Legendary submits takeover offer for Lionsgate, Bloomberg reports
Legendary Entertainment, the Apollo-backed studio behind Dune, has submitted an offer to buy Lionsgate, Bloomberg reported Tuesday, citing anonymous sources. Lionsgate shares rose more than 15%; both companies declined to comment, and no terms were reported.
AI-assisted · US Brief desk · Sources listed below
What happened
Legendary Entertainment, the studio behind the Dune films and A Minecraft Movie, has submitted an offer to acquire Lionsgate, Bloomberg reported Tuesday, citing people familiar with the matter. Lionsgate shares jumped more than 15%, lifting its market value to about $3.6 billion, Variety said. Both companies declined to comment, and the report did not give deal terms.
Why it matters
A deal would give Legendary its own theatrical distribution arm and Lionsgate's library of more than 20,000 film and TV titles, Deadline and Variety reported. Legendary now releases films through partners; its Street Fighter, distributed by Paramount, topped last weekend's box office. Lionsgate owns the John Wick, Hunger Games and Saw franchises, and its Michael Jackson biopic Michael became the first biopic to pass $1 billion in theaters, Variety said.
More context
Timeline: 2022: Apollo Global Management buys a stake in Legendary for $760 million. 2024: Legendary buys out China's Dalian Wanda, leaving Apollo and management in control. May 2025: Lionsgate Studios formally separates from Starz. June 2025: Deadline reports Legendary's interest in Lionsgate. Recently: activist investor Anson Funds, with a 1.5% stake, met Lionsgate's board to push for a sale, a source told The Hollywood Reporter. Oct. 20, 2026: Bloomberg reports a formal offer.
The numbers: In the June quarter, Lionsgate's revenue rose 48% and it posted a $28.8 million net loss, narrower than $94 million a year earlier, Variety reported. It had $425.8 million in cash and $1.9 billion in debt as of June 30. Deadline said the stock now trades above $12, about double its 52-week low.
Other suitors: Banijay and Mediawan have shown interest in Lionsgate but have not made formal offers, Variety reported.
What's still unknown: The price, how Legendary would finance it and whether Lionsgate's board will engage. The report rests on anonymous sources, and neither company has confirmed it. Lionsgate reports quarterly results on Nov. 5, just before The Hunger Games: Sunrise on the Reaping opens in mid-November.
4 listed sources
- Variety, Oct. 20, 2026
- Deadline, Oct. 20, 2026
- The Hollywood Reporter, Oct. 20, 2026
- Bloomberg Law (Bloomberg News), Oct. 20, 2026
References listed by US Brief; a source count is not a verification score.
Editorial sourcing notes
Single original report: Bloomberg, citing people familiar with the matter; Variety, Deadline and THR relay it, and neither company has confirmed. Hero photo shows 2700 Colorado Avenue in Santa Monica, which housed Lionsgate's headquarters when it was taken (file photo, 2025).
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