Lions Gate board of directors reelected
Lions Gate Entertainment Corp.'s board of directors was reelected Tuesday at the company's annual meeting, which was notably devoid of the drama present at the same event last year.
With corporate raider Carl Icahn, the Santa Monica-based studio's largest shareholder, no longer a factor, Lions Gate's remaining stockholders appear to have lined up behind current management, led by Chief Executive Jon Feltheimer and Vice Chairman Michael Burns, who were among the dozen given another year leading the company.
The vote count was not immediately available. However, the meeting in Toronto took less than 15 minutes and was sparsely attended, with fewer than a dozen shareholders present, according to a knowledgeable person not authorized to discuss the matter publicly.
Lions Gate, the studio behind Tyler Perry's "Madea" films and TV's "Mad Men," is headquartered in Santa Monica but legally domiciled in Canada.
At least year's meeting, Icahn, who has long wanted to take over Lions Gate and oust management, ran a slate of five candidates for the company's 12-person board, all of whom lost.
Last month, Icahn reached an agreement with Lions Gate to sell his 33% stake in exchange for both sides dropping litigation against each other. The billionaire investor has so far disposed of only some of his 44.2 million shares but, as part of the settlement, agreed not to vote those he controls at the annual meeting.
-- Ben Fritz