Byron Allen Sells Entire Starz Stake for About $44.9 Million

Byron Allen’s investment firm sold its entire Starz stake in August and September, exiting a position it had built in March and receiving about $44.9 million for roughly 1.8 million shares, according to an October 29 securities filing. Allen Family Capital acquired 1,803,786 Starz shares for $25 million, or $13.86 per share, in March. The filing shows that the firm sold the holdings in multiple transactions over the following months. The sale proceeds were nearly $20 million above the purchase price, before any transaction costs, which were not detailed in the reported figures. The exit ended Allen’s investment in the premium television and streaming company after about seven months. Before the March purchase, Allen did not own or control Starz shares, according to the reports. The investment gave him a 10.7% stake. Allen had previously said he intended to gain control of Starz. After the investment, Starz adopted a so-called poison pill, a shareholder-rights measure designed to make an unwanted takeover more difficult. Allen later reiterated his ambition in public remarks, including an interview published in July. The sale filing does not explain why he changed course, and...