Lionsgate Stock Jumps on Report Legendary Entertainment Has Submitted New $3.5 Billion 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 the Bloomberg report, citing anonymous sources. The report did not include the price tag of the proposal. A potential merger with Lionsgate could allow Legendary to self-distribute its films.

Reps for Legendary and Lionsgate declined to comment.

Other companies that have expressed interest in Lionsgate but have not submitted formal takeover offers have included Banijay and Mediawan. Banijay just merged with the U.K.’s All3Media, officially now known as Banijay Entertainment.

Legendary, the production company behind movies including the “Dune” franchise and “A Minecraft Movie,” last year also had been eyeing a deal to acquire Lionsgate. Legendary reached out about a potential partnership with Lionsgate Studios following the split-off of Starz. Lionsgate Studios formally separated from the Starz business in May 2025. Lionsgate Studios, comprising its TV and film production and distribution divisions and a content library with 20,000-plus titles, is now a separately traded entity.

Meanwhile, in 2024, Legendary bought out the stake Chinese conglomerate Dalian Wanda Group owned in the company. The pact left Legendary and private-equity firm Apollo Global Management, which acquired a stake in Legendary in 2022 for $760 million, in control of the company.