Carl Icahn's years-long quest to control Lionsgate is over, and this time the controversial corporate raider's pursuit ends in disappointment.
The studio announced Tuesday that the billionaire investor and his son Brett Icahn agreed to sell up to 44,161,971 shares of Lionsgate common stock, representing virtually all of the Lionsgate shares currently owned by the family.
As part of the sale, Icahn and the studio, who have fought each other in suits in both Canada and the U.S., agreed to dismiss all outstanding litigation between them and release all claims that they may potentially have against each other.
Icahn's decision to divest himself of Lionsgate is somewhat surprising, because he has been buying up additional shares in the company in advance of its Sept.