Legendary Entertainment has made a formal offer to buy Lionsgate Studios, Bloomberg reported on Tuesday, reviving talks that have gone on and off for more than a year.

Lionsgate shares jumped more than 15 percent that day, lifting the studio's market value to about $3.6 billion, Variety reported.

Neither company has confirmed the bid, and both declined to comment. Bloomberg did not report a price or terms.

Legendary, which made Dune and A Minecraft Movie, releases its films through a deal with Paramount. Owning Lionsgate would give it its own distribution.

Lionsgate's library of more than 20,000 titles earns about $1 billion a year and includes The Hunger Games, John Wick, Twilight and Saw.

Legendary is owned jointly by Apollo Global Management and its management team. Apollo bought its stake in 2022 for $760 million.

Legendary first looked at a deal in July 2025, soon after Lionsgate split from the Starz cable network in May 2025.

Banijay, Mediawan and Bollore Group have shown interest before without formal offers. Activist investor Anson Funds has urged Lionsgate to embrace AI or sell.

Lionsgate is scheduled to report its next quarterly results on November 5.

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