Icahn dumps nearly half his TW shares

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NEW YORK -- Former corporate raider Carl Icahn further reduced his stake in Time Warner Inc. aggressively and saw his stakes in video rental giant Blockbuster Inc. and Lionsgate increase in the first quarter, according to a regulatory filing Tuesday.

He also sold his position in video game maker Take-Two Interactive Software, of which a group of dissident shareholders took control to improve the company's performance.

Icahn nearly halved his stake in the world's largest media conglomerate to about 12.9 million shares as of March 31 from about 25 million shares as of Dec. 31, the Securities and Exchange filing shows.

He sold all TW stock he held directly via various vehicles. Those shares were valued at $108.2 million as of Dec. 31, according to an earlier filing.

Meanwhile, investment firm Icahn Management held 12.9 million shares of TW as of March 31. Their value amounted to $255.0 million as of the end of the first quarter.

As of the end of 2006, the vehicle had owned more than 20.0 million shares in TW with a value of nearly $436.3 million.

The size of Icahn's stakes in Blockbuster Class A and B shares remained unchanged, but their values saw gains in the latest quarter.

Via various investment vehicles, Icahn continued to hold nearly 2.3 million Class A shares -- unchanged from the previous quarter, but their value rose to $14.8 million, a filing showed Tuesday. Icahn also reported holding an unchanged amount of about 1.1 million Class B shares with an increased value of more than $6.6 million.

In a previous filing, he had reported the value of the Class and B stakes at close to $12.2 million and nearly $5.5 million, respectively, as of Dec. 31.

Meanwhile, Icahn Management said Tuesday in an SEC filing that it held nearly 9.2 million shares in Blockbuster Class A stock, worth nearly $59.2 million as of the end of the first quarter, and around 4.5 million Class B shares with a value of $26.7 million.

As of Dec. 31, the firm had reported holding the same amount of shares, but the Class A stake was worth only $48.6 million back then, with the Class B stock valued at only $21.8 million.

Icahn Management also sold a stake in video game maker Take-Two Interactive Software, according to Tuesday's filing, which didn't list such an investment. As of Dec. 31, the firm had reported holding nearly 2 million shares worth nearly $35.4 million.

Icahn Management kept its investment in Lionsgate steady at more than 4.1 million shares, where it has been since the first quarter of 2006, Tuesday's SEC filing showed.

The stake's value amounted to $47.0 million as of March 31, up from $44.2 million and from $41.8 million as of the end of the first quarter of 2006.
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