• by David Goetzl  @dgoetzl, February 10, 2010

As it got off the ground, pay cable channel Epix lost an estimated $48 million in the last three months of 2009, Lionsgate indicated in a government filing this week.

Lionsgate is a co-owner with Viacom and MGM, and upped its stake late last year from about 28.6% to over 31%. Lionsgate has invested a total of $51 million in the venture since its conception.

The network launched Oct. 30, incurring a slew of start-up costs. With MGM struggling, Lionsgate CEO Jon Feltheimer said it is "not necessarily correct" to assume MGM will not meet its funding obligations, adding that it is "the intention of the partners" to continue paying their share.

Epix is expected to be in 20 million homes this spring. And it has a new deal with the National Cable Television Cooperative, which allows it to approach loads of small cable operators to add subscribers.

Epix has deals with the Cox and Charter cable systems -- and two other distributors -- but has yet to ink agreements with either of the two largest cable operators or either satellite provider.

"Any of the Big Kahunas would be good, and I don't really care which one comes first ... we are talking to a number of them." Feltheimer said on an earnings call. He said distributors are being given multiple options in carriage agreements.

Also on the call, Feltheimer said Lionsgate-run TV Guide Network will add an undisclosed third repurposed series by this fall. Its lineup includes "Ugly Betty" and soon will have "Curb Your Enthusiasm." For "Curb," creator Larry David will add new material at the end of each episode.

Lionsgate also expects Spike to order a second season of "Blue Mountain State." Spike and FX have also ordered pilots from the studio.

In the October-December period, Lionsgate's total revenue was up 15% to $371.8 million, and posted a $65 million loss.