Lionsgate, Icahn battle heating up

Reports: Studio hires law firm to defend itself

The dance between Carl Icahn and Lionsgate continued Tuesday as reports surfaced that the studio hired a law firm to defend itself against what could turn into a proxy battle or hostile takeover.

Icahn owns 14.5% of Lionsgate and is seeking to purchase $325 million worth of its debt.

Talks failed to give the financier board representation, including making Icahn's son a director.