According to Semafor, Netflix is exploring another studio acquisition after recently failing in its pursuit of Warner Bros. Discovery.
According to the report, Netflix has expressed interest in acquiring Lionsgate Studios, though it has not submitted a formal offer yet. It would be a sizable asset for Netflix, complete with several valuable pieces of IP.
While Netflix reportedly found Warner Bros. Discovery too expensive—or potentially too complicated—Lionsgate could be a more attainable target. Multiple interested parties are said to be circling the studio, but sources view Netflix as one of the most realistic takeover candidates.
A 2024 Bloomberg report had Lionsgate considering a potential sale. An activist investor had taken a stake in the company and pushed for strategic alternatives, including a sale. The studio’s leadership was reportedly open to the idea. This came during a year in which Lionsgate suffered a string of box-office disappointments, including “The Crow,” “Borderlands,” “Megalopolis,” “Never Let Go,” and “The Ministry of Ungentlemanly Warfare.”
The picture has brightened considerably in 2025/2026 with “Michael” on track to surpass $1 billion worldwide and “The Housemaid” emerging as a surprise hit, earning over $400 million globally and spawning a sequel that is set to begin production this year.
Now, about that IP. Netflix would almost certainly be interested in milking Lonsgate franchises such as “The Hunger Games,” “John Wick,” “Saw,” “Twilight,” “The Expendables,” and “Now You See Me.” It’s easy to imagine the streamer expanding these properties with spin-offs, sequels, and television series.
So, after passing on Warner Bros. Discovery and Roku, Lionsgate may be the kind of asset that better fits Netflix’s acquisition strategy—large enough to move the needle, and at a price the streamer considers reasonable. Keep an eye on this story as I would expect Netflix to make a bid soon.