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October 22, 2010 by · Leave a Comment 

As part of an elaborate maneuver to push forward a merger between Lions Gate Entertainment and Metro Goldwyn Mayer, Carl Icahn, who is already Lions Gate’s largest shareholder, has offered to buy $963 million of MGM’s debt for $433 million, or 45 cents on the dollar. Icahn already owns $500 million of the studio’s $4-billion debt. If accepted, Icahn would become one of MGM’s largest creditors and in a position to influence any merger deal. The studio already has an offer on record from Spyglass Entertainment under which most of MGM’s debt would be swapped for equity, a plan that Icahn on Thursday described as “a prescription for disaster.”