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Lionsgate, Icahn discuss board seats

Exec is third-largest investor in company

Lionsgate is in talks with Carl Icahn, who holds 14.5% of the stock, that could lead to the billionaire gaining several seats on the board.

Lionsgate had no comment about the discussions talks but people close to the situation confirmed news reports about the talks Friday.

Icahn disclosed in a Feb. 23 filing with the Securities and Exchange Commission that he could seek to add directors by expanding the current board or removing some members. The current board of the Vancouver-based company has 12 members and is required to have Canadian residents occupy eight of those seats.

Lionsgate reported a $93.4 million quarterly loss on Feb. 9 and has indicated it plans to lower costs by making fewer movies. The company’s library contains more than 8,000 films and 4,000 TV shows.

Shares of the stock hit a five-year low last month, trading under $4. The stock rose rose 17 cents to $5.32 on Friday on the New York Stock Exchange

Other than his announcement about possibly seeking board seats, Icahn hasn’t indicated any specific plans for Lionsgate. He’s the third-largest investor after Mark Rachesky’s MHR Fund Management with 19.4% and Steinberg Asset Management with 14.6%.

Lionsgate announced Wednesday that it had acquired rights to two more Tyler Perry films — “Why Did I Get Married Too” and “I Can Do Bad All by Myself” — with the multihyphenate writing, directing and starring in both. And last Monday, it closed its $255 million deal for cabler TV Guide Network and the TV Guide Online biz.

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