Lions Gate Entertainment Sued by Canada Pension Plan to Halt Starz Spin-Off

MT Newswires Live08-28

Lions Gate Entertainment (LGF.A) faces a lawsuit filed by the Canada Pension Plan Investment Board in the New York state supreme court on Tuesday for allegedly violating obligations to investors in a $1 billion offering of 5.5% senior notes due 2029 in an attempt to transfer its profitable studio business to a special purpose acquisition company.

The pension fund claims that Lions Gate conspired with a select group of "favored noteholders" to secure favorable terms in new issuance in exchange for amending conditions that would have otherwise blocked the separation of Starz.

The Canada Pension Plan Investment Board's lawsuit requests the court to nullify the amendments, halt the special purpose acquisition company deal, and seek compensation from Lions Gate for the resulting decline in the value of its investment.

A Lions Gate spokesperson told MT Newswires that the lawsuit is without merit, adding that all the transactions are expressly permitted by the agreement.

Canada Pension Plan Investment Board did not immediately respond.

Lions Gate shares fell 3% in recent trading.

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