Legendary Revives Lionsgate Takeover Talks With New Offer

Legendary Entertainment submitted a new takeover offer for Lionsgate, reviving intermittent talks, according to a Bloomberg report citing unnamed sources. The deal is reported to value Lionsgate at $3.5 billion plus $1.9 billion of debt. Lionsgate shares rose sharply, by double digits, after the news. Both companies declined to comment. Legendary has been owned by Apollo Global Management since 2024, when Apollo bought it from Dalian Wanda, and is run by CEO Joshua Grode alongside producer Mary Parent. Lionsgate, led by Jon Feltheimer, separated from Starz in 2025; it is based in Santa Monica with about 1,000 employees per its most recent 10-K and holds a library of roughly 20,000 film and TV titles, including John Wick, Hunger Games, Twilight, La La Land, and Dirty Dancing. Legendary’s recent releases include Dune, Godzilla vs. Kong, A Minecraft Movie, and Street Fighter with Paramount, which opened to $50 million worldwide over the Oct. 16-18 weekend. Lionsgate’s earnings call is scheduled for Nov. 5, 2026. No further official response from either company is in the record.