Media mogul John C. Malone and venture capitalist Scott Paterson have announced they are retiring from the Lionsgate board of directors and will not stand for re-election.
The company made the disclosure about the retirements in a July 13 8-K filing with the Securities and Exchange Commission. It noted that the decision by the duo to leave the board did not stem from any dispute.
“Messrs. Malone’s and Paterson’s retirement are not the result of any disagreement with the Company on any matter relating to its operations, policies or practices,” Lionsgate said. “Messrs. Malone and Paterson will continue to serve on the board, and Mr. Paterson will continue to serve as the chair of the Audit & Risk Committee, until the expiration of their current term at the 2018 Annual Meeting, which is expected to be held in September 2018.”
Malone joined the Lionsgate board in February, 2015, when Lionsgate and Malone’s Starz agreed to a stock swap that resulted in Lionsgate giving Starz 3.43% of its common stock. Lionsgate wound up buying the premium cabler for $4.1 billion at the end of 2016 in a deal that left Malone as Lionsgate’s second-largest shareholder with about 10%. Mark Rachesky is Liongate’s largest shareholder at 38% and serves as chairman.
Lionsgate is expected to file its proxy for its annual meeting on July 27. That will include its nominees for the 13-member board of directors. The company has traditionally held the annual meeting in Toronto during the Toronto Film Festival.
Malone, 77, is the majority owner of Liberty Media, Liberty Global, and Qurate Retail Group. The other 11 members of the Lionsgate board include Rachesky, vice chairman Michael Burns, chief executive officer Jon Feltheimer, Gordon Crawford, Emily Fine, Michael T. Fries, Lucian Grainge, Daryl Simm, Hardwick Simmons, and David Zaslav.
Fries is the chief executive office of Liberty Global and Zaslav is the chief executive of Liberty Global affiliate Discovery Inc.