Lionsgate buys majority stake in 3 Arts

3 Arts Entertainment produces "Brooklyn Nine-Nine" and several other current and past television series. (Fox)

Lionsgate has acquired a majority stake in talent management and production company 3 Arts Entertainment, which will continue to operate under the leadership of its partners with an operating board.

The financial terms of the deal were not disclosed. But Deadline reported that Lionsgate bought 50% of the company—with an option to buy the other 50% within five years—for somewhere in the $300 million to $350 million range.

3 Arts is headed by partners Erwin Stoff, Howard Klein, Michael Rotenberg, Molly Madden, Dave Becky, David Miner and Nick Frenkel. Its television production slate includes "It’s Always Sunny in Philadelphia," "Man With A Plan," "30 Rock," "King of the Hill," "The Office," "Parks and Recreation," "Marlon," "Brooklyn Nine Nine," "The Mindy Project," "Champions," "Master of None," "Unbreakable Kimmy Schmidt," "Insecure," "American Vandal" and "Silicon Valley." Its film production slate includes "The Edge of Tomorrow," "Unbroken," "Constantine," "Devil’s Advocate," "I Am Legend," "13 Hours," "Office Space" and "The Matrix."

RELATED: Lionsgate-Starz will generate ‘significant cash flow’: analyst

“We’re excited to be partnering with a best-in-class talent management company that shares our entrepreneurial culture and vision for the future,” said Lionsgate Chief Executive Officer Jon Feltheimer in a statement. “This deal checks all the boxes—a strategic and accretive transaction for our shareholders and a win/win partnership for both companies. It enables us to deepen our already successful relationship with 3 Arts and allows them to offer a richer palette of opportunities to their clients.”

“We’re thrilled to be partnering with one of the most dynamic and innovative entertainment companies in the business. Every day our clients are asking about the changing landscape, and this venture will create enormous opportunities to harness Lionsgate’s areas of expertise to give clients a competitive edge,” 3 Arts' management team said in the announcement.