Content studio Lionsgate has sold its over-the-top (OTT) streaming business, Lionsgate Play, in South Asia and Southeast Asia to Rohit Jain at an estimated deal value of up to $30 million, people aware of the terms told ET. A Lionsgate veteran in Asia, Jain built the platform from the ground up in one of the world’s most competitive streaming markets.

Jain, President of Lionsgate Play Asia, will take full ownership and exit Lionsgate as part of the transaction.

Lionsgate will continue to own and operate its film and television distribution business in India and Southeast Asia.

Financial terms were not disclosed, but the deal is estimated at $20-30 million, according to people aware of the discussions. The transaction includes an upfront payment, with the balance to be paid in multiple tranches.

Lionsgate has invested an estimated $100 million in its streaming business in the region over the years, sources familiar with the business said. The platform has around 5 million paid subscribers.

The acquisition places Lionsgate Play under founder-led ownership, with a sharper focus on Asia’s digital entertainment market, particularly India.

Under a multi-year agreement, Lionsgate will license the Lionsgate Play brand name and provide access to its film and television catalogue, enabling the platform to continue operating and scaling in the region.

“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," Lionsgate COO Brian Goldsmith said.

Rohit Jain is an entrepreneur with a deep understanding of the Asia landscape and has the expertise and experience to lead Lionsgate Play into an exciting new phase of growth, Goldsmith said.

“Lionsgate Play has established itself as a leading destination for Hollywood content in India and is now positioned to expand well beyond that—shaping a differentiated, future-ready streaming platform for the region," said Jain, thanking Jon Feltheimer and Brian Goldsmith for giving him the freedom to build Lionsgate’s India business and transform Lionsgate Play into a premium streaming platform across Asia.

According to Tofler data, Lions Gate Play LLP, the operator of Lionsgate Play in India, reported a 57% decline in net loss to Rs 26 crore in FY25, while operating revenue declined by over 7% to Rs 75 crore.

The sale aligns with Lionsgate’s broader strategy to exit non-core international streaming operations and focus on intellectual property creation and content production. The company has a film and television library of more than 20,000 titles.

In fiscal 2023, Lionsgate began restructuring its Media Networks international business. During the fiscal years ended March 31, 2024 and 2025, the company continued executing the plan, exiting all international territories except Canada and India. As part of the exercise, Lionsgate reviewed programming on Starz’s domestic and international platforms, leading to content removals and write-downs to fair value.