Lionsgate is facing new pressure from activist investor Anson Funds, which has taken a stake in the Hollywood studio and is asking the company to consider a range of options including a possible sale following its separation from Starz.

Anson, which is a Top 5 shareholder in Lionsgate Studios, believes the company is undervalued and that it would be an appealing takeover target for both traditional and digital media companies and tech startups, touting its revenue and content library, an individual familiar with the matter tells TheWrap. In addition to a sale, Anson says the company could consider divestitures of its unscripted television and 3 Arts businesses.

The individual, who has described the talks with Lionsgate as constructive and says the firm supports the company’s split from Starz, added that it should pursue alternative revenue streams such as merchandising and events like Broadway shows. Anson also wants Lionsgate to improve their financial disclosures.