Lionsgate is avoiding a hostile takeover with a re-implementation of a poison pill tactic. That’s the tactic of selling shares to current shareholders at a price substantially reduced from market value, usually aimed against one shareholder, in this case billionaire investor Carl Icahn. Basically Lionsgate is offering cheaper shares to everyone but him, in an attempt to make a possible takeover too expensive, explains the LAT. Icahn currently holds 37.9% of the company’s stake. Lionsgate swallowed the pill once before against Icahn, but the move was invalidated by Canadian authorities. Icahn is also attempting to replace the board of directors.
Welcome back Pee Wee! Judd Apatow is pushing Paul “Pee Wee Herman” Reubens’ return to the big screen with a new film entitled Pee-Wee’s Playhouse: The Movie. Reubens’ career has been on the back burner since the actor pleaded guilty to obscenity charges in 2004. According to the NYT, Reubens described the upcoming project as “a reality-based world and a linear road movie.” Big name cameos are already interested: this could prove to be a funny and weird adventure.
Mel Gibson is being accused of racism after the release of an audio tape from his former girlfriend, Oksana Grigorieva. The two are currently embattled in custody issues over their child after a messy split –which has nothing to do with the tapes surfacing, natch. Radar Online broke the story and listened to the tape. The outbursts were directed at his former girlfriend during heated arguments. The reaction to his hideous comments has been negative, to say the least.
Gibson’s career had been heading toward recovery; he was developing a promising Norse historical epic with Leonardo DiCaprio. And this could damage prospects for Gibson’s current project with director Jodie Foster, the quirky drama The Beaver, which might be in jeopardy with distributor Summit.
This news, along with Michael Douglas’ current trouble with his ex over Wall Street 2 revenue, reminds that Hollywood and money can be a toxic mix.
[Photo of Paul Reubens courtesy of NYT. Photo of Mel Gibson courtesy of Radar Online]