Lions Gate has been halted for volatility after a spike (LGF.A +6.7%, LGF.B +7.6%) as The Information reports CBS (CBS +0.6%) made an informal offer to acquire the Starz cable channel.
Such a purchase could be a complement to a CBS acquisition of Viacom (VIA, VIAB), according to the report.
Lions Gate turned down an informal offer of about $5B for Starz, seeking a higher valuation, The Information says. The company's overall market cap is about $2.85B.
Updated 1:58 p.m.:Lions Gate has resumed trading:LGF.A +11.3%; LGF.B +10.8%.
Updated 2:14 p.m.: After a brief spike, Viacom B shares (NASDAQ:VIAB) have turned lower, -1.1%.