Lionsgate Studios attracts takeover interest from Bollore, Banijay, sources say

The interest reflects a broader push by European media companies to build scale and secure sought-after intellectual property as they compete with global streaming giants. Lionsgate Studios owns a catalogue of films and television series that includes "The Twilight Saga" franchises and the recent Michael Jackson biopic "Michael," which grossed more than $1 billion at the box office.

The discussions come as Lionsgate director and shareholder Mark Rachesky earlier this month transferred the roughly 10% stake he holds through his private equity fund into a newly created investment vehicle backed by RenWave Kore, according to a securities filing. RenWave Kore, founded in 2024 by Cody Kittle, a former portfolio manager at activist investor Elliott Investment Management, is backed by Sequoia Heritage.

The valuation sought by shareholders could make it difficult for bidders to reach an agreement, two of the sources said. One of them added that previous interested parties walked away because of price expectations. Investors are paying 26 times expected pretax profit for shares in Lionsgate, according to LSEG data, a premium to peer companies.