Overview of The Town episode
This episode centers on the breakout opening of Michael, Lionsgate’s long-gestating Michael Jackson biopic, and what that success means for the studio’s future, the planned sequel, and the handling of Jackson’s legacy and allegations. Host Matt Belloni also uses the conversation with Lionsgate film chief Adam Fogelson to unpack Lionsgate’s broader strategy: how a smaller studio can compete like a major by being selective, flexible, and strong in international licensing and post-theatrical windows.
Key takeaways from the Michael Jackson conversation
A major win for Lionsgate, the filmmakers, and the estate
- Michael opened to $218 million worldwide, giving the project a huge commercial launch.
- Fogelson frames the result as a payoff for:
- producer Graham King
- director Antoine Fuqua
- the Jackson estate
- and especially Lionsgate, which took the risk when other studios passed.
The reshoot drama was a massive challenge
- The film’s production was disrupted by a legal issue that forced the third act to be rebuilt and reshot.
- Fogelson says the process was stressful but also argues the rewrite helped the movie become more focused and more workable as a first installment.
- He admits the original cut likely would have been too long and overstuffed to function as a satisfying single movie.
Why the movie worked commercially
- Lionsgate believed the audience would respond to:
- the music
- the performance
- and the celebration of Jackson’s rise
- Fogelson says the movie’s reaction validated the strategy of leaning into the legacy and musical spectacle rather than foregrounding controversy.
The sequel question and the allegations issue
A sequel is highly likely, but still not fully settled
- Fogelson strongly suggests a follow-up film is very likely.
- He says there is still plenty of Jackson’s life and music left to cover, even without repeating the first movie’s structure.
The biggest unresolved issue: whether and how to address allegations
- Belloni presses him on whether the sequel has a responsibility to engage directly with the sexual abuse allegations.
- Fogelson does not give a firm answer, but says:
- the original screenplay did address the allegations more directly
- certain elements could not be dramatized because of the legal agreement that changed the film
- the creative team and estate will need to figure out how to approach the next chapter carefully
Audience signal: people want more of the music, not more controversy
- Fogelson repeatedly points to audience reaction online and in theaters:
- viewers are asking for more performances, more songs, and more Michael
- the public response suggests the first movie satisfied a desire for celebration and nostalgia
- He implies that any sequel will likely need to balance that demand with whatever narrative responsibilities the filmmakers decide to take on.
Lionsgate’s studio strategy
Small studio, big-studio behavior
Fogelson argues Lionsgate’s advantage is that it can operate like a major when needed, but with lower overhead and more flexibility.
What Lionsgate is doing well
- Selective theatrical bets on films with strong upside
- Franchise and IP management:
- Michael
- The Hunger Games
- John Wick
- Now You See Me
- a new Rambo
- Lower-cost films that can still generate major profit through windows and home entertainment
- A willingness to take on controversial or hard-to-place projects
Examples he cites
- The Long Walk: a long-developing adaptation he calls one of his proudest greenlights.
- The Housemaid: a strong performer that benefited from a premium release strategy.
- Now You See Me: a franchise revival based partly on reuning the cast and appealing to older fans with families.
- John Rambo and other action titles: examples of Lionsgate’s ability to nurture genre filmmakers.
How Lionsgate handles distribution and windows
International model
- Lionsgate has direct infrastructure in the UK and Latin America.
- In other territories, it licenses films to local distributors rather than selling them outright.
- Fogelson says this setup:
- reduces risk
- preserves upside sharing
- gives Lionsgate more control over marketing assets
- protects talent financially
The theatrical-to-streaming window
- He says Lionsgate will adapt if the industry moves toward a 45-day theatrical window.
- But he also emphasizes that the company wants to remain a good partner to theaters and isn’t trying to force the issue.
- For some smaller films, theatrical is increasingly more of a marketing launchpad for PVOD than a long-term box office play.
PVOD is a meaningful part of the business
- Fogelson says some smaller Lionsgate releases do very well after theatrical on premium VOD.
- He argues that the economics can be excellent even if theatrical numbers look modest.
Other notable points from the interview
Lionsgate’s recent momentum
- Fogelson says the studio is in a healthier place after a stretch of post-COVID struggles.
- He credits the current team and the way production, marketing, distribution, and international arms are working together.
Talent relationships matter
- He emphasizes that Lionsgate is attractive because decision-makers are accessible.
- He points to strong relationships with filmmakers like:
- Francis Lawrence
- Nina Jacobson
- Chad Stahelski
- Keanu Reeves
- His pitch: smaller studios can offer faster decisions and more personal support.
Final segment: The Devil Wears Prada sequel chatter
- The episode closes with a quick box office discussion about the upcoming The Devil Wears Prada sequel.
- The tone is bullish:
- tracking is rising
- Disney is marketing it aggressively
- Belloni and the crew think it will overperform
- They note that legacy sequels aimed at women are rarer than action-driven legacy sequels, which makes this one especially interesting.
Bottom line
This episode is both a victory lap for Lionsgate and a strategic conversation about what comes next. The success of Michael validates the studio’s risk-taking approach, but it also leaves Lionsgate with a delicate sequel challenge: how to continue the story while deciding how directly to engage with Jackson’s allegations. At the same time, Fogelson uses the moment to argue that Lionsgate’s lean model, selective IP strategy, and flexible distribution structure make it unusually well positioned in today’s film business.