John Malone gets animated, but will Chris McGurk become two dimensional?

Liberty Media‘s John Malone indulged in a little home shopping today.

What did he buy? A Diamonique rose-cut ankle bracelet for only $53.16?

Good guess, but no.

No, Malone dropped a $186 million to acquire IDT Entertainment, the animated film company that’s a small part of the larger IDT internet company.

The question is, with former MGM vice chairman and COO Chris McGurk only just arrived in April, the fate of the studio is unclear.

As Hollywood Wiretap’s Steven Saito writes, “Now, with Liberty Media’s money to back the studio and a cable distribution outlet in Liberty’s Starz Entertainment networks, it seems as though IDT has better chance at competing with the Weinstein Co. to become the next Lionsgate, but stay tuned.”

To our way of thinking, if Malone is really serious about being a player, he shouldn’t want to compete with Lionsgate; he should buy it.