The Honourable James Moore, Minister of Canadian Heritage and Official Languages, today announced the results of the Investment Canada ActReview of the Icahn Group’s application to acquire control of Lions Gate Entertainment Corp.
"The investor has shown its willingness to promote Canadian cultural products," said Minister Moore. "This decision is good for Canada. It will result in Lions Gate maintaining or increasing Canadian film and television production and protect and preserve Canadian jobs."
The proposed acquisition has been approved under the Investment Canada Act, based on a number of commitments made by the Icahn Group. Most importantly, if the investor acquires control of Lions Gate, the investor has committed to:
- maintaining Lions Gate’s employment and film production in Canada;
- extending the agreement with the Société générale de financement du Québec to produce films in Quebec;
- ensuring that once under separate ownership, Maple Pictures has the exclusive right to distribute Lions Gate films in Canada for 10 years;
- providing financial support to organizations that help less fortunate Canadians experience Canadian culture; and
- increasing support for Canadian cultural events.
These commitments are in compliance with Canada’s long-standing policy on foreign investment in the film distribution sector.