Mark Cuban, owner of HD Net and the Dallas Mavericks of the NBA, now owns 5.4% of Lionsgate, Reuters reports.
The article also says that Carl Icahn has upped his hostile bid for Lionsgate by 17%–to $7 a share from $6 a share–for the 81% of the company that he does not own.
The new bid values Lionsgate at $825 million, the article says, adding, "Analysts put the entire value of Lions Gate, including debt and equity, at about $1.3 billion."
Regarding the Cuban revelation, which was in an SEC filing, Reuters says, "It was unclear what Cuban’s motivation in taking a stake in Lions Gate was, but Icahn back in 2008 enlisted the tech mogul, owner of the Dallas Mavericks, and chairman of HDNet, to a proxy slate to run against Yahoo Inc’s then current board to pave the way for a Microsoft-Yahoo merger. The long-running battle with Yahoo ended in July 2008 when Icahn was given a seat on the board, but he never succeeded in getting the company sold to Microsoft. Icahn was unavailable and Cuban declined comment."