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Starz, the pay-TV channel with more than 50 million subscribers, is considering alternatives to a sale after reaching out to potential bidders who passed on making an offer, according to people familiar with the matter.

CBS Corp., Lions Gate Entertainment, AMC Networks and 21st Century Fox were among the companies that considered buying Starz and didn’t make bids because they thought it was overvalued, said the people, who asked not to be named because they weren’t authorized to speak publicly. Offers for the network, controlled by billionaire John Malone, were due last month, the people said.

Starz, which has an enterprise value of about $4.5 billion, is now considering investments and partnerships with U.S.-based or European-based media companies in lieu of selling itself, although nothing will be determined this year, one of the people said. Any deal would need to have beneficial tax implications for Mr. Malone, the person said. Mr. Malone wants to maintain control of the company, another person said.

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