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ALL IN THE FAMILY

By
Peter Lauria
Published Feb. 25, 2009, 5:26 a.m. ET

Billionaire investor-agitator Carl Icahn is aiming to leverage his 14 percent stake in Lionsgate into a board seat for his son Brett, The Post has learned.

Icahn increased his Lionsgate position four times since Feb. 10, and said in a regulatory filing that he may seek to nominate directors to the studio’s board by either removing current directors or expanding the board’s size.

Icahn has held just under 5 percent of Lionsgate since 2005, but has nearly tripled that stake to 14.3 percent in the past year.

A Lionsgate insider told The Post that the chatter at the studio is that Icahn wants his son Brett, who co-founded online movie-creation Web site Massify.com, to join its board.

A source familiar with the situation said that Brett Icahn has been running point for Icahn’s investment in Lionsgate for the past couple of years.

Brett Icahn, 28, has generally kept a low public profile, but has been taking on larger roles in his father’s deals.

He’s carved out a niche for himself at the intersection of entertainment and technology through Massify as well as through his board seat on Icahn portfolio company Motricity, a mobile-content provider.

“The feedback we are getting is that he’s a smart kid,” said the Lionsgate insider.

Icahn said he doesn’t comment on rumors, but added that, “My son is not your typical rich kid. He works 12 hours a day, he works real hard, and I don’t think anyone would accuse me of nepotism.”

A Lionsgate representative declined to comment. Calls to Brett Icahn were not returned.

According to David Bank, an analyst for RBC Capital Markets, nepotism doesn’t even factor into the equation.

“Carl can put whoever he wants on the board as long as that person speaks for Carl,” said Bank.

Whether Icahn nominates his son or not, his stake certainly gives him a voice in Lionsgate’s management going forward.

Analysts and industry observers believe that Icahn’s end game is to force Lionsgate into a transaction.

The studio held talks with MGM and with Summit Entertainment, producers of the popular “Twilight” franchise, but walked away over price.

Both studios also feature executives who have logged time at each, most notably MGM boss Harry Sloan, who previously was Lionsgate’s CEO.

But MGM is also saddled with billions in debt, making a transaction unlikely in the near term.

That’s why sources think Icahn is simply putting himself in a position to exert influence if Lionsgate has trouble making debt payments, most of which don’t come due for another three years. With Holly Sanders