "

Television production revenue in the quarter was $69.2 million, an increase of 82% from $38.0 million in the prior year�s third quarter due to increases in domestic television series episodes delivered, $14.5 million of revenue generated from the Company�s joint venture with Ish Entertainment LLC and revenue increases from the Company�s Debmar-Mercury television syndication business. Primary contributors were deliveries of the Emmy Award-winning "Mad Men Season 2" (AMC) and deliveries of "Crash TV Series Season 1" (Starz) and "Scream Queens" (VH1). After the end of the quarter, Turner Broadcasting ordered a total of 80 episodes of the "House of Payne" spin-off, "Tyler Perry�s Meet The Browns, " to air on TBS this summer and in syndication in fall 2010. The television division remains on track to approach $250 million in revenues this year.

On January 5, 2009, Lionsgate announced the acquisition of TV Guide Network, the 19th most widely distributed cable network in the U.S., reaching 83 million homes, and leading online programming site TV Guide.com, for approximately $255 million. The TV Guide Network joins other Lionsgate channel platforms such as the FEARnet branded horror channel (in partnership with Sony and Comcast) and the premium channel EPIX, to be launched this fall (in partnership with Viacom and MGM).

Lionsgate senior management will hold its analyst and investor conference call to discuss its fiscal 2009 third quarter financial results at 9:00 A.M. ET/6:00 A.M. PT, Tuesday, February 10, 2009. Interested parties may participate live in the conference call by calling 1-888-428-4479 (651-291-5254 outside the U.S. and Canada). A full digital replay will be available from Tuesday morning, February 10, through Tuesday, February 17, by dialing 1-800-475-6701 (320-365-3844 outside the U.S. and Canada) and using access code 982709.

About Lionsgate

Lionsgate is the leading next generation studio with a major presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content. The Company is leveraging its content leadership and marketing expertise through a series of partnerships that include the operation of the FEARNet branded VOD and Internet horror channel with Sony and Comcast, the expected fall 2009 launch of EPIX, a new premium entertainment channel with partners Viacom and MGM, investment in the leading young men's digital distribution platform Break.com, ownership of the premier independent television syndication company Debmar-Mercury and an alliance with independent filmed entertainment production and distribution company Roadside Attractions. Lionsgate also has forged partnerships with leading content creators, owners and distributors in key territories around the world, including Televisa in the U.S. and Latin America, StudioCanal in the UK, Hoyts and Sony in Australia and Eros International in India.

The Company has generated more than $400 million at the North American theatrical box office in the past 12 months and has forged strong positions in television and home entertainment with the production of such critically-acclaimed television series as "Weeds" and "Mad Men, " the distribution of "Tyler Perry's House of Payne, ""Family Feud, ""South Park" and "The Dead Zone, " and nearly 7% market share and the industry's leading box office-to-DVD conversion rate in home entertainment. Lionsgate handles a prestigious and prolific library of approximately 12,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate brand is synonymous with entrepreneurial innovation and original, daring, quality entertainment in markets around the globe.

www.lionsgate.com

For further information, contact:
Peter D. Wilkes
Lionsgate
310-255-3726
Pwilkes [ at ] lionsgate [ dot ] com

Kristin Robinson
Lionsgate
310-255-5114
Krobinson [ at ] lionsgate [ dot ] com

The matters discussed in this press release include forward-looking statements, including those regarding the success of our upcoming film slate, the expansion of our television business and the performance of our fiscal 2009 and fiscal 2010. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the substantial investment of capital required to produce and market films and television series, increased costs for producing and marketing feature films, budget overruns, limitations imposed by our credit facilities, unpredictability of the commercial success of our motion pictures and television programming, the cost of defending our intellectual property, difficulties in integrating acquired businesses, technological changes and other trends affecting the entertainment industry, and the risk factors as set forth in Lionsgate�s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on February 9, 2009. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.