It seems Image Entertainment has staved off the wolves... for now.
In a story from Variety, Image won a proxy vote last week against Lionsgate, who owns 19% of the company, and his been trying to to take them over for the past year.
Even though they lost, Lionsgate promised "to keep pressing" Image "for better shareholder value after Tuesday's release of the official tally, which saw Image's board of directors slate garnering 56% of votes, compared with a 38% to 43% tally for Lionsgate's dissident candidates."
Breaking down the numbers even more, it looks like Image took in 10.2 million votes while Lionsgate could only muster up 7.9 during the October 10 election.
Lionsgate has no plans to give up it's stake in Image Entertainment. According to chairman Michael Burns, ""We are not known for our passive nature, nor for going quietly into the night. Up to this point, we have certainly lived up to our reputation for being active."
While the two companies disagree on what the proxy vote results mean, Image CEO and chair Marty Greenwald feels that his company does need to focus on making it's business more profitable.
"Everyone does," Greenwald states. "Lionsgate does, too, and it's a difficult market."