Lionsgate’s Motion Picture Group Co-Chairs Rob Friedman, Patrick Wachsberger Renew ‘Long-Term’ Contracts

Studio does not say how long they have agreed to stay

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Rob Friedman and Patrick Wachsberger have renewed “long-term” agreements with Lionsgate to remain as co-chairs of the studio’s Motion Picture Group.

The studio behind “The Hunger Games” franchise did not, however, indicate just how long those agreements will last when announcing the news on Wednesday.

The pair, who joined the company in 2012 when Lionsgate acquired Summit Entertainment, will continue to oversee all aspects of Lionsgate’s domestic and international feature film acquisition, production and distribution operations.

In 2012 and 2013, Lionsgate scored record years of more than $2 billion at the worldwide box office, while grossing more than $1 billion at the international box office for three straight years.

“Rob and Patrick’s complementary skills are invaluable in growing our motion picture operations worldwide, and their experience, expertise and relationships will continue to play an integral role in moving our business forward,” Lionsgate Chief Executive OfficerJon Feltheimer and Vice Chairman Michael Burns said in a statement. “We’re pleased that they will continue leading our superb motion picture teams in expanding our portfolio of brands and franchises, cultivating exciting new properties and diversifying our feature film business into new areas geared to our next generation consumers.”

Beyond “Hunger Games,” a franchise that has grossed over $2.2 billion in theaters worldwide, Friedman and Wachsberger ushered another book adaptation, “Divergent,” through the pipeline and are planning on making a franchise out of 2013 magician thriller “Now You See Me,” which grossed over $350 million worldwide. A “Power Rangers” reboot is also in the works.

Before joining Lionsgate, Friedman and Wachsberger were co-chairmen of Summit, which launched “The Twilight Saga” under their direction. The five films adapted from Stephanie Meyer novels grossed more than $3.3 billion at the worldwide box office.