Lionsgate acquire Summit

Lionsgate acquire Summit

Lionsgate have finally announced the purchase of Summit Entertainment, the other major independent company in Hollywood, for a total of 412.5 million dollars.

In this way, under the same company, meets two of the strongest franchises in the industry: the established and successful "Twilight", the latest installment, "Breaking Dawn: Part 2" will arrive in November, and the promising "Hunger Games "which remains
one of the most anticipated releases of the first quarter.

The saga "Twilight" has generated over more than 2,500 billion dollars in worldwide box office.

The integration of Lionsgate Summit Entertainment, which includes both its domestic international branch will not only strengthen the capacity of production and distribution for the company but at the same time, expand its global sales.

"We combined two powerful brands and entertainment together,two world-renowned franchises to establish a leadership position in the young adult market, strengthening our global distribution infrastructure," said Jon Feltheimer, co-owner of Lionsgate.

"We believe this combined entity will be even greater than the sum of its parts will improve our communication platforms, which will create tremendous opportunities for all of us at the Summit and Lionsgate families," said Rob Friedman, co-owner of Summit.

The deal is expected to be beneficial for Lionsgate, especially after a disappointing 2011, which included high profile failures such as Conan the Barbarian.

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Posted by Zubair Saleem on Jan 18 2012. Filed under Entertainment. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry