AceShowbiz - Lionsgate has announced a significant deal involving the sale of its South Asia streaming service, Lionsgate Play, to its founder, Rohit Jain. The specific terms of the sale, including financial details, were not disclosed by the company. As part of this agreement, Jain will assume complete ownership and management of Lionsgate Play while exiting Lionsgate itself.

In this arrangement, Lionsgate will continue to license the Lionsgate Play brand name for the streaming platform and provide studio films and television series to Jain's expanding service under a multiyear agreement. This move aligns with Lionsgate's strategy to monetize the streaming platform, which is viewed as a non-core asset, allowing the company to concentrate on its primary film and television operations in India and Southeast Asia.

Over the past eight years, Rohit Jain has played a pivotal role in building and scaling the streamer in Asia, initially serving as the president of Lionsgate Play Asia. His expertise has helped position the service as a key player in the competitive streaming landscape.

The sale of Lionsgate Play comes at a time when the platform is shifting its focus from being a niche Hollywood service to a more comprehensive entertainment offering tailored for regional audiences across Asia. Since joining Lionsgate in 2018 to establish a presence in Mumbai, Jain has overseen the launch of the premium streaming app, which began as a collaboration between Lionsgate India and Starz, supported by a range of Hollywood content.

To expand Lionsgate Play beyond India, Jain forged strategic partnerships with leading telecom companies, broadband providers, and global streaming platforms. These collaborations have been instrumental in increasing the brand's visibility and accessibility in the rapidly evolving digital entertainment market.

In a statement, Lionsgate COO Brian Goldsmith expressed confidence in Jain's capabilities, noting, “Under his stewardship, the Lionsgate brand has gained greater resonance with audiences in South Asia and Southeast Asia, and Lionsgate Play has emerged as a distinctive premium streaming platform in one of the world’s fastest-growing digital entertainment markets. Rohit is an entrepreneur with a deep understanding of the Asia landscape, and he has the expertise and experience to lead Lionsgate Play into an exciting new phase of growth.”

In addition to enhancing Lionsgate's business in South Asia, Jain was also tasked with expanding the Starz premium subscription platform within emerging Asian markets. The recent separation of Lionsgate’s studios business from Starz has further underscored the company’s commitment to focusing on its core streaming and entertainment ventures.