SANTA MONICA, Calif., and Vancouver, British Columbia, March 11 /PRNewswire-FirstCall/ -- Lions Gate Entertainment Corp. ("Lionsgate") , the leading next generation studio, confirmed today that it has ended discussions with Carl Icahn about potentially adding his designees to the Lionsgate Board of Directors.
Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer and Vice Chairman Michael Burns said, "Lionsgate has a strong track record of successful growth over the past nine years and is committed to building value for its shareholders. We are always open to hearing the ideas of our shareholders and exploring ways to incorporate them. Over the past three weeks, our Board of Directors has been in discussions with Mr. Icahn to consider how we could accommodate some of his requests, including the possible appointment of his designees to the Board of Directors. However, the Board ultimately concluded that it could not meet his requests and continue to serve the best interests of all of our shareholders, which is our number one priority."
ABOUT LIONSGATE
Lionsgate is the leading next generation studio with a major presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content. The Company is leveraging its content leadership and marketing expertise through the recent acquisition of TV Guide Network, one of the 25 most widely distributed cable networks, and partnerships that include the FEARnet branded VOD and Internet horror channel with Sony and Comcast, the expected fall 2009 launch of EPIX, a new premium entertainment channel with partners Viacom and MGM, investment in the leading young men's digital distribution platform Break.com, the recent acquisition of the content and navigation portal TV Guide.com, ownership of the premier independent television syndication company Debmar-Mercury and an alliance with independent filmed entertainment production and distribution company Roadside Attractions.
The Company is an industry market share leader at the North American theatrical box office for calendar 2009 to date and has had recent theatrical box office successes that include TYLER PERRY'S MADEA GOES TO JAIL, which generated a $41 million opening weekend, largest in Lionsgate history, MY BLOODY VALENTINE 3D, SAW V, RELIGULOUS, FORBIDDEN KINGDOM, RAMBO and THE BANK JOB. Lionsgate has also forged strong positions in television and home entertainment with the production of such critically-acclaimed television series as "Mad Men," "Weeds" and "Crash," the distribution of Tyler Perry's "House of Payne," "Family Feud" and "South Park" and upcoming shows including Tyler Perry's "Meet The Browns" and "The Wendy Williams Show," as well as market share of nearly 7% and the industry's leading box office-to-DVD conversion rate in home entertainment. Lionsgate handles a prestigious and prolific library of approximately 12,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate brand is synonymous with original, daring, quality entertainment in markets around the world.
Peter D. Wilkes
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