On this afternoon’s Lionsgate Q1 2026 earnings call, CEO Jon Feltheimer was asked about the elephant in the room, and that was whether there was an increased sense of urgency now for an M&A opportunity now that Lionsgate and Starz have split.

More to the point, there was buzz last month that Legendary and others were kicking the tires at Lionsgate.

While Feltheimer didn’t per se address the Legendary noise, he did say, “We understand our earnings power, but also understand the scale that we have, that I think doing some kind of strategic transaction down the road is something that’s probably gonna happen, I think there’s a lot of ways that can happen, and we’re pretty focused on it.”

Expounding on the split-up between Lionsgate and Starz, which now trade separately, Feltheimer said,

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