ICAHN RETREATS FROM BLOCKBUSTER, DOESN’T FROM LIONS GATE

It was reported Monday that billionaire investor Carl Icahn continued his retreat from Blockbuster, reducing his stake in the company last Friday to 3.77 percent from 16.87 percent in January, according to an SEC filing. Meanwhile, Lions Gate Entertainment continued to defend itself from recent efforts by Icahn to take over control of the company. In an interview with today’s (Tuesday) Los Angeles Times, fellow Lions Gate investor Gordon Crawford of Capital Research Global Investors said, “I believe this is a very well-run company and all Carl is doing is running up legal bills, distracting management and doing nothing productive for shareholders.” Icahn’s efforts to gain control of the company by offering shareholders $6.00 per share is resulting only in an increase in the studio’s legal bills, Crawford suggested. “I want them making films and TV shows and building their cable business, not spending their day with lawyers fending off a completely unrealistic bid,” he said. Meanwhile, it was announced that Lions Gate has signed a deal with Saban Capital Group, headed by media mogul Haim Saban, to jointly expand Lions Gate’s pay-TV venture in Asia called Tiger Gate.