According to an SEC filing, the billionaire investor no longer "beneficially" owns class A shares in the Hollywood studio.
Billionaire investor John Malone has dumped his remaining voting shares in Lionsgate, with Liberty Global and Lionsgate chairman Mark Rachesky coming forward to increase their own stakes in the Hollywood studio.
In an SEC filing on Thursday, Malone, chairman of Liberty Media and Liberty Global, among other media companies, revealed that he no longer "beneficially" owns class A stock in Lionsgate.
That's after he had been among the studio's biggest investors. The SEC filing indicates Malone sold on the open market between Sept. 23 and Sept. 30 around 520,000 class A shares in Lionsgate at between $9.00 and $9.80 each.
Malone's SEC filing, and a separate SEC filing Thursday from Lionsgate chairman Rachesky and his investment vehicle MHR Fund Management, both indicate Rachesky on Wednesday agreed to purchase 2.39 million class A voting shares in Lionsgate from Malone and affiliates, including family foundations, for around $22 million in cash.
