CHICAGO (MarketWatch) -- Dallas Mavericks owner Mark Cuban has tendered his 5.4% ownership stake in Lions Gate Entertainment Co. to billionaire investor Carl Icahn, giving Icahn vital ammunition in his battle to take over the film studio, according to published reports Thursday.

The entertainment publication The Wrap and the Los Angeles Times reported the decision, following Cuban's appearance on a CNBC program Thursday during which he said the tender to Icahn would be "the right move for right now and for the company long-term."

Cuban's stake would give Icahn about 28% of Lions Gate shares.

A Lions Gate /quotes/comstock/13*!lgf/quotes/nls/lgf (LGF 7.04, +0.05, +0.72%) spokesman said in an e-mail: "If Cuban tenders to Icahn for $7 a share, we believe that he is leaving money on the table."

Icahn was not immediately available for comment Thursday afternoon.

Earlier this month, Icahn extended from June 1 to June 16 his hostile bid to acquire all of the outstanding shares of Lions Gate stock. Lions Gate had previously rejected his offer of $7 a share, or about $825 million.

Lions Gate owns one of the world's largest content libraries, including 8,000 movies picture titles and about 4,000 TV episodes. The company is known as the most successful distributor of independent movies, including such films as "Crash," "Monster's Ball," "Fahrenheit 9/11," "Dogma" and "Madea Goes To Jail."

Icahn has accused the studio's management of overspending and trying to implement a flawed strategy that has hurt the company's stock.