Burns said Icahn often complains about how Lions Gate is run, but doesn't offer a plan of his own. He also hasn't heard of any shareholders joining in Icahn's fight.
To that, Icahn said Lions Gate should be focusing on distrubution. Instead of producing movies, he thinks it should acquire festival-winning films and then distribute them, as a way to cut costs and improve efficiency.
Icahn added that many shareholders support him because they're "sick and tired" of how Lions Gate operates.
Much of the debate between Icahn and Burns has played on out CNBC's "Fast Money." To see what happened last time they both appeared on the program, see this story.
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Trader disclosure: On December 7, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Cortes Owns (TSN); Cortes Owns (TM); Cortes is short (LVS); Cortes is short (XRT) vs. (SPY); Cortes is Short Corn; Cortes is Long U.S. 2-Year Treasuries; Cortes is long USD vs. Mexican Peso, Canadian Dollar; Pete Najarian owns (YHOO); Pete Najarian owns (GDXJ) call spreads; Pete Najarian owns (TIE) calls; Pete Najarian owns (C); Pete Najarian owns (MS); Pete Najarian owns (SMH) call spreads; Pete Najarian owns (F) bonds; Pete Najarian owns (PFE)
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