reported by Jesse Desi, CyberScreenwriter.com

Lionsgate has acquired renowned independent production and distribution company Mandate Pictures, the two companies announced today. The acquisition returns entrepreneurial motion picture executive Joe Drake to the Lionsgate family as Co-Chief Operating Officer and President of Lionsgate's Motion Picture Group, with oversight of all areas of the Company's theatrical production, distribution, marketing, acquisition and international theatrical operations. Drake will continue as CEO of Mandate.

Mandate will continue to operate under its existing brand as an autonomous entity with newly-named president Kahane. It will maintain its business as usual distribution relationships with other major studios and will continue to operate from its current Beverly Hills, California offices with its creative team in place.

Lionsgate expects the $56.3 million acquisition, comprised of $44.3 million in cash and $12 million in stock to be released over an 18-month period, to serve several important strategic benefits: continuing the long- term growth of its filmed entertainment library; strengthening its executive ranks; growing the ability to secure international rights to films released by other major studios; and, building upon Mandate's success in producing films for other studios, creating an important third-party profit center both domestically and internationally. In addition to the $56.3 million acquisition cost, Lionsgate will assume approximately $6.6 million in debt from Mandate which will be retired immediately.