Lionsgate Studios, the entertainment company with a library of “The Hunger Games” and “John Wick” series, is attracting acquisition interest from European media giants Banijay and MediaOne.
The interest in Banijay was first reported by Reuters. Variety has learned that Bollore, the French conglomerate that controls pay-TV operator Canal Plus, is not participating in the bid.
The studio, which has a market capitalization of about $3.8 billion, has signed a deal with an investment bank to evaluate its inbound approach, people told Reuters on condition of anonymity because the discussions are confidential. The agreement is not guaranteed, and Lionsgate may ultimately choose to remain independent.
Banijay, the company behind hit series “Big Brother” and “Survivor,” is considering a bid, but a formal approach from this quarter could be delayed while the company works to integrate with All3 Media, which it merged with earlier this year.
Lionsgate’s catalog is a big draw. In addition to the “Hunger Games” and “John Wick” series, the studio also owns the “Twilight Saga” franchise and distributed the Michael Jackson biopic “Michael,” which grossed more than $1 billion worldwide.
Lionsgate will add scripted film/TV IP and a physical studio/library to Banijay’s mostly unscripted format business.
Mediawan has expanded its presence across English-language markets through its acquisitions of Plan B, See-Saw Films, and most recently North Road. Acquiring a traditional Hollywood studio like Lionsgate would be a natural next step in that build. This will give Media One access to mainstream theatrical franchises (John Wick, The Hunger Games, Twilight) and library scale, layered on top of the U.S. production base and network it just acquired through Chernin. Chernin’s group just produced the blockbuster horror hit Backrooms, which became A24’s highest-grossing movie to date, grossing over $368 million.
However, pricing is a complex issue. Lionsgate stock currently trades at about 26 times estimated pre-tax earnings, according to LSEG data cited by Reuters, a premium compared to peer studios. Two sources with knowledge of the matter told Reuters that previous potential suitors backed out because of a valuation discrepancy between what buyers were willing to pay and what shareholders expected.
According to Reuters, director and shareholder Mark Rachesky this month transferred his roughly 10% stake through a private equity vehicle to a new fund backed by Lenwave Kore. The company was founded in 2024 by Cody Kittle, a former portfolio manager at activist investor Elliott Investment Management, who is also backed by Sequoia Heritage.
Lionsgate and Banijay declined to comment to Reuters. Media One declined to comment when asked by Variety magazine.
