Lionsgate’s latest results are alarming, prompting the US media group’s board to consider a separation of the TV and studio business Starz, five years on from its takeover of the pay TV and streaming assets. It is another attempt from a major media outfit to extract value from an OTT video business that is growing steadily, but struggling to find that elusive recipe for profit. As always with these types of spin-offs, the potential to unlock significant shareholder value has been cited as reason for exploring possible capital market alternatives for Starz including, but not limited to, a full or partial spin-off or split-off. The move would give investors the ability to value Starz and the studio assets separately from…