Liberty Global, Discovery Communications to buy 3.4% of Lionsgate eachStaff writer ▼ | November 11, 2015
Lions Gate Entertainment sold 3.4% shareholding of Lionsgate's current outstanding shares to Liberty Global and Discovery Communications.
Acquisition Agreement in principle
These 10 million shares will be acquired from funds affiliated with MHR Fund Management LLC.
Liberty Global and Discovery Communications will each pay approximately $195 million for their respective stakes in Lionsgate.
Additionally, Liberty Global and Discovery Communications will each have one designee appointed to Lionsgate's board of directors - president and CEO Mike Fries for Liberty Global and president and CEO David Zaslav for Discovery Communications.
Liberty Global and Discovery Communications are each entering into separate commercial agreements with Lionsgate providing for a preferred partner relationship with respect to licensing rights for certain theatrical and television content across their markets. ■