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January 9, 2012 by · Leave a Comment 

Having failed in its effort to acquire MGM last year, Lionsgate is expected to announce as early as this week that it will be be buying Summit Entertainment for $400 plus the assumption of $300 million in debt, published reports said over the weekend. Lionsgate had spent much of the past year fending off takeover attempts by activist investor Carl Icahn. Icahn repeatedly charged that Lionsgate bosses Jon Feltheimer and Michael Burns were wasting money on movies, which were mostly failures, and that they ought to be focusing on television, where the studio has done well, with series such as Mad Men, Weeds and Nurse Jackie. By contrast, Summit has had a huge hit in the Twilight movies, which have brought in billions of dollars. News of the imminent deal was first reported by on Saturday.