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Lionsgate was always the little studio that could. It has roots back in Canada from 1962, but it was in the late 1990s that it really started to hit the big time. The unbelievable success of The Blair Witch seemingly gave Lionsgate a launchpad that saw them really fly.
Saw, Twilight, The Hunger Games, John Wick, and The Expendables all gave them a series of profitable, high-profile franchises. Then it suddenly all went wrong.
They suffered a series of duds. The Crow, Megalopolis, and Borderlands must have done serious damage to their P&L. John Wick spin-off Ballerina is their biggest hit so far in 2025, and that only made $132 million from a $90 million budget.
Lionsgate has already spun off its Starz business, but it remains a ripe takeover target.
Enter Legendary Entertainment, the production house behind quite a few massive hits, it probably flush with cash. Dune and A Minecraft Movie will have added to those coffers. They also exited Chinese shareholders Dalian Wanda Group last year and are now owned by private equity in the form of Apollo Global.
According to a report in Bloomberg that US-centric ownership has opened the doors to potential deals, and Lionsgate could be a target. Legendary has previously worked through major studios, but having a distribution arm and studio insdie the structure could have some appeal, strategically.
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