An SEC filing reveals that Carl Icahn has taken a 9.17% stake in Lionsgate, the publicly traded studio behind Mad Men and W. But while Nikki Finke says that Lionsgate CEO Jon Feltheimer should “be very afraid,” we think he might not need to be that worried.
Icahn may think that Lionsgate’s shares are “undervalued,” but for a media company, its stock price is relatively average, and it hadn’t changed much before the past few weeks’ volatility. We even reported the share price was soaring on Friday. (And it was up another 6 per cent today, and 8 per cent in after-hours trading) But, W. underperformed this weekend at the box office, and the company has also focused most of its energy on developing torture porn movies like its Saw franchise. Nonetheless, those films have done well commercially.
We’re not sure what Icahn’s endgame is, but maybe he’s just a fan of Mad Men. All the more reason for Feltheimer and co. to lock down Matthew Weiner for a third season.
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