Carl Icahn Reduces Lionsgate Stake With Block Sale

8:29 AM PDT 10/20/2011 by Etan Vlessing

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Rick Maiman/Bloomberg/Getty Images

Another 3 million shares held by the billionaire investor in the mini-major sold Wednesday, reducing his stake to around 1 percent.

TORONTO - Carl Icahn’s stake in Lionsgate looks to be down to a sliver.

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Carl Icahn Agrees to Sell Lionsgate Stake

The billionaire investor’s holding in the mini-major was reduced to 3.1 percent after Lionsgate last week arranged the sale of around 19.2 million shares held by funds affiliated with Icahn for $7 each.

But the Hollywood Reporter has confirmed that a block of another 3 million Lionsgate shares belonging to Icahn sold into the market on Wednesday, reducing his stake to around 1 percent.

Recent market volatility delayed Lionsgate from completing the sale of up to 44,161,971 shares in the mini-major as part of a settlement with Icahn that would see the investor and son Brett Icahn unload their 33% stake for $7 a-share.

That stock sale also ended a long-running proxy battle between Lionsgate and Icahn.