One week after corporate raider Carl Icahn began increasing his investment in Lions Gate 
Entertainment (a so-called mini-major studio), the company announced that it will name Mark Rachesky, its largest shareholder, to its list of nominees to the company's board of directors. Analysts described the action as a "defensive move" although Icahn's intentions remain unclear. He is expected to produce his own nominees to the board prior to its annual meeting in September. Icahn has been critical of Lions Gate's management, particularly its $255-million purchase of the TV Guide channel and website. Although he was once Icahn's chief financial adviser, Rachesky has supported management in its set-to with Icahn.
Friday, July 10, 2009
WHAT’S GOING ON IN THE LIONS(GATE) DEN?
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