Lions Gate Entertainment's (NYSE:LGF) stock hit the low end of its 52-week trading range the other day. Given that, is the stock worth a further look?

I follow Lions Gate because, as a wannabe screenwriter, I'm interested in how the media business works. I've reported on Lions Gate's earnings before, and I liked what I saw regarding the company's full-fiscal-year performance. On a free cash flow basis, Lions Gate did very well, reversing a loss in the previous year by producing over $90 million of cash. Around the time of my article, the stock was trading about $10.25 per stub, and it's been north of $11 several times during the year.

Yesterday, however, the stock closed at $8.92, not far from its 52-week low. Part of the reason for the drop in the value of the shares can be attributed to the company's first-quarter earnings report. It had a net loss of $21.8 million and, yes, free cash flow unfortunately dropped 25% to $29.5 million compared with the year-ago timeframe.

We can also blame the woes of the DVD market, as witnessed by both DreamWorks Animation (NYSE:DWA) and Pixar (NASDAQ:PIXR), when those two companies saw higher-than-expected returns on their video product. Add to that an attempt to acquire CD and DVD distributor Image Entertainment, as well as the general market direction, and you come up with all the ingredients to bring Lions Gate's market capitalization down to a nadir.

So the question is this: Does this pullback offer a buying opportunity? Every individual must do his or her own due diligence, but investors should remember to look in the library for answers.

As time goes on, Lions Gate should be able to drive a lot of value for shareholders by leveraging its portfolio. And make no mistake, the company wants to increase the number of titles it has in its library (which is currently at over 8,000). As can be seen by this one-year chart, the stock has been in a narrow trading range. One has to wonder what effect the upcoming Saw 2 feature will have on the equity -- will the traders take away the potential buying opportunity?

I, of course, have no idea how the stock will react to Saw 2, since I cannot predict the future. But I do have to wonder whether the current price offers long-term value opportunity. In the digital revolution, content is king because distribution can be marginalized. So for those with long-term horizons, investing in Lions Gate should yield rewards down the line as the company continues to build out its franchises.

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DreamWorks Animation and Pixar are Motley Fool Stock Advisor recommendations.

Fool contributor Steven Mallas owns none of the companies mentioned. The Fool has a disclosure policy.