October 5, 2011 |
Lions Gate Entertainment Corp. may not be rid of dissident shareholder Carl Icahn quite as soon as it had hoped. The Santa Monica studio is putting on hold its plan to sell 22 million shares of stock on behalf of Icahn, according to a person who declined to discuss the matter publicly because the discussions are confidential. Lions Gate's plan was foiled by its anemic stock price, partly the result of the poor performance of the studio's recent movies. On Aug. 30, Icahn and Lions Gate agreed to end their litigation against each other in exchange for Icahn's selling his approximately 44 million shares.
September 1, 2011 |
Lions Gate Entertainment Corp.'s settlement with dissident shareholder Carl Icahn removed a long-standing threat to the company and its management but didn't do any favors for its stock. Shares of the Santa Monica film and television studio behind the current release "Conan the Barbarian" and the cable show "Mad Men" dropped 56 cents, or 7%, to $6.96 on Wednesday, following Tuesday's announcement that Icahn had struck a deal to sell nearly all of his 33% stake in Lions Gate. Icahn agreed to unload his holdings for $7 a share.
August 31, 2011 |
Carl Icahn has given up on his long and costly attempt to capture a Hollywood lion. Ending a three-year battle that included a trio of lawsuits and tender offers, and nearly $25 million in legal costs for the shareholders of the Santa Monica studio, the corporate raider has reached a settlement with Lions Gate Entertainment Corp. to sell almost all of his 33% stake in the company. Under a settlement announced Tuesday, Icahn agreed to sell 44.2 million shares for $7 each — 7% below the stock's closing price Tuesday — and the two sides vowed to drop their pending litigation against each other.
August 20, 2011 |
Carl Icahn still wants to see Hollywood's two lions get married. The billionaire investor has been quietly accumulating more shares in Metro-Goldwyn-Mayer Inc. and Lions Gate Entertainment Corp. as he continues to seek a merger of the two independent studios. Since MGM and its roaring lion logo emerged from bankruptcy in December, Icahn has increased his holdings to about 20% from 15%, according to people familiar with the matter who were not authorized to speak about the company's financial details.
August 19, 2011
Billionaire investor Carl Icahn will seek to install himself and 10 other directors on Clorox' board after the consumer products maker twice rejected his offer to buy the company. In a filing with the SEC on Friday Icahn said he will nominate himself and 10 other directors to Clorox' 11-member board. Icahn, Clorox's biggest shareholder, has offered twice since mid-July to buy the company, first at $76.50 per share and then at $80 per share -- or about $10.7 billion. The company has rejected both offers and Clorox CEO Don Knauss said earlier this month that Icahn's bids were not credible and undervalued the company.
April 2, 2011 |
By next week, troubled home entertainment company Blockbuster Inc. might be in the hands of a famed Wall Street investor, a satellite TV company, a South Korean telecom firm, a group of hedge funds or another buyer. On Monday, the DVD-rental chain that was once the biggest name in American home entertainment will go up for auction after a planned reorganization under Chapter 11 bankruptcy protection failed when its financial performance deteriorated faster than expected. Blockbuster has fallen behind fast-growing competitors like Netflix and Redbox, and has been unable to support a nearly $1-billion debt load.
March 31, 2011 |
Lions Gate Entertainment Corp. scored a significant legal victory Wednesday as a New York State Supreme Court judge dismissed a lawsuit brought against the company by its largest shareholder, Carl Icahn. Icahn filed suit last year over a controversial debt-for-equity swap that diluted his holdings and made it more difficult for him to seize control of the Santa Monica film and television studio. Also named as defendants in the suit were the company's board of directors and investors Mark Rachesky and John Kornitzer.
February 23, 2011 |
Power producer Dynegy Inc. will replace its chief executive and all its board after shareholders rejected Icahn Enterprises' $665-million offer. Bruce Williamson, 51, has resigned as chairman and will step down as CEO effective March 11, Dynegy said in a statement. Patricia A. Hammick, 64, who headed a board of independent directors reviewing the Icahn bid, will become chairwoman, the company said. Board member David Biegler, 64, will become interim CEO. Chief Financial Officer Holli Nichols, 40, also will resign as of March 11. Dynegy, based in Houston, said none of its five remaining directors would stand for reelection at the company's annual meeting planned for June.
February 10, 2011 |
Instead of presenting a reorganization plan to Bankruptcy Court on Friday, Blockbuster Inc. is preparing to ask the court to let the company put itself up for sale. A group of secured creditors led by Carl Icahn and hedge fund Monarch Alternative Capital are planning to bid for the Dallas movie rental chain, according to sources familiar with the matter. Not all the secured lenders in the group appear willing to put more money into the company, which has been struggling to evolve in the rapidly changing digital home and mobile entertainment business.
January 4, 2011 |
When it comes to what's in store for the entertainment and media industry in 2011, proclaiming that technology will continue to reshape Hollywood is a little like those supermarket tabloids naming a febrile octogenarian entertainer who will ? shock! ? pass away in the coming year. In other words, it's not a shock. Harder to predict are the specific events that will be making headlines (and hitting the mark too consistently, we fear, could trigger a visit from an investigator with the Securities and Exchange Commission)