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IN BRIEF / MEDIA

Lions Gate Founder Sells Bulk of Holdings

May 16, 2003|James Bates

Canadian mining executive Frank Giustra has sold 2.5 million of his shares in Lions Gate Entertainment and will cut his formal ties to the Vancouver, Canada-based independent film company he founded.

Andre Link, president of Lions Gate, will succeed Giustra as chairman, while Jon Feltheimer will remain as chief executive, operating out of the firm's Marina del Rey offices.

Giustra, who will retain 500,000 shares, formed Lions Gate in 1997 and was CEO until 2000. The studio's films include the critically acclaimed "Gods and Monsters" and "Monsters' Ball."

Giustra's 2.5 million shares were sold for $2.20 each to ENT Holding Corp., backed by Los Angeles financiers Tom T. Gores and Alec Gores, which will own nearly 6% of the company.

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--James Bates

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