An SEC filing on Tuesday disclosed that the exec and his investment vehicle MHR Fund Management acquired voting shares at between $4.18 and $5.25 each.
Lionsgate chairman Mark Rachesky has taken advantage of a weak company stock price to continue adding to his ownership stake in the Hollywood studio led by CEO Jon Feltheimer.
An SEC filing on Tuesday disclosed Rachesky — the biggest Lionsgate shareholder — and his investment vehicle MHR Fund Management acquired in all 789,320 class A voting shares at between $4.18 and $5.25 each from March 13-17.
The open-market purchases got Rachesky from a 21.9 percent ownership stake in Lionsgate to a 22.8 percent holding as of Tuesday. The regulatory filing adds Rachesky did not pick up class A voting shares held by Discovery, Liberty Global or billionaire investor John Malone or other entities affiliated with Malone.
Rachesky's most recent Lionsgate share purchases follow when Malone in October dumped his remaining voting shares in Lionsgate, with Liberty Global and Rachesky coming forward to increase their own stakes in the Hollywood studio.
Malone unloaded his stakes of class A and class B shares in Lionsgate after he stepped down from the studio's board.
Stock in Lionsgate got caught up in the recent Wall Street downdraft, as shares in the studio year-to-date have fallen by just over 50 percent. At the same time, shares in Lionsgate jumped 59 cents, or 12.5 percent, to $5.31 in trading on Tuesday.
