The paper's Friday accounts traced two strands of the same story. PIF walked away from LIV Golf as Yasir Al-Rumayyan stepped down — the Saudi sovereign retraction in sport. The Lionsgate Michael sequel arrived with the Jackson estate as an equity shareholder — the new equity table in film. May 13, after the bell, is when both strands meet a Lionsgate slide.

Lionsgate Studios will release Q4 fiscal 2026 earnings on May 13 and host the analyst and investor conference call after market close, per the IR calendar. [1] The Hollywood Reporter has reported the Jackson estate paid roughly $15 million for the Chandler-clause reshoots that kept Joe Chandler out of the cut and received an equity stake in the Michael franchise sequel rights. [2] Lionsgate has confirmed the sequel is in active development and pointed analysts to the May 13 call for financial detail. [3]

The PIF context now matters. Saudi sovereign capital has retreated from a $5 billion golf bet and re-concentrated, via the Paramount-WBD trio, on American broadcasters. [4] Lionsgate's investor day will be the first studio call in twelve days where the Gulf-equity question can be put directly to a CFO; the question is whether the PIF rebalance changes the Lionsgate cap table at all, or whether the Michael equity stake replaces the kind of strategic capital the Saudi fund used to provide. The slide answers it. The leak no longer will.

-- CAMILLE BEAUMONT, Los Angeles