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  "documentTitle": "Lionsgate | Mergers and Acquisitions Presentation Deck | 15 slides",
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      "text": "EQUITY ANALYSTS ARE POSITIVE ON THE PROPOSED MERGER\nRBC CAPITAL MARKETS AND STIFEL NICOLAUS UPGRADE TO \"BUY\" RATING\nMORGAN STANLEY AND BREAN CAPITAL \"BUY\" RATING INITIATED",
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      "text": "Lionsgate's transformative acquisition of Starz is coming quickly to fruition... We expect Starz's steady subscription free cash flow to diversify and stabilize Lionsgate's studio business in the short term, and longer term provide new growth opportunities across content creation and distribution. Piper Jaffray, November 4",
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      "text": "We forecast Starz OTT growth, M&A opex synergies, mean reversion to more normal film studio profits and healthy TV studio growth will continue to drive a ~20% recurring 3-year EBITDA CAGR from Fiscal 17 to Fiscal 20. Morgan Stanley, October 31",
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      "text": "The Starz deal will substantially mute Lionsgate's exposure to movie volatility, expose Lionsgate to a Starz growth story in subscription OTT and should take free cash flow yield for the equity to a very attractive level. FBR Capital, November 4",
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