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Starz shares fall on report of failed sale

Starz network website.
Source: Starz.com
Starz network website.

Stock of pay-TV channel Starz plummeted Thursday afternoon following a report that the company was unable to sell itself.

After failing to find any buyers, the company is now considering taking investments from or partnering with other media corporations, Bloomberg reported, citing several sources familiar with the matter.

Following the report, the stock dropped to more than 16 percent down on the day.

Starz, which boasts more than 50 million subscribers and an enterprise value of about $4.5 billion according to Bloomberg, has reportedly seen interest from CBS, Lions Gate Entertainment, and AMC Networks, but none of the companies made offers.

Bloomberg reported that potential buyers shied away from an offer because they considered Starz overvalued

Starz declined to comment on the report.

For more on Starz, see the Bloomberg article.