Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, December 17, 2014

Lions Gate tried to discuss merger with Sony, leaked emails show, (NYSE: LGF)

Movie maker Lions Gate Entertainment Corp executives last summer tried to meet with Sony Corp CEO Kazuo Hirai to discuss a possible merger or acquisition, according to emails found in documents stolen by hackers. Hirai eventually declined a meeting although he expressed interest in possible cooperation on operational matters, the documents showed.Daniel Loeb, an investor who was pushing Sony to partially spin off its entertainment business, told Sony Corp of America President Nicole Seligman that Lions Gate executives wanted to meet with Hirai, according to an Aug. 20 email from Seligman to Sony Entertainment CEO Michael Lynton.Loeb told Seligman that the Lions Gate executives wanted "to toss around ideas about a possible merger or acquisition," according to the email. Lynton responded later that day that it would be "very disruptive" if the "lionsgate stuff gets out."Representatives for Sony and Lions Gate declined to comment. Loeb did not respond to a request for comment.

Lions Gate Entertainment Corp. (Lionsgate) is a global entertainment company with a diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales. Shares of LGF fell by 0.58% or $-0.18/share to $30.81. In the past year, the shares have traded as low as $24.54 and as high as $35.75. On average, 1428040 shares of LGF exchange hands on a given day and today's volume is recorded at 1305175.