Image Entertainment Inc. survived an attempt by spurned suitor Lions Gate Entertainment to pack its board of director with members of its choosing. Company stockholders re-elected the sitting board members at an annual meeting on Oct. 10 in Woodland Hills. Chatsworth-based Image is one of the largest independent licensees, producers and distributors of home entertainment in North America. “We are obviously pleased with the results of the election and support of our shareholders in voting to keep our entire board in place,” Image Chief Executive Officer and Chairman of the Board Martin W. Greenwald said in a prepared statement. “The board, management, and the company as a whole will continue with our ongoing strategy and process of seeking to maximize long-term value on behalf of all our shareholders.” Image’s library of 3,000 titles was coveted by Santa Monica-based Lions Gate as it made attempts last year to buy out the company, which were rejected by the Image board. Lions Gate holds 19.8 percent of Image stock. Its slate of seven board candidates garnered 37.8 percent to 43.3 percent of the shares voted. Votes for Image’s incumbent slate of directors ranged from approximately 56.1 percent to 56.2 percent of the shares voted. Image’s board of directors will be up for re-election on a staggered basis.
