Anson Funds pushing Lionsgate to sell itself: Semafor

Activist investor Anson Funds Management has taken a stake in Lionsgate Studios and is urging the company to consider a range of strategic options, including a potential sale, according to multiple reports. The firm, which has positioned itself as one of the top shareholders in Lionsgate, argues that the studio is undervalued and could attract interest from traditional media companies, digital platforms, and even technology and artificial intelligence firms. Anson’s head of activism, Sagar Gupta, highlighted that Lionsgate’s strong revenue base and extensive content library could enhance its takeover appeal.

Lionsgate, which went public in 2024 via a special purpose acquisition company (SPAC), has faced challenges including box-office underperformance and corporate governance concerns. Recent releases such as Megalopolis and The Crow have underperformed, contributing to a 30% stock price decline since its IPO. Anson has also suggested that Lionsgate consider divesting certain units, such as its unscripted television and 3 Arts businesses, to unlock substantial value.

The firm has engaged in constructive dialogue with Lionsgate’s management and board and supports the ongoing Starz separation. Anson has also called for improved financial disclosures and the exploration of alternative revenue streams, such as merchandising and live events. A Lionsgate spokesperson stated that the company welcomes shareholder input.