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Legendary Kicking Lionsgate's Tires

Legendary Entertainment may be looking to acquire Lionsgate Studios, which has just spun off on its own ticker on Wall Street. Lionsgate split itself up, Starz going one way, Lionsgate Studios, the other so that either or both could be primed for M&A. More from Deadline David Dastmalchian Lands Role Of Villain M. Bison In Legendary's 'Street Fighter' Callina Liang Joins Legendary's 'Street Fighter' Movie As Chun-Li Disney Leads U.S. Box Office With $1.1B Year To Date, But Warner Bros Is Billion-Bound Too We're getting word that Moelis & Company investment bank is involved with the early talks here. What's clear is that Lionsgate and Legendary are having conversations on a couple of feature co-productions. That's bound to be the litmus test in regards to seeing how the two companies jam together, and whether a future marriage is in store. Bloomberg was first to report the talks. Legendary Entertainment is the co-financier of such big franchises, largely at Warners, read Dune ($1.1 billion), the Monsterverse and this year's A Minecraft Movie ($955.1M). Lionsgate is the studio behind such notable franchises as John Wick, The Hunger Games, Saw, Twilight, the Divergent series with some award winning titles in 20k-plus library, i.e. Monster's Ball and La La Land. Lionsgate shares jumped 20% on the news to close at $7 with a market cap of $2 billion. Lionsgate has been informally on and off the block for years and executives took close note when Amazon acquired MGM for $8.5 billion in 2022, overpaying most believed. One thing that's dogged a deal is that a buyer wouldn't getting 100% ownership of the cash rich library. The studio offloads its foreign films in order to run a more risk-free, ideally profit-margin type of business. It's why neither Disney nor Apple nor anyone else has scooped up Lionsgate yet. That said, maybe it's not a big deal for Legendary since they're already in the partial rights IP space, owning anywhere from 20%-50% of the movies they co-fund and co-produce. The secret to Lionsgate's success in a streaming-obsessed town where major studios laid billions on the line to launch their own OTT services is that they've remained an arms dealer in TV and film, a provider of content. Lionsgate counts a staff of 1,400 around the globe. Legendary has 180 employees. The Apollo backed Legendary was one of the suitors last year for Paramount Global before David Ellison's Skydance Media LLC prevailed. Bloomberg reports that Legendary CEO Josh Grode told the media outlet that plans are in the works to use Apollo's monies toward entertainment industry takeovers in the billions of dollars range. Legendary and Lionsgate declined to comment. More… Best of Deadline 'The Buccaneers' Season 2 Release Schedule: When Do New Episodes Come Out? 'The Buccaneers' Season 2 Soundtrack: From Griff To Sabrina Carpenter 2025 TV Series Renewals: Photo Gallery