CBS Corp. is in talks to buy Lions Gate Entertainment Corp.'s Starz (US) cable channel, The Information reported May 17, citing four people familiar with the situation.
CBS acting CEO Joe Ianniello reportedly made an informal offer of about $5 billion for Starz, which Lions Gate executives turned down for being too low, three of the sources told The Information. These sources said CBS is also considering reviving efforts to purchase Viacom Inc.
CBS is still interested in Starz, sources told The Information, though it remained unclear whether a deal would be struck.
Shares of Lions Gate jumped by nearly 15% on May 17, closing at $15.60.