Billionaire John Malone sells Lionsgate stake
Billionaire media investor John Malone has sold off his remaining stake in Lionsgate amid a downturn in the venerated studio’s business, according to SEC filings on Thursday.
Malone and his affiliated holdings, including family trusts, sold 2.4 million shares worth roughly $22 million to Lionsgate chairman Mark Rachesky. He previously sold more than 520,000 class A shares in late September.
Malone has steadily sold off his ownership stake in recent months and stepped down from the company’s board of directors last year. His nephew, Daniel Sanchez, took his spot on the board.
The 78-year-old investor serves as chairman of Liberty Media, the parent company of Major League Baseball’s Atlanta Braves and Formula One Racing, as well as Liberty Global. He has a personal net worth of $7.1 billion, according to Forbes.
The company’s shares have fallen more than 40 percent so far this year amid concerns about its ability to compete with rivals such as AT&T-owned HBO in the streaming era. Lionsgate’s subsidiaries include cable network Starz Inc. and Summit Entertainment.
Despite Malone’s personal exit, Liberty Global retains a five percent minority stake in Lionsgate. Rachesky owns roughly 22 percent of the company.
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