Lionsgate shares rose more than 15% during trading on reported Legendary takeover offer

Legendary Entertainment has revived talks to acquire Lionsgate Studios and submitted a takeover offer, Bloomberg reported Tuesday, citing people familiar with the matter. Lionsgate shares rose more than 15% during Tuesday trading after the report.

Variety, citing Bloomberg, reported that the offer values Lionsgate at $3.5 billion, including $1.9 billion in debt. Variety said representatives for both companies declined to comment.

Lionsgate Studios has been separately traded since its May 2025 separation from Starz. Its film and TV operations include distribution and a library of more than 20,000 titles, according to Variety. TheWrap reported that Legendary had considered an acquisition in July 2025. A merger could let Legendary distribute its own films, Variety wrote.