Heritage Committee grills Icahn re Offer for Lions Gate Entertainment
The House of Commons Standing Committee on Canadian Heritage has released transcripts of its June 1, 2010 hearing during which representatives of Icahn Enterprises and Heritage Canada testified regarding Icahn’s proposed acquisition of control of Lions Gate Entertainment Corp. (“Lionsgate”). While declining to give evidence with respect to the Investment Canada Act review process, the Icahn representative explained the business rationale of the transaction. Among other things, Committee members asked whether the Icahn representative was a Canadian and whether he could name a Quebec film.
The June 3, 2010 Heritage Committee hearing transcripts have also been released. Representatives of Lionsgate testified at this hearing regarding their view that the transaction would not be of net benefit to Canada and should therefore not be approved by the Heritage Minister under the ICA. A Lionsgate representative stated that “I think we have been a very loyal partner to Canada, and Canada has been a very loyal partner to us, and together Canada and Lionsgate have built a major media giant.” Among other things, Committee members asked for the address on his business card.
As noted in an earlier post, the Minister of Heritage approved the transaction on June 9, 2010 based on commitments given by Icahn in relation to Canadian cultural activities.
