Legendary Reportedly Offers to Buy Lionsgate

Legendary Entertainment has reportedly revived acquisition talks with Lionsgate and submitted a takeover offer, prompting Lionsgate shares to rise more than 15% in trading Tuesday. Neither company confirmed the reported offer, and no agreement has been announced. The offer was reported by Bloomberg, citing people familiar with the discussions. The reports describe a bid from Legendary, the film and television production company behind franchises including Dune and Minecraft. Lionsgate and Legendary declined to comment, according to the reports. One account put the reported offer’s value at $3.5 billion, including $1.9 billion in debt. That figure was attributed to Bloomberg’s reporting and was not accompanied by publicly disclosed details of the offer’s terms. The companies have not confirmed the bid or its value. Lionsgate shares climbed more than 15% Tuesday after news of the reported offer circulated. The increase reflected investor response to the possibility of a transaction; it does not establish that a sale will proceed. No outcome for the discussions has been reported. A combination could give Legendary access to Lionsgate’s film and television library and distribution...