We advised the placement agents on the de-SPAC transaction and the related PIPE financing

Davis Polk advised the placement agents in connection with the upsized $274.3 million PIPE and the business combination transaction between Screaming Eagle Acquisition and the studio business of Lions Gate Entertainment to launch Lionsgate Studios. The business combination values Lionsgate Studios at an enterprise value of approximately $4.6 billion. The transaction delivered approximately $350 million in gross proceeds to Lions Gate Entertainment, including $274.3 million from the upsized PIPE and $75.7 million from Screaming Eagle Acquisition’s trust account after shareholder redemptions. The transaction closed on May 13, 2024. The combined company, Lionsgate Studios, commenced trading on the Nasdaq Global Market under the ticker symbol “LION” on May 14, 2024.

Screaming Eagle Acquisition is a special purpose acquisition company (SPAC) formed for the purpose of effecting a business combination with one or more businesses. The studio business, comprising the Television Studio and Motion Picture Group segments of Lions Gate Entertainment, is one of the world’s most valuable film and television libraries.

The Davis Polk capital markets team included partner Derek Dostal and associates Lincoln Jim and Shukra Sabnis. Partner Pritesh P. Shah and associate Ted Talas provided intellectual property advice. Partner Kara L. Mungovan and associates Dov Sussman and Caroline Peters provided tax advice. All members of the Davis Polk team are based in the New York office. 

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