Mark Rachesky, Lionsgate Entertainment’s majority stockholder, will sell off 10 million shares, the company said Tuesday. The Lionsgate chairman will unload the stock — his first sale in 10 years — via investment funds affiliated with his MHR Fund Management company.
The offering will reduce his stake in the TV and film production company, based in Toronto, Canada, from 35.3 percent to 27.5 percent, buy he’ll retain roughly 40 million shares and remain by far Lionsgate’s biggest investor.
Lionsgate will not lose any shares or see any profit from the sale and, other than diversifying its ownership, the company is not expected to feel any significant impact from the offering.