Icahn ups interest in Lionsgate
EmptyAs Lionsgate was savoring the $41 million opening weekend for "Madea Goes to Jail" — its best ever — Carl Icahn was disclosing that he has increased his stake in the company to more than 14% and that he might become a more active shareholder.
The filing juiced Lionsgate stock 8% to $4.54, making it the strongest performer Monday on The Hollywood Reporter Showbiz 50 index.
Icahn has amassed 16.5 million shares of Lionsgate at an average price of about $6.80 since he began buying them in 2005, so his investment so far is underwater.
So it might come as little surprise that the most recent filing from the billionaire financier states that he might seek to nominate new board members by increasing the size of the board, ousting existing members or both.
Icahn says he might take "any such action at the issuer's next annual meeting of shareholders or at a special meeting" he might call.
Just a week ago, Icahn had about a 12% stake in Lionsgate.
Icahn is known for being an active shareholder, forcing changes at Time Warner and Blockbuster. (partialdiff)