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Sale of Carl Icahn’s Lionsgate Shares Delayed (Report)

Studio will hold off on selling some 22 million of the raider’s shares until the market improves

Lionsgate has delayed the sale of shares that once belonged to activist investor Carl Icahn, according to Reuters. 

A spokesperson for the studio did not immediately respond to requests for comment. 

Also read: Carl Icahn Gives Up on Takeover Bid, Sells His Lionsgate Stake

The culprit is not seller's remorse on the part of the meddlesome billionaire, but the market downturn, Reuters claims while citing unnamed sources. 

Last 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 had spent over a year trying to wrest control of Lionsgate through 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.

They intended to sell the remaining 19 million shares this week, but Reuters reports that plan has been put on ice.