Lionsgate has agreed to an exchange of stock with affiliates of John Malone that will see the Liberty Media Corp. chairman join the movie and television company’s board.
The deal could set the stage for broader cooperation between Lionsgate and Malone, a powerful figure in the media business.
In the deal, Lionsgate Entertainment Corp. will exchange 3.43 percent of its common stock for 4.51 percent of Starz stock. Starz was spun off from Liberty Media in 2013. Malone is Starz’s largest voting shareholder, with approximately 32.1 percent of the total voting power of Starz.
Lionsgate CEO Jon Feltheimer and vice chairman Michael Burns said they see “potential to explore a broad range of strategic initiatives in the future.”
The Santa Monica, California-based company’s shares climbed 6.5 percent in morning trading.
Pepsi soft drinks in plastic bottles are on sale at a grocery store in New York on Weds., Nov. 15, 2023. (AP Photo/Ted Shaffrey, File)
PepsiCo confirmed Friday that it's ending some of its diversity, equity and inclusion initiatives, even as rival Coca-Cola voiced support for its own inclusion efforts.
In a memo sent to employees, PepsiCo CEO Ramon Laguarta said the company will no longer set goals for minority representation in its managerial roles or supplier base. The company will also align its sponsorships to events and groups that promote business growth, he said.
Laguarta wrote that inclusion remains important to PepsiCo, whose brands include Gatorade, Lay's potato chips, Doritos, Mountain Dew as well as Pepsi. The Purchase, New York-based company's chief diversity officer will transition to a broader role focused on employee engagement, leadership development and ensuring an inclusive culture, he said.
Since President Donald Trump returned to the White House last month, U.S. government agencies, companies and schools have rushed to reevaluate policies and programs they adopted with the goal of reducing discrimination against members of minority groups, women and LGBTQ+ people.
Trump ended DEI programs within the federal government and has warned schools to end DEI programs or risk losing federal money.
PepsiCo's rollback came as Coca-Cola reaffirmed support for its DEI efforts.
In its annual report, Atlanta-based Coke warned that its business could be negatively affected if it is unable to attract employees that reflect its broad range of customers.
"Failure to maintain a corporate culture that fosters innovation, collaboration and inclusion … could disrupt our operations and adversely affect our business and our future success," the company said.
Coca-Cola has set a goal of having women in 50% of its senior leadership roles by... Read More
