Are Two Lions Better Than One? Lions Gate Talking with MGM About Merger

Jun 24, 2010  •  Post A Comment

Lions Gate, which is under siege from investor activist Carl Icahn, has been discussing merging with Metro Goldwyn Mayer, a combination that would create an independent studio with a library of thousands of television shows and movies, the Los Angeles Times’ Company Town blog reports. 

Lions Gate Chief Executive Jon Feltheimer and Vice Chairman Michael Burns view a merger as a way to avert a takeover from Icahn, who owns about one-third of Lions Gate’s stock, the story says, citing knowledgeable people close to the situation. But Lions Gate would need Icahn’s approval for the merger, which might be possible if the company gives him board seats in exchange for avoiding a proxy war.

The article points out that Icahn had earlier this year opposed a $1.4 billion offer by Lions Gate to buy MGM, which is trying to avoid bankruptcy.


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