Summit to be bought by Lions Gate Studio
The maker of ‘Twilight’ series films- 'Summit Entertainment", will be purchased, for a $400 million, by Lions Gate Entertainment Corp., says media reports. But the Lions Gate has only plans to buy Summit Entertainment, for roughly $400 million in equity.
Reading the latest report, my friend, who's a fan of the Twilight series and who works for Enigma Marketing told me that there were reports of it that Lions Gate has been in serious talks with privately held Summit for more than a month. Keeping up-to-date with them, she told me that the two are probably the most successful independent film studios in Hollywood, and a merger would solve a number of issues for them.
Summit’s network of foreign distributors could prove useful to Lions Gate. Meanwhile, Lions Gate is about to rev up a series of new films aimed at young adults, “The Hunger Games,” just as Summit is winding down its “Twilight” series. The last in the series, “The Twilight Saga: Breaking Dawn — Part 2” is scheduled for release on Nov. 16.
The prospect of a deal first was reported by the Website Deadline.com, which said that it consisted of $400 million in equity and an assumption of $300 million in debt. The Journal said, however, that Summit has $300 million in cash and $500 million in debt, and not all that debt would be assumed by Lions Gate.
Summit’s two chiefs, Patrick Wachsberger and Rob Friedman, formerly vice chairman of Paramount Pictures, are expected to stay on and run the Summit operations for Lions Gate, the Journal said. But Deadline.com cites sources that say the pair could be gone as soon as the transition is complete. Let's see what happens..!
Reading the latest report, my friend, who's a fan of the Twilight series and who works for Enigma Marketing told me that there were reports of it that Lions Gate has been in serious talks with privately held Summit for more than a month. Keeping up-to-date with them, she told me that the two are probably the most successful independent film studios in Hollywood, and a merger would solve a number of issues for them.
Summit’s network of foreign distributors could prove useful to Lions Gate. Meanwhile, Lions Gate is about to rev up a series of new films aimed at young adults, “The Hunger Games,” just as Summit is winding down its “Twilight” series. The last in the series, “The Twilight Saga: Breaking Dawn — Part 2” is scheduled for release on Nov. 16.
The prospect of a deal first was reported by the Website Deadline.com, which said that it consisted of $400 million in equity and an assumption of $300 million in debt. The Journal said, however, that Summit has $300 million in cash and $500 million in debt, and not all that debt would be assumed by Lions Gate.
Summit’s two chiefs, Patrick Wachsberger and Rob Friedman, formerly vice chairman of Paramount Pictures, are expected to stay on and run the Summit operations for Lions Gate, the Journal said. But Deadline.com cites sources that say the pair could be gone as soon as the transition is complete. Let's see what happens..!