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Thursday, Mar 28, 2024

Lion’s Gate Hopes for Image Director Seats

Lions Gate Entertainment Corp. has filed a lawsuit seeking to ensure that Chatsworth-based Image Entertainment, Inc. puts its entire board of directors up for re-election at the company’s next annual meeting. Lionsgate, an independent film distributor, is contemplating putting up its own slate of directors when Image’s annual meeting takes place in September. The lawsuit, filed in Delaware State Chancery Court on March 14, also seeks to set a time period during which notice must be given of a stockholder’s intent to nominate candidates for director. Lionsgate, based in Santa Monica, holds 19 percent of Image stock making it the second largest stockholder of the video and music distribution company. Lionsgate attempted an acquisition of Image last fall but the offer was rejected by Image’s board of directors.

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