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Lionsgate Studios, Starz Split Approved By Shareholders, Key Hurdle For Long Anticipated Transaction
Lionsgate shareholders approved the separation of the studio business and Starz, clearing a key hurdle in the long anticipated transaction.
The vote was a key hurdle ahead of a split where they will trade fully independently as Starz (stock symbol STRZ) on the Nasdaq, and Lionsgate Studios (LION) on the NYSE. Other proxy resolutions including the slate of Board of Director nominees and executive compensation were also approved by a majority of stockholders. The reason behind the split, executives said, is to unlock shareholders value as the stock price of the combined company didn’t reflect the true value of its assets — which would change with each becoming a pure play.
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