Todd Spangler NY Digital EditorRoku and private-equity firm Apollo Group have partnered on a bid to acquire a minority stake in Starz, the Lionsgate-owned cable network and streaming service, Variety has confirmed.Lionsgate bought Starz for $4.4 billion cash and stock deal in 2016; the company’s market cap is now around $3 billion.
Lionsgate announced in November that its board had approved looking at spinning off or selling Starz. News about Roku and Apollo bidding for a stake in Starz was first reported by the Wall Street Journal.Roku and Apollo are among multiple bidders kicking the tires on Starz, according to sources.
Private-equity firm TPG Capital, which owns 30% of DirecTV after AT&T spun off the satcaster last year, may have been interested in Starz at one point but it’s unclear whether TPG is currently in the mix.
It’s unknown what percentage of Starz is on the table. The Journal reported that Roku and Apollo could acquire “up to a 20% stake in Starz” but that the companies have disagreed with Lionsgate on the value of the stake.Reps for Lionsgate and Roku declined to comment.
Read more on variety.com
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