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Thursday, Mar 28, 2024

Image Questions Board Nominees

The board of directors of Image Entertainment has urged its stockholders to reject a slate of dissident director candidates put up by Lions Gate Entertainment Corp. when the company’s annual meeting takes place in October. In a filing with the U.S. Securities and Exchange Commission dated Aug. 1, Image raised concerns over the qualifications of the seven Lions Gate-backed nominees. Lions Gate and Chatsworth-based Image have been locked in a struggle for nearly a year over control of the company. Santa Monica-based Lions Gate is the second largest stockholder of the video and music distribution company and failed in a buy out attempt last fall. Lions Gate turned to legal action to slate board nominees at the annual meeting. Four of the nominees “have limited home video entertainment distribution expertise to contribute to our company,” while three others do have managerial experience but may have conflicts of interests due to connections with competing distribution companies, the filing said. One of the Lions Gate nominees is Edward Huguez, of Starz Entertainment, and another is Eric Doctorow, recently named to manage sales of the MGM DVD catalog at 20th Century Fox Home Entertainment. “It appears from their background, current positions and actions that Lions Gate and its nominees may not be most concerned about protecting ALL of our stockholders’ interests, but rather may be concerned with their own potentially conflicting financial and business interests,” the filing said. The other Lions Gate nominees are Duke Bristow, Joachim Kiener, Barry Perlstein, Joseph Incandela, and Jack Crosby.

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