The ten-day truce between Carl Icahn and Lions Gate management is very clearly over.
Icahn has let it be known that he doesn’t support the merger discussions between Lions Gate and MGM….
IMAX, which specializes in immersive motion picture technologies, recently signed a deal with Laser Light Engines for development of high brightness technology systems exclusively for IMAX digital theatre systems.
Under the terms of the agreement, IMAX will make an equity investment (of undisclosed amount) in Laser Light Engines; who in turn will develop a custom version of its laser light technology for exclusive use in IMAX digital projection systems. Laser Light Engines will also…
Following up on our two prior posts on this subject (April 20 and June 30), we now report on the consummation of RealD’s IPO.
At Friday’s closing price of $19.50, the valuation of RealD is a cool $1 billion…
A slew of recent media-related deals and announcements has me wondering. Blogs have reported that Colony Capital is teaming up with Ronald Tutor to buy Miramax. While Colony is known as a real estate private equity fund, it started out buying distressed assets during the S&L crash.
Sonic and DivX announced their transaction on June 1. This summarizes key developments since then…
Carl Icahn now owns almost 38% of Lions Gate’s stock. His offer to buy shares from Lions Gate shareholders ended last Wednesday (June 30). Mark Cuban did tender his shares to Icahn. Thursday he purchased 4.64 million more shares on the open market. With other recent purchases he now owns 44.8 million shares, or almost 38%. Due to Canadian law he can’t buy more shares in the open market (Lions Gate is legally a Canadian company). Icahn has declared that he will wage a proxy fight for control….
RealD’s March quarter was huge, driven by Avatar. And upon consummation of the IPO, the company’s board is going Hollywood, with Frank Biondi Jr., James Cameron and Sherry Lansing all joining the board…
Last Thursday I attended the Turnaround Management Association’s 8th Annual Night of Excellence – a charity event benefitting the City of Hope. It was held at The Petersen Automotive Museum and included dinner and a wine tasting. One wine was named “Ponzi” which in this crowd means you just drink it while hearing about their recent Ponzi scheme related assignments.
I was talking to George Blanco from Alix Partners, who headed the event and he said something interesting: that many restructurings or bankruptcies were transactions that didn’t happen….
Updates to my last related blog post on Lions Gate:
1. Carl Icahn now owns 31.8% of Lions Gate’s shares. He has an open offer outstanding to buy shares at $7.00 until June 30. Given that the stock closed today at $7.26 he is unlikely to pick up any more shares that haven’t already been tendered. After June 30 he can buy shares in the open market…
Last Sunday, as we drove by a Shrek Forever billboard, my nine year old daughter told me that she wasn’t going to see the movie. She declared that a trick the studios use is to make one good movie then follow it up with a bunch of bad movies under the same name. She then stated that they especially use the trick on children. She doesn’t seem to be alone in her wariness toward the studios’ summer slate as Memorial Day weekend attendance was the lowest since 1993. Box office receipts for the following weekend were down 24% compared with the like period in 2009…
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