Legendary Makes Takeover Offer for Lionsgate Studios; Price Not Disclosed

Legendary Entertainment, the producer of the Dune and Minecraft films, has submitted a takeover offer for Lionsgate Studios, TheWrap reported on Oct. 20, 2026, citing Bloomberg. Legendary is owned by the private equity firm Apollo Global Management and the company's management, according to TheWrap. Lionsgate shares rose more than 15 percent that day.

No price has been disclosed and no agreement has been announced. Lionsgate declined to comment, and representatives for Legendary and Apollo did not immediately respond to requests for comment. A separate Lionsgate venture with Steven Paul's SP Media was reported Oct. 26.

What Legendary Is Bidding For

Legendary produces the Dune and Minecraft films. The Hunger Games and John Wick franchises belong to Lionsgate. TheWrap reports that a combination would give Legendary access to that film library and a theatrical distribution network.

If a deal proceeds, Lionsgate's film library and theatrical distribution network would sit under one owner. Talks date to July 2025, according to Señal News, which reports they have continued intermittently. Lionsgate's market capitalization is about $3.6 billion, per TheWrap.

Other Suitors and Activist Pressure

Activist investor Anson Funds has pressed Lionsgate to pursue artificial intelligence initiatives or consider a sale, according to Señal News. TheWrap reports that Anson urged Lionsgate in 2024 to pursue an outright sale or asset sales, ahead of its split from Starz the following year.

Banijay, Mediawan and Bolloré Group have been named as earlier interested parties. TheWrap's July 15 report, citing Reuters, said Banijay was among parties that had considered a bid. Variety reported that Mediawan is among the interested parties, and Mediawan has a pending merger with Peter Chernin's The North Road Company. On Bolloré, which is the controlling owner of Canal+, Reuters reported it had considered a bid, while Variety reported it is not bidding.

Netflix told TheWrap it is not interested and is not pursuing a deal. TheWrap also reports that Netflix's $83 billion bid for Warner Bros. Discovery's studio and streaming assets collapsed earlier this year after it declined to match a rival bid from Paramount Skydance. Señal News reports that none of the earlier suitors has made a formal offer.

What a Deal Would Still Need

No price has been set out for the Legendary offer. In July, TheWrap reported, citing Reuters, that a sale was not certain and that Lionsgate could remain independent.

The same report said Lionsgate has reportedly been working with an investment bank to assess potential suitors. TheWrap also reported in July that Lionsgate vice chairman Michael Burns, in a December interview with CNBC, declined to comment on the status of talks with Legendary.

Lionsgate's SP Media Venture, Reported Oct. 26

TheWrap reported on Oct. 26 that Lionsgate will hold majority ownership and control of a new venture with Steven Paul's SP Media. SP Media will produce independent feature films that Lionsgate distributes. The investment is for new ventures that expand Lionsgate's content offering and extend resources toward the continuing diversification of 3 Arts and other Lionsgate businesses.

Financial terms of the investment were not disclosed. An individual familiar with the deal told TheWrap that SP Media will make a capital investment of around $100 million.

Paul described Lionsgate as 'dynamic and entrepreneurial content studios.' Lionsgate executive Jon Feltheimer described Paul as a savvy and experienced entrepreneur with a longstanding relationship with the studio.

Brian Goldsmith, Lionsgate's chief operating officer, Bruce Tobey, its executive vice president and general counsel, and Suzy Felfeli, senior vice president of corporate development, negotiated the deal for Lionsgate. Scott Karol, president and chief operating officer of SP Media Group, negotiated for SP Media. Moelis advised Lionsgate, Lazard advised SP Media, and Paul Hastings LLP represented SP Media.

The same article reports that Paul has personally lobbied President Donald Trump for a federal film tax incentive, alongside actor Jon Voight and Karol. Trump backed the incentive in August, which led to the introduction of a bipartisan bill, the Motion Picture, Television, and Entertainment Revitalization Act. Lawmakers return for a lame-duck session on Nov. 9, and sponsors hope to pass the bill and send it to Trump by year's end, with the incentive taking immediate effect.