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Lions Gate seeks MGM deal, gets Icahn's support Tweet This Share on LinkedIn Share on Facebook Related News Deals of the day -- mergers and acquisitions 2:16am EDT Lions Gate offer values MGM at $1.6 billion-$1.8 billion: source Tue, Oct 12 2010 Lions Gate offer values MGM at $1.6 bln-$1.8 bln-source Tue, Oct 12 2010 UPDATE 4-Lions Gate seeks MGM deal, gets Icahn's support Tue, Oct 12 2010 CORRECTED - CORRECTED-UPDATE 1-Lions Gate makes merger proposal to MGM - LA Tue, Oct 12 2010 Related Topics Fashion » Entertainment » Deals » Zagat Power Lunches » Film » Inflows Outflows » Stocks Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock Exchange in this June 27, 2007 file photo. Credit: Reuters/Chip East By Sue Zeidler and Paul Thomasch LOS ANGELES/NEW YORK | Wed Oct 13, 2010 3:08am EDT LOS ANGELES/NEW YORK (Reuters) - Lions Gate Entertainment Corp has proposed merging with Metro-Goldwyn-Mayer in a deal valuing one of Hollywood's oldest movie studios at $1.6 billion to $1.8 billion, a source familiar with Lions Gate's strategy said. The proposed deal by Lions Gate for the troubled studio and home to the "James Bond" films won the backing of corporate raider Carl Icahn, an investor in both studios, who once compared a merger to a cash-strapped couple who decide to buy an "overpriced" mansion. The Lions Gate offer would turn over about 20 percent to 25 percent of the combined company to Icahn, the source said. In a filing, Lions Gate said the combined company would be owned by its shareholders and MGM's creditors. "We believe this proposal as submitted is far better for MGM holders than the current proposal to combine MGM with Spyglass," Icahn said in a statement. A second source familiar with the situation told Reuters that Icahn, who is intent on sealing a deal, had already courted and opened discussions with several of MGM's creditors, and is angling to secure two seats on the board if a deal goes through. The overture by Lions Gate, which produces the hit TV series "Mad Men," is the latest chapter in MGM's years-long saga to survive as it struggled with some $4 billion in debt. It has spurned earlier offers from Lions Gate, Time Warner Inc and others. On Tuesday, MGM lawyers and bankers involved in the bankruptcy process were expected to have met to discuss the Lions Gate plan, adding it was unclear whether the proposal was superior to the nonbinding Spyglass deal, another source said. Ahead of Lions Gate's actions, MGM had intended to move ahead with a prepackaged bankruptcy plan under which Spyglass Entertainment would contribute certain assets in return for a roughly 5 percent stake in the reorganized MGM, a person familiar with the discussions said. But people familiar with the situation questioned whether MGM's woes would be resolved any time soon. These people noted that even a revised bid by Time Warner Inc, which has offered $1.5 billion for the studio, remained a possibility. Time Warner declined comment. The nonbinding aspect of the agreement with Spyglass was a signal to potential bidders to "get your act together now," said one source familiar with the situation. LIONS GATE SHAREHOLDERS SUPPORT DEAL For their part, Lions Gate analysts and shareholders liked the idea, believing there was upside potential through revenue gains and library cost synergies. "It seems, if I were an MGM creditor, this would work better than the Spyglass deal. You wind up with a much larger entity, more liquidity, more heft and all the benefits that come with the scale they'd achieve," said Richard Dorfman, managing director of investment firm Richard Alan Inc, which owns shares in Lions Gate. Lions Gate has been hurt by the decline in DVD sales, video piracy and a slowdown in consumer spending that has plagued much of Hollywood. It also lacks the scale of the major studios, such as Walt Disney Co or Warner Bros. 1 2 Next Fashion Entertainment Deals Zagat Power Lunches Film Inflows Outflows Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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