ICAHN-LIONS-GATE-UPDA

Carl Icahn offered to buy as much as $325 million in Lions Gate Entertainment Corp. convertible debt at a discount of at least 25% to face value.

Icahn offered 75 cents on the dollar for $150 million of 2.94% convertible senior subordinated notes due in 2024, and 73 cents on the dollar for $175 million of 3.63% convertible senior subordinated notes due in 2025, he said Tuesday.

Buying the debt, which can be converted to stock at preset prices, would give Icahn more leverage over the independent film and television studio. The owner of a 14.5% stake in Lions Gate, Icahn announced the tender offer last week, after the collapse of talks to acquire board seats.

Lions Gate spokesman Peter Wilkes didn’t immediately comment. Icahn’s New York office also didn’t immediately respond.

The Vancouver, Canada, company, which runs its film and TV studios out of Santa Monica, has cut costs and reduced its film slate after reporting a third-quarter loss of $93.4 million last month. Icahn, has increased his stock holdings from 3.7% since October.

Shares of Lions Gate rose 41 cents, or 8.4%, to $5.31.