Lionsgate Studios Corp. (NYSE:LION) is trading 9.36% higher in Monday pre-market after the production’s Michael Jackson biopic, “Michael,” has set a new record with its $217 million global box office opening over the weekend.
The film, co-produced by the Jackson estate and starring the King of Pop’s nephew, Jaafar Jackson, as the lead, generated $97 million in North American theaters and $120.4 million internationally. This has resulted in the film setting the record for the highest-grossing biopic opening of all time, reported Forbes, citing early estimates from Hollywood trade publications.
The film has been launched in most parts of the world, with a release in Japan, known for its large Jackson fanbase, scheduled for June.
Adam Fogelson, the chairman of Lionsgate, shared his optimism with Associated Press about the film’s performance, stating that they had witnessed “massive engagement with every conceivable audience segment.”
Plans for a sequel are already in the works, with Fogelson saying the possibility of a third film is “not inconceivable.”
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