On the heels of reports that the widely expected acquisition of Starz by Lionsgate had been derailed by the Brexit, the deal now is officially on again.
The New York Post reports that Lionsgate said today it will buy the premium TV channel for $4.4 billion.
Earlier this week it appeared the deal was dead, with a key bank pulling out after the pound suffered a steep decline in the wake of Britain’s vote to leave the European Union. But The Post cites a source saying that the British pound’s sudden recovery vs. the U.S. dollar brought the bank back to the table.
“Lionsgate will pay $32.70 per share for Starz, representing a premium of nearly 16 percent to Starz’s closing price on Wednesday,” The Post reports. “Shares of Starz, spun off from [John] Malone’s Liberty Media in 2013, gained 12.8 percent in pre-market trading, to $31.86 — below the offered price.”
The on-again, off-again acquisition has been the subject of rumors for months.