Former Treasury Secretary Steven Mnuchin acquired a 5.5% stake in the Class A voting shares of Lions Gate Entertainment Corp., the independent film and TV company, and may look to discuss the company’s plans to split off its studio operation with management.
(Bloomberg) — Former Treasury Secretary Steven Mnuchin acquired a 5.5% stake in the Class A voting shares of Lions Gate Entertainment Corp., the independent film and TV company, and may look to discuss the company’s plans to split off its studio operation with management.
Mnuchin and his Liberty 77 Capital funds acquired 4.59 million shares for a total investment of about $30.9 million, according to a filing Tuesday. The studio is known for The Hunger Games and Twilight pictures.
The holding places Mnuchin among the top 10 owners of Lions Gate’s voting stock. MHR Fund Management, led by Lions Gate Chairman Mark Rachesky, is the largest at 24%, according to data compiled by Bloomberg. The company also has a class of non-voting shares.
Mnuchin’s group acquired some of its shares at prices ranging from $7.10 to $7.50 a share. The stock closed at $7.90 Tuesday, up fractionally. The website Deadline reported on the holding earlier.
Lions Gate is in the process of separating its studio operations from its Starz cable TV networks.
Mnuchin served as Treasury secretary from 2017 to 2021. He has a long history of investments in the film and TV industry, and is co—founder of Dune Capital Management, a longtime investor in studio slates.
He raised $2.5 billion for private equity investments in September 2021 after leaving office.
(Updates with details on holdings beginning in first paragraph.)
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