July 31, 2012 |
Carl Icahn, who only a year ago hoped to combine two studios and create an entertainment empire, has retreated from Hollywood by selling his stake in Metro-Goldwyn-Mayer. The billionaire investor has quietly sold his approximately 25% stake in MGM, the 88-year-old studio behind the James Bond series and the upcoming "Hobbit" trilogy, back to the company in a deal worth $590 million. The move comes less than a year after Icahn sold his 33% stake in film and television studio Lions Gate Entertainment, which he originally wanted to merge with MGM. MGM agreed to pay Icahn $33.50 for each of his 17.6 million shares, according to a confidential letter sent to other stockholders and obtained by the Los Angeles Times.
February 27, 2012 |
Motorola Solutions Inc. has bought back $1.2 billion of its shares from Carl Icahn, reducing the stake of a long-time investor who has asserted his influence over the company in recent years. The Schaumburg-based company said Monday it purchased 23.7 million shares of its common stock at $49.15 apiece, using funds that are part of an existing $3 billion stock repurchase program. The agreement with Icahn also involved the resignation of board member Vincent Intrieri, an executive at Icahn's investment entities.
October 14, 2011 |
Lions Gate Entertainment Corp. is going forward with plans to sell most of the stock still held by dissident shareholder Carl Icahn after having put the brakes on that strategy early last week. The company said that with its stock trading at about $7 all week, it expects to sell 19.2 million of Icahn's shares by Tuesday, the deadline under its deal with the corporate raider. Lions Gate also has the option to sell an additional 2.9 million of Icahn's shares, though it's not yet clear if it will find buyers in time.
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.