BUSINESS BRIEFING / ENTERTAINMENT
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Billionaire Carl Icahn bought about 1.61 million shares of Lions Gate Entertainment Corp., increasing his stake in Hollywood’s largest independent movie studio to 12%.
The purchase, reported in a regulatory filing, boosted Icahn’s stake from about 11% reported on Feb. 10. Shares of Lions Gate, based in Vancouver, Canada, but run from Santa Monica, rose 29 cents, or 6.9%, to $4.48.
Icahn is increasing his ownership of Lions Gate, maker of the “Saw” horror films, as the studio’s parent pares movie production to reduce costs.
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