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John Malone

Lions Gate shares plunge on earns miss as merger hopes fade

Shares of Hollywood studio Lions Gate plunged Friday after it missed earnings expectations due to the underperformance of the finale of "The Hunger Games" and investors fled as hopes diminished for the company to become an acquisition vehicle.

The stock collapsed more than 27 percent to close at $18.53 Friday, its lowest level in more than three years. Trading volume was heavy, almost 10 times the average.

Cowen & Co. analyst Doug Creutz said Friday that a whole slew of investors who had piled into the stock on the hope that media titan John Malone would use it as a vehicle to buy up more companies were now dumping it because of its shrinking market...

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