Liberty Media mogul John Malone and media/technology venture capitalist Scott Paterson will not stand for re-election to the board of directors at Lionsgate, the company said in a regulatory filing today. Both are “retiring” from the board, effective as of Lionsgate’s annual shareholders meeting usually held in the fall.
“Messrs. Malone’s and Paterson’s retirement are not the result of any disagreement with the Company on any matter relating to its operations, policies or practices,” Lionsgate said in the Form 8-K filing. “Messrs. Malone and Paterson will continue to serve on the Board, and Mr. Paterson will continue to serve as the Chair of the Audit & Risk Committee, until the expiration of their current term at the 2018 Annual Meeting, which is expected to be held in September 2018.”
Malone joined the board of the film and TV studio in February 2015 after Lionsgate and Starz, in which Malone had a majority stake, sealed a stock-swap agreement. Lionsgate ended up purchasing Starz for $4.4 billion in cash and stock in December 2016.
Malone still has his stakes in Liberty Global and Discovery, which recently merged with Scripps Networks Interactive. In November, Liberty also acquired a stake in STX Entertainment.
The 12-member Lionsgate board still includes Michael Fries, Liberty Global’s president and CEO, and Discovery Communications CEO David Zaslav.