Piper Jaffray analyst James Marsh noted that the newly announced investments in Lionsgate (LGF) by Liberty Global (LBTYA) and Discovery Communications (DISCA), when paired with its prior share swap with Starz (STRZA), brings John Malone's ownership to roughly 10%. The diversification of owners limits the risks of an overhang from MHR, Lionsgate's largest shareholder, said Marsh. The analyst also said he was not surprised by the company reducing its three-year EBITDA guidance range by $100M to $1.1M-$1.2M from $1.2M-$1.3M given its Q2 miss and management hints dropped in April. Marsh keeps an Overweight rating and $45 price target on Lionsgate shares.