Lions Gate Entertainment Corp. said Friday that it is evaluating what to do with its stake in Image Entertainment Inc. after the film distribution company’s investors rejected Lion’s Gate’s attempts to take control of the company.

Last month shareholders of Chatsworth-based Image re-elected all its board members, rejecting a slate proposed by Lions Gate, which owns a 19 percent stake in Image.

“We didn’t win the proxy battle but we were pleased with the percentage of the votes we got,” Lions Gate Vice Chairman Michael Burns said. “We still have our Image stake and we continue to evaluate what to do. All I can say is stay tuned.”

This announcement comes a day after the Santa Monica-based independent film company disappointed Wall Street by reporting a wider-than-expected loss of $14.4 million.

Shares in Lion’s Gate were down 36 cents to $10.29 in early trading Friday while shares in Image were down 2 cents to $3.60.