Lions Gate shares soar on report that CBS has made $5 billion offer for Starz [MarketWatch]
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Source: MarketWatch
Lions Gate shares soar on report that CBS has made $5 billion offer for Starz Lions Gate Entertainment Corp. shares LGF.A, +14.12% soared more than 12% Friday, after The Information reported that CBS Corp. CBS, +0.00% has made an informal bid for the company's Starz cable network for about $5 billion. The report cited four sources, three of whom said CBS is looking at a deal as a potential complement to Viacom, which CBS is also thinking of acquiring. CBS Interim CEO Joseph Ianniello made the offer a few weeks ago to Lions Gate executives, who turned it down, said the report. Lions Gate shares have fallen 36% in the last 12 months, while the S&P 500 SPX, -0.52% has gained 5%. Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
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