Canada's top pension fund sues Lionsgate in bid to block Starz split - report

seekingalpha08-28

The Canada Pension Plan Investment Board has filed a case against Lions Gate Entertainment (NASDAQ:LION) in New York to prevent the movie and TV studio from separating from Starz cable and streaming ...

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CPPIB alleged that Lionsgate violated obligations to investors in a $1 billion 2021 note issue, making way for its studio business to be transferred to a blank-check vehicle, the report said. The report claimed that Lionsgate conspired with a group of “favored noteholders” who were granted \"advantageous terms\" in a new issue in exchange for agreeing to amend terms that would have prevented a Starz separation.  The pension fund has asked the court to invalidate the amendments, block the SPAC deal, and force Lionsgate to compensate it for the loss in value of its investment, the report said. “The transactions and amendments are expressly permitted by the underlying agreements in all respects. The litigation is wholly without merit,” a spokesperson for Lionsgate told Bloomberg. “Despite the heavy sticker price it paid, Lions Gate has never even come close to realizing the sort of profit it was hoping to get from Starz,” CPPIB said in its suit. The case is CPPIB Credit Investments v. Lions Gate Entertainment, New York Supreme Court, No. 654398.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2462114156"}