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Lions Gate Entertainment

BUSINESS
September 18, 2010 | By Ben Fritz and Claudia Eller, Los Angeles Times
Carl Icahn's appetite for Hollywood is growing beyond Lions Gate Entertainment. The activist investor is once again quietly buying up debt in Metro-Goldwyn-Mayer, people familiar with the situation said. He also has amassed a substantial amount of debt in troubled home-video chain Blockbuster Inc. Icahn had accumulated and then sold debt in MGM earlier this year. In the last few weeks he has acquired what one person close to the situation described as a single-digit percentage in the studio's nearly $4 billion worth of debt.
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BUSINESS
November 8, 2008 | Claudia Eller, Eller is a Times staff writer.
As the economic downturn continues to sweep across Hollywood, Lions Gate Entertainment is eliminating 41 positions, slashing more than 7% of the 550-strong workforce at its Santa Monica-based independent movie and television studio. Seventeen employees were handed pink slips Friday morning across all divisions of the production and distribution company, including motion pictures, television, home entertainment, business affairs, finance and legal.
ENTERTAINMENT
January 13, 2012 | By Ben Fritz, Los Angeles Times Staff Writer
Bringing Hollywood's two biggest independent film studios and the blockbuster young adult franchises "Twilight" and "The Hunger Games" into one powerful entity, Lions Gate Entertainment has agreed to acquire Summit Entertainment for $412.5 million in cash and stock. The two Santa Monica-based companies have engaged in on-and-off merger talks since late 2008 as Lions Gate has sought to bolster its library of film and TV properties and Summit's investors have tried to find a way to cash in on the lightning-in-a-bottle success of its "Twilight" movie series, which has grossed $2.5 billion worldwide over four films.
BUSINESS
June 2, 2009 | Joe Flint
Despite a strong quarter at the box office thanks to Tyler Perry's "Madea Goes to Jail," "My Bloody Valentine" and "The Haunting in Connecticut," Lions Gate Entertainment Corp. recorded a loss of $28.6 million, or 25 cents a share, on revenue of $463.2 million, compared with a profit of $29.8 million in the year-earlier period. Lions Gate stock fell 5%, to $5.96 in after-hours trading Monday after closing at $6.26, up 6 cents.
BUSINESS
July 10, 2010 | By Ben Fritz, Los Angeles Times
Lions Gate Entertainment and Carl Icahn are hitting the pause button on their battle for control of the movie and television production company. They will spend the next 10 days searching for common ground on potential mergers and acquisitions, according to a letter sent to Icahn by Lions Gate Vice Chairman Michael Burns on Friday.
BUSINESS
May 27, 2006 | Lorenza Munoz, Times Staff Writer
Could Hollywood's last remaining independent studio become billionaire investor Carl Icahn's next prey? The veteran corporate raider has accumulated a stake of nearly 4% in Lions Gate Entertainment Corp., the company behind the Oscar-winning film "Crash" and the horror franchise "Saw." Icahn has built an $8-billion fortune buying shares of underperforming companies such as Blockbuster Inc. and TWA and pressuring them to sell off assets or cut costs to lift share prices.
BUSINESS
August 10, 2005 | From a Times Staff Writer
Two weeks after announcing disappointing financial results, Beckman Coulter Inc. reversed course by revising its second-quarter profit upward to reflect a lower tax rate. The Fullerton maker of medical testing equipment said net income for the quarter was $55.2 million, up from the $47.7 million it initially reported. The higher figure stems from a second-quarter tax rate of 14.6%, not the 26.2% rate the company reported in July.
BUSINESS
October 21, 2008 | Richard Verrier and Claudia Eller, Verrier and Eller are Times staff writers.
The barbarian is at the Gate. Activist shareholder Carl Icahn has more than doubled his stake in Lions Gate Entertainment Corp., the independent film and TV studio behind the "Saw" horror movies and the cable shows "Weeds" and "Mad Men." Icahn said in a regulatory filing that he spent $86.3 million acquiring Lions Gate shares, boosting his 3-year-old stake in the firm to 9.2%.
BUSINESS
May 8, 2010 | Ben Fritz
Lions Gate Entertainment's plan to poison Carl Icahn's attempted hostile takeover of the Santa Monica film and television studio has been given the death knell by a Canadian court. The British Columbia Court of Appeal on Friday dismissed Lions Gate's attempt to reinstate a "poison pill" that would have prevented activist investor Icahn from acquiring the company, best known for Tyler Perry films and the cable series "Mad Men." The poison pill was annulled by a provincial regulatory body two weeks ago. Although it's headquartered in Santa Monica, Lions Gate is legally domiciled in Vancouver, giving authorities there jurisdiction.
BUSINESS
May 18, 2010 | By Claudia Eller and Ben Fritz, Los Angeles Times
Lions Gate Entertainment and activist investor Carl Icahn have begun settlement talks to end their long-running fight for control of the company. In a filing with the Securities and Exchange Commission on Monday, the Santa Monica movie and TV studio acknowledged for the first time that it is in discussions with Icahn and may soon begin formal negotiations. Icahn has put a specific proposal on the table, which will be considered by a special committee of the Lions Gate board of directors, people familiar with the matter said.
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