Legendary Entertainment renews $3.5bn bid for Lionsgate Studios

Legendary Entertainment has renewed its interest in acquiring Lionsgate Studios with a reported $3.5 billion takeover offer. According to Bloomberg, the bid includes the assumption of $1.9 billion in debt.

Following the news, Lionsgate shares surged by more than 15%, reaching $12.20. This renewed pursuit comes approximately 15 months after initial reports surfaced regarding a potential deal. If the acquisition is successful, it would allow Legendary to self-distribute its films, strengthening its market position and operational capabilities.

Lionsgate Studios, which was spun off from the Starz business in May 2025, holds a library of over 20,000 titles and manages major franchises such as ‘John Wick’, ‘The Hunger Games’, and ‘Twilight’. Legendary, which is backed by Apollo Global Management, manages franchises including ‘Godzilla’ and ‘Dune’.

While other entities such as Banijay and Mediawan have previously shown interest in Lionsgate, they have not made formal offers. Representatives for both Legendary and Lionsgate have declined to comment on the reported offer.