CBS made an attempt to acquire Starz, only to be turned away by Starz stockholder John Malone, B&C reports. Starz wound up being acquired by Lionsgate, in which Malone also holds a stake.
“In a new SEC filing, Starz identifies two companies other than Lionsgate making offers for Starz,” the story reports. “In separate notes Monday, analysts Todd Juenger of Sanford C. Bernstein and Rich Greenfield of BTIG are pretty sure that ‘Company A’ in the filing is CBS.”
B&C adds: “According to the filing, Company A’s first offer, worth $30 a share, came on March 18, three days after the CBS investor day. Negotiations continued with counteroffers from both of the other suitors.”
Malone reportedly decided by June to seek a deal with Lionsgate. “Malone indicated to the Starz board that he was concerned a deal with Company A would risk antitrust problems and that if a transaction was blocked, it would hurt the value of Starz,” B&C adds.