Lionsgate can breathe a lot easier — long-time thorn in its side Carl Icahn has sold much of his stake in the company.
As the market closed Wednesday night a block of 3 million shares in the studio belonging to Icahn were traded, according to an individual with knowledge of the sale.
Also read: Carl Icahn Gives Up on Takeover Bid, Sells His Lionsgate Stake
The sale brings the billionaire's stake in the studio down to 1 percent. He will likely keep the remaining shares for tax purposes, but will not have the ownership position that allowed him to wreck havoc at the Vancouver-based studio for over a year.
At his height, Icahn had a 33 percent stake in Lionsgate.
Last week, Icahn sold 19.2 million shares in a public offering.
In August, Icahn and his son Brett Icahn agreed to sell up to 44,161,971 shares of Lionsgate common stock for $7.00 a share. The move came after Icahn lost a hostile takeover bid.
Under the terms of the deal, investor Mark Rachesky and the studio split 22 million shares of Icahn's previous stock, making Rachesky the largest shareholder in Lionsgate.
They agreed to sell the remaining shares.