Byron Allen Sells His 10% Stake in Starz After 7 Months
The media mogul sold all of his shares, which he acquired earlier this year, throughout August and September for almost $45 million in total The post Byron Allen Sells His 10% Stake in Starz After 7 Months appeared first on TheWrap .
Former media mogul Byron Allen concluded the sale of his 10% stake in Starz on September 29, earning nearly $45 million from the transaction. The 10.7% share acquisition was made for $25 million in March, with Allen Family Capital purchasing 1,803,786 shares at $13.86 per share. The SEC filing detailing the sale revealed that Allen initiated the divestiture on August 7, concluding the process by the end of September.
Before his investment, Allen held no ownership or control over Starz. His company stated they acquired the shares "for investment purposes," with a plan to adjust their stake based on the company's performance and market conditions. Starz recently reported third quarter earnings, exceeding expectations with a 0.5% revenue growth to $322.4 million and a narrowed net loss to $34.8 million.
The previous quarter saw the company's overall net loss widen to $189.4 million. Prior to the sale, Allen had expressed intentions to take over Starz and eventually control the entire company. Starz responded to the potential takeover by adopting a poison pill, intending to deter hostile takeovers.
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Also reported by 2 other outlets
- Byron Allen Sells Entire Stake In Starz deadline.com
- Byron Allen Sells His Stake in Starz hollywoodreporter.com
