Lionsgate shares soar on report that CBS wants to buy Starz for about $5 billion

Lionsgate shares soar on report that CBS wants to buy Starz for about $5 billion

May 17, 2019 Off By readly




Roxane Mesquida, Avan Jogia and Kelli Berglund attend American Gods & Now Apocalypse Live Viewing Party At #TwitterHouse at Lustre Pearl on March 10, 2019 in Austin, Texas.

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Shares of Lions Gate rose as much as 15% on Friday after a report said CBS had made an informal offer to buy Starz.

Shortly after the news appeared in the technology publication The Information shares spiked, and the were briefly halted due to volatility. More recently the stock was trading up 13%.

Interim CEO of CBS Joseph Ianniello reportedly made an offer of around $5 billion during the last few weeks to the executives of Lions Gate, the report said.

Lions Gate execs reportedly rejected the offer, seeking a higher valuation for the premium cable and satellite TV network known for popular shows like “Power,” “American Gods” and “Outlander.”

CBS is also considering purchasing Viacom, the report said.

Lionsgate bought Starz for $4.4 billion in late 2016.

This is breaking news. Please check back for updates.

Source of this (above) article: https://www.cnbc.com/2019/05/17/lionsgate-shares-soar-on-report-that-cbs-wants-to-buy-starz.html