You will be redirected back to your article in seconds

Lionsgate board candidates won handily

Top Icahn candidate Dornemann drew 42.4%

Lionsgate shareholders opted for management’s candidates for its 12-member board by a solid margin over five dissident candidates backed by Carl Icahn.

Lionsgate announced the results Thursday, two days after the shareholder meeting in which the mini-major disclosed that its slate had won the bitter proxy battle with Icahn.

Seven of the Lionsgate candidates — Norman Bacal, Arthur Evrensel, chief exec Jon Felthimer, Frank Giustra, Morley Koffman, Daryl Simm and Phyllis Yaffe — each received at least 96%.

The five candidates that Icahn opposed — vice chairman Michael Burns, Harald Ludwig, G. Scott Patterson, Mark Rachesky and Hardwick Simmons — all received more than 55%.

“These results are a clear indication that Lionsgate shareholders understand our vision for Lionsgate and the tremendous potential for continued value creation under this board and management team,” the company said in a statement. “With the right leadership in place, Lionsgate is focused on continuing to build on the momentum over the last year, in which we achieved record results across our business.”

Icahn, who owns 33% of Lionsgate, accused Lionsgate execs Tuesday of subverting shareholder democracy and reiterated his strong opposition to the debt-to-equity transaction that Lionsgate used in July to cut Icahn’s holdings from 38%.

The debt-for-equity transaction boosted Rachesky’s stake from 19% to 29% and Icahn dropped the hostile takeover effort after a New York court denied his request last week to issue an injunction blocking Rachesky from voting his shares. The billionaire said after the meeting that his slate would have been elected had an injunction been issued.

Icahn’s slate included former Overture Films topper and MGM exec Chris McGurk, who received 36.5% of the votes. Former Berterlsmann exec Michael Dornemann received the most support among the five dissidents with 42.4%.

Icahn disclosed Monday that he had let his $7.50 a share hostile bid expire, though speculation persists that he may make a higher offer. The stock, which took a 6% hit on Tuesday, closed down 8¢ to $6.59 Thursday on the New York Stock Exchange.

More Film

  • 'Gemini Man' First Trailer Drops With

    Will Smith Faces Off Against Himself in Ang Lee's 'Gemini Man' Trailer

    Will Smith battles a recognizable antagonist in the official trailer for Ang Lee’s “Gemini Man” — himself. The actor plays an elite assassin in the sci-fi drama. Things get tricky when he finds out the man he’s assigned to track down is a younger version of himself who can predict his every move. “He knew [...]

  • Film Constellation Boards Werner Herzog's Japan-Set

    Film Constellation Boards Werner Herzog's Japanese Film 'Family Romance'

    London-based sales house Film Constellation has boarded Oscar-winning director Werner Herzog’s Japanese-language narrative film “Family Romance,” which will have its world premiere in the special screenings section at the Cannes Film Festival. Written and directed by Herzog, the movie was shot last spring and summer in Tokyo and Aomori, Japan, with non-professional actors (Yuichi Ishii, [...]

  • Avengers Endgame Box Office: Can It

    'Avengers: Endgame' Expected to Shatter Box Office Records

    “Avengers: Endgame” has its sights set on world domination. Disney and Marvel’s upcoming superhero epic should light the box office on fire when it launches this weekend, with the hopes of setting domestic, international, and global records. In North America alone, “Avengers: Endgame” is expected to earn between $250 million and $268 million in its [...]

  • Katie HolmesAT&T Presents: Untold Stories Luncheon

    Katie Holmes, Kal Penn Help Decide Winner of $1 Million Filmmaker Grant

    Tribeca Film Festival and AT&T gave one young filmmaker a million and one reasons to rejoice at the “Untold Stories” third annual competition. After a nerve-wracking 10-minute long pitch in front of over 850,000 live stream audience members and a panel consisting of celebrities and industry leaders, filmmaker Kate Tsang was awarded $1 million on [...]

  • Reed Hastings seen on day one

    Netflix CEO Reed Hastings' Compensation Jumps 48% to $36.1 Million

    Netflix chief Reed Hastings is being handsomely rewarded for calling the shots at the streaming giant. His compensation package, which is largely in the form of stock options, climbed 48% in 2018 to $36.1 million. That’s up from $24.4 million in the previous year. Hastings’ salary is a relatively modest $700,000, but his stock options [...]

  • Emma Thompson to Star in Extinction

    Emma Thompson to Star in Extinction Rebellion Climate-Change Satire (EXCLUSIVE)

    Emma Thompson will play a climate-change activist in “Extinction,” a timely satirical short film that will include footage of the Extinction Rebellion group’s ongoing wave of action in London. Two-time Oscar winner Thompson has herself been involved in the high-profile London-based protests. She addressed crowds over the weekend from Extinction Rebellion’s signature pink boat, which [...]

  • First Look at Cannes-Bound ‘Diego Maradona’

    First Look at Cannes-Bound ‘Diego Maradona’ Feature Documentary

    Diego Maradona waves to raucous Napoli fans before heading into a media scrum and press conference in the first clip from the feature documentary about the soccer superstar. “Diego Maradona” is the third film from the team behind the award-winning “Senna” and “Amy,” with Asif Kapadia directing and James Gay-Rees and Paul Martin producing. They [...]

More From Our Brands

Access exclusive content