Lions Gate Names Investor Mark Rachesky to Board Co-Chairman

Sept. 15 (Bloomberg) -- Lions Gate Entertainment Corp., creator of the “Mad Men” television drama, named its largest shareholder Mark Rachesky as co-chairman of the board.

Rachesky, who holds a 37 percent stake, will share the title with Chief Executive Officer Jon Feltheimer, according to a regulatory filing.

Rachesky, a Lions Gate director since 2009, is taking on a larger role following an Aug. 30 settlement in which Carl Icahn agreed to sell his shares and end a battle for control of the studio. Rachesky, president of MHR Fund Management LLC, agreed to buy 11 million shares of Icahn’s stock at $7 each as part of the deal. Rachesky had supported the Vancouver-based company’s management throughout their dispute with Icahn.

Lions Gate, run from Santa Monica, California, said in a statement today it has finished shooting “The Hunger Games,” the first film based on the young-adult novels by Suzanne Collins. The film is scheduled for release on March 23. The movie, set in a post-apocalyptic society, stars Jennifer Lawrence as a teen, who is forced to participate in a televised fight to the death with other youths.

The company rose 12 cents to $7.08 at 4:15 p.m. in New York Stock Exchange composite trading. The shares are up 8.8 percent this year.

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