Icahn Affiliates confirm control over 14.28% of the common shares of Lions Gate Entertainment Corp.



    NEW YORK, Feb. 23 /CNW/ - High River Limited Partnership, Hopper
Investments LLC, Barberry Corp., Icahn Offshore LP, Icahn Partners LP, Icahn
Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P.,
Icahn Enterprises G.P. Inc., Beckton Corp., Icahn Partners Master Fund LP,
Icahn Partners Master Fund II LP, Icahn Partners Master Fund III LP and Carl
C. Icahn (collectively, the "Icahn Affiliates") announced today that they have
filed an early warning report with the Canadian securities regulatory
authorities confirming their acquisition (the "Acquisition") of beneficial
ownership and control of 1,992,000 common shares (the "Acquired Shares") of
Lions Gate Entertainment Corp. ("Lions Gate") representing approximately 1.72%
of the issued and outstanding common shares of Lions Gate (based upon the
115,829,621 common shares stated to be outstanding as of February 1, 2009 by
Lions Gate in Lions Gate's Form 10-Q filed with the Securities and Exchange
Commission on February 9, 2009 for the quarterly period ended December 31,
2008). The Acquired Shares were purchased on the New York Stock Exchange at a
price of US$4.4100 (Cdn.$5.5178 based on the noon rate quoted by the Bank of
Canada of US$1.00 = Cdn.$0.7992) per common share.
    After giving effect to the Acquisition, the Icahn Affiliates beneficially
own and control 16,540,849 common shares of Lions Gate representing
approximately 14.28% of the common shares referred to as being outstanding as
of February 1, 2009 by Lions Gate in Lions Gate's Form 10-Q filed with the
Securities and Exchange Commission on February 9, 2009 for the quarterly
period ended December 31, 2008, and US$1,000,000 in aggregate principal amount
of Lions Gate's 2.9375% Convertible Senior Subordinated Notes due 2024.
    The Icahn Affiliates acquired the Acquired Shares in the belief that the
common shares of Lions Gate were undervalued. Representatives of the Icahn
Affiliates have had discussions with the Chief Executive Officer and Vice
Chairman of Lions Gate and intend from time to time to seek to continue to
have discussions with representatives of Lions Gate. The Icahn Affiliates may,
from time to time and at any time, acquire additional common shares of Lion's
Gate and/or other equity, debt or other securities or instruments
(collectively, "Securities") of Lions Gate in the open market or otherwise and
reserve the right to dispose of any or all of their Securities in the open
market or otherwise, at any time and from time to time, and to engage in any
hedging or similar transactions with respect to the Securities. The Icahn
Affiliates may seek to add nominees designated by the Icahn Affiliates to
Lions Gate's board of directors, which could include expanding the size of the
board of directors of Lions Gate and/or removing individuals from the board of
directors of Lions Gate. The Icahn Affiliates may take any such action at
Lions Gate's next annual meeting of shareholders or at a special meeting which
the Icahn Affiliates may call.
    Information regarding Icahn Affiliates' control over common shares of
Lions Gate has previously been made available by the Icahn Affiliates via
their Schedule 13D filings with the United States Securities and Exchange
Commission (publicly available on the EDGAR database).





For further information:

For further information: Susan Gordon, (212) 702-4309

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LIONS GATE ENTERTAINMENT CORP.

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