Byron Allen’s Beverly Hills-based Allen Family Capital has unloaded its entire stake in Starz Entertainment.
The family office sold the stock in tranches between August 9 through Sept. 29 at prices of between circa $21 and $27 a share, according to an SEC filing Thursday. Allen unveiled in March that he had acquired a 10.7% stake.
Starz put in place a poison pill — a measure to deter hostile takeovers — just after the move by the founder and CEO of Allen Media Group. The shares have had a good run and he made millions on the sale, taking in just under $45 million.
The news came out during a conference with Starz CEO Jeff Hirsch and analysts after the company’s quarterly earnings.
More to come
