Shares of Lionsgate surged more than 15% in afternoon trading Tuesday on a report the company had received a takeover offer from Legendary Entertainment, which has been kicking the tires of the stand-alone studio for months.
Deadline reported Legendary’s interest in June 2025 after Lionsgate Studios split with Starz. In a report today, Bloomberg said talks between the two had revived and Legendary, led by chief executive Josh Grode and owned by private equity giant Apollo and management, had submitted a bid.
A combination would give Legendary Pictures a theatrical distribution arm (it currently releases films with Skydance’s Paramount, with Street Fighter opening atop the box office this past weekend) as well as Lionsgate’s extensive and cash-generating library.
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Lionsgate, led by CEO Jon Feltheimer, has been a potential target for years but shares have been boosted sharply by takeover speculation amid rapid industry consolidation. After today’s runup, the stock is trading at over $12, about double its 52-week high.
Lionsgate declined comment.
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