Lionsgate Stock Jumps on Report Legendary Entertainment Has Submitted a New Takeover Offer
Is Lionsgate — a long-rumored acquisition target — going to find a buyer this time? Production company Legendary Entertainment has revived its bid to acquire Lionsgate, according to a Bloomberg report. Shares of Lionsgate popped more than 15% Tuesday on the report. Legendary submitted a takeover offer for Lionsgate, per Bloomberg, citing anonymous sources. The […]
Lionsgate shares rose significantly on Tuesday, with Investing.com reporting a spike of more than 16% and Variety reporting a jump of more than 15%. The stock movement followed a Bloomberg report stating that Legendary Entertainment has revived its bid to acquire the film and television studio and has submitted a takeover offer.
Legendary Entertainment, which produced the Dune and Minecraft franchises, had previously considered bidding for Lionsgate last year. According to Investing.com, the two companies have since engaged in intermittent discussions regarding a potential deal. An acquisition would provide Legendary with access to Lionsgate's film and television library, featuring titles such as The Hunger Games and John Wick, as well as a theatrical distribution network. Lionsgate generates approximately $1 billion in annual revenue.
Representatives for Lionsgate, Legendary, and Lionsgate's owner, Apollo Global Management, declined to comment on the matter.
Brief written by urgent.news from Variety, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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