Billionaire Carl Icahn is selling his holding in entertainment company Lionsgate. Icahn will offload his stake for approximately $7 a share to studio director Mark Rachesky and a party that the studio will designate over the next 35 days. Post-deal, Rachesky will own more than 51 million shares of Lionsgate or roughly 37% of the company. Icahn will retain a small stake in the company, of approximately one million shares. Perella Weinberg Partners was the outside financial adviser in the transaction.
Click here for the release from Lionsgate.