March 20 (Bloomberg) -- Until "The Hunger Games," the biggest movie for Lions Gate Entertainment Corp. was "Fahrenheit 9/11," the Michael Moore war commentary that took in almost $120 million in U.S. theaters. That record will fall with the March 23 release of "The Hunger Games," based on author Suzanne Collins' trilogy about teens who fight to the death on live TV. The dystopian drama should produce three-day sales of as much as $115 million and $270 million over its run in U.S. theaters, according to researcher Boxoffice.com.

It will also transform Lions Gate, an independent filmmaker known for horror movies, Tyler Perry comedies and a long takeover fight with Carl Icahn. With "The Hunger Games," "Twilight" and two more projects with sequel potential, Vancouver-based Lions Gate has a chance to compete with Hollywood's biggest studios. "I think they will continue to make acquisitions, not be acquired themselves," said Gordon Crawford, senior vice president of Capital Research Global Investors, the studio's third-largest shareholder with a 10 percent stake. "I think they're going to be a major some day."

Lions Gate gained 2.3 percent to $14.58 at 10:36 a.m. in New York trading. The shares rose 71 percent this year before today and are trading at record highs as investors weigh prospects for "The Hunger Games" and the $412.5 million January acquisition of Summit Entertainment, owner of the "Twilight" vampire films and rights to a series of science- fiction novels dubbed "Ender's Game."

Original Plan

Jon Feltheimer, Lions Gate's co-chairman and chief executive officer, and Vice Chairman Michael Burns, always intended to build the studio through acquisitions. Since taking over in 2000, they have made a half-dozen purchases, including Trimark Holdings, Artisan Entertainment and Mandate Pictures, amassing 13,000 film and TV titles."Our plan was always to be a large content owner and distributor with the biggest library and the smallest overhead - - two good things," Burns said. Lions Gate, run from Santa Monica, California, has struggled to stay profitable. The acquisition drive built up debt of $1.1 billion, and the company posted losses the past four fiscal years. The company is seeking a buyer for its stake in the TV Guide cable channel, a person with knowledge of the situation said in January.

Post-Icahn Era

Feltheimer and Burns spent much of 2009-2011 fending off Icahn, who sold almost 41 million Lions Gate shares back to the company and other investors for $7 each starting in August last year, missing out on a gain of almost $300 million. Icahn, who said he roughly broke even, continues to own 3.4 million shares, according to data compiled by Bloomberg. The January purchase of Summit marked a turning point. The deal gave Lions Gate the "Twilight" teen vampire series, including the last theatrical release, and rights to "Ender's Game," a teen-oriented sci-fi series by Orson Scott Card about youngsters pressed into military training. Summit co-founders Rob Friedman and Patrick Wachsberger were named to lead the Lions Gate film unit, where they will oversee the push into tentpole film production. Joe Drake, Lion Gate's chief operating officer, stepped down yesterday.