Lionsgate has agreed to pay Carl Icahn $7 each for more than 19 million of his shares in the company, bringing an end to this drawn out saga even closer.
There had been reports last week that the sale of the stocks would be put on hold due to Lionsgate’s falling share price, but the studio announced on Thursday it had agreed to terms with the investor.
Once Lionsgate completes its purchase of Icahn’s stock, his companies will control just 3.1 percent of the studio.
Icahn had been locked in a lengthy proxy battle with the company in which he continued to buy shares with the hope of taking it over. As other Lionsgate shareholders tried to block that move, Icahn persisted.
However, in late August he finally relented, agreeing to end his association with the studio.