After its drama with shareholder Carl Icahn, Lions Gate is apparently out of the bidding for MGM. Creditors of the storied studio -- which owns the James Bond franchise and half of the rights to "The Hobbit" films -- approved a merger with Spyglass Entertainment on Friday.
The movie studio has sued activist investor Carl Icahn for opposing a merger with MGM. But the internal bickering doesn't look good for the company. Will the lawsuit end up sinking its bid?
Lions Gate Entertainment shares jumped some 12.5% to around $7.30 Tuesday after billionaire activist investor Carl Icahn raised his hostile bid for the studio to $7.50 per share in cash, up from the previous offer of $6.50 a share. Lions Gate's board said it will review the offer.
Netflix's deal with Epix to add movies from Paramount, Lionsgate and MGM to its Watch Instantly service drew bearish reactions from analysts and investors. But the needed deal will help Netflix gain a winning position in the long run.
It started off as a viral Web sensation, quickly blossomed into a promising investment, and ended up as a dirty joke. Chatroulette is relaunching, but can the clever site clean up its act to appeal to audiences beyond exhibitionists and voyeurs?
Lionsgate's syndicate of creditors agreed to increase the trigger point at which it deems a "change in control" has taken place at the movie studio, raising the bar Carl Icahn will have to hurdle in his hostile bid to buy the company.
Carl Icahn threatened Friday to increase his holdings in Lionsgate Entertainment beyond the approximately 19% stake he now owns, pointing out that such a move could potentially trigger a bankruptcy filing by the company, which he is trying to acquire in a hostile takeover.
Talk about an odd plot twist: Big-budget film director brothers Tony and Sir Ridley Scott have emerged as possible bidders for Metro-Goldwyn-Mayer, the beleaguered studio which has been shopped around since late last year.