Icahn Boosts Lionsgate Stake Again

LOS ANGELES: Billionaire investor Carl Icahn continues to increase his holdings in Lionsgate, now controlling 16.9 percent, for a total of 19.8 million shares.

This is nearly double the 10.8 million shares Icahn held at the beginning of the year. He is the second-largest shareholder in the independent studio, after Mark Rachesky, a former Icahn associate who increased his stake in March to just under 20 percent. The filing said the latest purchases were "in the belief that the common shares of Lionsgate were undervalued."

In March, Icahn offered to buy up to $325 million of Lionsgate’s debt. Icahn has been accumulating stock in the independent film and TV studio over the past four years.