Activist investor Anson Funds is pushing movie studio Lionsgate to redefine itself for “the AI era” or put itself up for sale. “The rise of generative AI has led the market to sort companies bluntly into ‘AI winners’ and ‘AI losers,’” Anson’s Sagar Gupta wrote in a July letter to Lionsgate’s board reviewed by Semafor. “Lionsgate’s stock has reacted sharply—and negatively—to the release of new AI video models, including Sora and Seedance, which we believe reflects a default market assumption that a studio is more likely to be an AI casualty than an AI beneficiary.” Lionsgate, home to Rambo, The Hunger Games, and John Wick, has been fielding informal interest for some time, Semafor reported earlier this year, as activists eye the potential takeover target. The company declined to comment for this article but told investors on its earnings call last week that it hasn’t “engaged in any substantive conversations” with potential acquirers.