Legendary reportedly makes $3.5 billion offer for Lionsgate
Bloomberg reported that Legendary has submitted a takeover offer valuing Lionsgate at $3.5 billion, including debt. Both companies declined to comment.
Legendary Entertainment has submitted an offer to buy Lionsgate valuing the film and television company at $3.5 billion, including $1.9 billion in debt, Bloomberg reported on October 20, 2026. Lionsgate shares rose more than 15% after the report, according to Variety. Neither company confirmed the offer; representatives for both declined to comment.
The reported bid renews Legendary’s pursuit of a company with film franchises including John Wick, The Hunger Games and Saw. Variety reported that Legendary had explored a deal with Lionsgate last year and contacted Lionsgate Studios about a potential partnership after Starz separated from the business in May 2025. The report did not establish whether Lionsgate has accepted the new offer or whether talks are continuing.
What Legendary could gain from Lionsgate
A combination could give Legendary a way to distribute its own films, Variety reported. Legendary is the production company behind the Dune films and A Minecraft Movie. Lionsgate’s film and television production and distribution businesses also hold a library of more than 20,000 titles, according to the company’s investor relations announcement. That scale helps explain the strategic interest in Lionsgate, although a potential benefit of a merger does not establish that one will happen.
Variety reported that Banijay and Mediawan had also expressed interest in Lionsgate but had not submitted formal takeover offers. Those expressions of interest are distinct from the offer Bloomberg attributed to Legendary. Legendary is controlled by the company and private equity firm Apollo Global Management after it bought out Dalian Wanda Group’s stake in 2024, Variety reported.
Lionsgate’s finances and next scheduled update
Lionsgate reported a 48% rise in overall revenue for the June 2026 quarter, while its movie segment posted $105 million in income, according to Variety. Its net loss attributable to shareholders narrowed to $28.8 million from $94 million a year earlier. The television division recorded lower revenue and profit. At June 30, the company held $425.8 million in cash and equivalents and had $1.9 billion in total debt.
Lionsgate has scheduled its fiscal 2027 second-quarter results for November 5, 2026, after the market closes. The company has announced an analyst and investor conference call alongside those results; it has not confirmed the reported takeover offer.
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Sources and context
- Legendary Heats Up Bid to Nab LionsgateThe Hollywood Reporter
- Lionsgate Stock Jumps on Report Legendary Entertainment Has Submitted New $3.5 Billion Takeover OfferVariety
- Lionsgate to Release Second Quarter Earnings for Fiscal 2027 and Hold Analyst and Investor Conference Call After Market Close on Thursday, November 5Lionsgate Investor Relations
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.