WITH ABDUCTION TANKING, LIONSGATE WARNS OF BIG LOSSES

This weekend’s failure of Abduction made it three money losers in a row for Lionsgate, and the mini-studio wasted no time in filing a report with the Securities and Exchange Commission saying that, as a result, it now expects to lose $40-50 million in the current quarter. The filing is required by the SEC in […]

ICAHN SHUTS LIONS GATE BEHIND HIM

The bitter battle between Carl Icahn and the top executives of Lions Gate Entertainment has ended, with Icahn agreeing to sell nearly all of his 33-percent stake in the studio at 7 percent below Tuesday’s closing price and both sides agreeing to drop their lawsuits against one another. Icahn’s surprise move on Tuesday came just […]

ICAHN PREPARES FOR NEW LIONS GATE BATTLE NEXT YEAR

In a MacArthur-like “I shall return” pronouncement, Carl Icahn on Tuesday vowed to resume his battle with Lions Gate Entertainment management next year. Noting that the New York Supreme Court had agreed to hold a full trial on his complaint that Lions Gate had wrongfully diluted the value of his shares by conducting what he […]

LIONS GATE BOARD FIRES BACK AT CARL ICAHN

Approaching a showdown next Tuesday with activist investor Carl Icahn, who has been maneuvering to take control of Lions Gate Entertainment, the company’s board on Wednesday fired off a scathing message to shareholders warning them that Icahn “typically does not make money for shareholders of companies on which he or his representatives have secured board […]

ICAHN LAUNCHES WEBSITE AIMED AT LIONS GATE SHAREHOLDERS

Perhaps sensing that his bid to take over Lions Gate Entertainment, the parent of Lionsgate Studios, has been greeted unenthusiastically by the news media, Carl Icahn has launched a website, www.SaveLionsGate.com, to present his case. It appears just one week before shareholders at their annual meeting are due to vote on a new board of […]

MGM CREDITORS APPROVE SPYGLASS DEAL

MGM creditors on Friday approved a prepackaged bankruptcy plan under which they would become owners of the beleaguered studio, which would be run by Spyglass Entertainment partners Gary Barber and Roger Birnbaum. In doing so, they rejected an alternate plan pushed forward by activist investor Carl Icahn that would have merged MGM with Lions Gate […]

ICAHN BOOSTS HIS BID FOR LIONS GATE

Shares in Lions Gate Entertainment jumped 10 percent to $7.14 Tuesday — catapulted not so much by news that its latest movie release, The Last Exorcism, which it acquired for $1 million, had earned 20 times that amount on its opening weekend, but by word that Carl Icahn had renewed his takeover bid for the […]

SPYGLASS MAY TAKE OVER AILING MGM

Spyglass Entertainment Co-chairmen Gary Barber and Roger Birnbaum are reportedly close to closing a complicated deal under which they would end up running MGM, the Wall Street Journal reported today (Wednesday), citing people familiar with the situation. The deal would involve converting MGM’s debilitating debt into equity and Barber and Birnbaum receiving an ownership stake […]

LIONS GATE REPORTS QUARTERLY LOSS

Lions Gate Entertainment’s battle with activist investor Carl Icahn is drawing blood — its own, it would seem. The company on Monday posted a first-quarter loss of $64.1 million, $7.3 million of which was attributed to “corporate defense costs related to shareholder activist activities.” It reported a net profit of $35 million for the comparable […]

ICAHN LOSES LATEST BATTLE WITH LIONS GATE

Activist investor Carl Icahn’s latest legal strike at the management of Lions Gate Entertainment misfired Wednesday when the British Columbia Securities Commission rejected his request to overturn the debt-for-equity swap with his former lieutenant, Mark Rachesky, that boosted Rachesky’s stake in the company while diluting his own. Icahn has filed a similar claim with the […]

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