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When most investors are down on a stock they own, they get depressed and sell.Not so for Carl Icahn. Since he first bought shares of Lions Gate Entertainment Corp. (NYSE: LGF) back in mid-2006, the stock has fallen from around $10 per share to the current price of just over $7. Now Icahn has doubled his stake in the film house to 9.2%. Lions Gate is best-known for hit movies including "Crash" and "Saw", along with TV shows such as "Weeds" and "Mad Men." Icahn may see tremendous value in the company's library of films.
Vice Chairman Michael Burns told (subscription required) The Wall Street Journal that "Mr. Icahn and Lions Gate seem to share a similar vision of the growing value of content as platforms increase delivery around the world."
It'll be interesting to see if Icahn gets active in this company. He has said that he views the company as underleveraged, but current market conditions may make it tough for the company to pursue some of Icahn's favorite value-creation strategies: borrowing money to buy back stock and/or pursuing a sale or merger.
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