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Legendary Entertainment submits takeover bid for Lionsgate; LION jumps ~16%
What happened
Bloomberg reported Tuesday that Legendary Entertainment has submitted a formal takeover offer for Lionsgate Studios, reviving talks that began in July 2025. No price was disclosed; one report values the bid at roughly $3.5B enterprise value including ~$1.9B of debt. Lionsgate shares jumped 15-16% Tuesday to around $12.20-12.34 — the stock's best day since May — pushing its market cap near $3.6B. Both companies declined to comment, and it is unclear whether talks will lead to an agreement. The report follows continued pressure from activist investor Anson Funds, which has urged Lionsgate to sell itself.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- LION (sharply positive: +15-16% to ~$12.20-12.34, best day since May; $3.6B market cap)
- APO (mildly positive: Apollo Global co-owns Legendary, the bidder)
- Media/content-library peers (mildly positive sympathy: the bid validates takeout premiums for standalone studios)