Lionsgate Vice Chairman Won’t Put Carl Icahn On Board—Yet


Lionsgate Vice Chairman Michael Burns discussed Carl Icahn’s increasing stake in his film studio and rebuffed concerns about the mini-major’s financing at Jefferies & Co.’s Internet and Media conference this morning.

As for Icahn, Burns said he’s investing in Lionsgate’s stock because he wants to make money. (Um, that’s probably not what’s happened so far.)

“His goals are simple: he wants to make some money,” Burns said. “He saw a (recent) crappy quarter as an opportunity (to boost his stake to 14%)…He wants to see a return on investment.”

Burns also said he wouldn’t commit to giving Icahn a board seat, which he’s said he wanted.

As for concerns that the studio itself is running low on cash, the investment banker turned studio head profanely dismissed those rumours: “The concern about us not having money for our movies is horse shit,” he said. “We have way more money than we need to make our movies.”

Wow, those Madea returns must be better than we thought. Or maybe he’s referring to the studio’s own cash reserves into which they had to dig to finance Madea and their two previous films.