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LIONSGATE CONSUMMATES MARRIAGE WITH SUMMIT

January 13, 2012 by · Leave a Comment 

Jon Feltheimer

Lionsgate has agreed to acquire Twilight studio Summit Entertainment in a deal said to be worth $412.5 million. In an announcement late today (Friday), Lionsgate Co-chairman and CEO Jon Feltheimer and Vice Chairman Michael Burns said, “We are uniting two powerful entertainment brands, bringing together two world-class feature film franchises, to establish a commanding position in the young-adult market, strengthening our global distribution infrastructure, and creating a scalable platform that will result in significant and accretive financial benefits to Lionsgate shareholders.” The deal had been expected. The statement made no mention of Summit Co-chairmen Rob Friedman and Patrick Wachsberger, a conspicuous omission that some took to mean that the two were not likely to remain with the company in any capacity.