Shares of Lionsgate were halted due to volatility on Friday afternoon after rumors that CBS had made an informal offer to buy Starz from the media company spiked the stock nearly 15 percent.
Shortly after the news appeared in the technology publication The Information shares spiked, and the were briefly halted due to volatility. More recently the stock was trading up 13%.
Interim CEO of CBS Joseph Ianniello reportedly made an offer of around $5 billion during the last few weeks to the executives of Lions Gate, the report said. Lions Gate execs reportedly rejected the offer, seeking a higher valuation for the premium cable and satellite TV network known for popular shows like "Power," "American Gods" and "Outlander."
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