Sunday, January 15, 2012

Lionsgate Officially to buy Summit!

Here is some information from the Lionsgate Official Press Release:
The transaction brings together Summit’s Twilight Saga feature film franchise, which has already grossed more than $2.5 billion at the worldwide box office, and Lionsgate’s highly anticipatedHunger Games franchise, which opens on March 23, 2012.  Lionsgate will also continue to benefit from its premier television production and distribution business, its array of branded film and television properties, its suite of branded channels and its success as an innovator in creating and distributing content for digital platforms.  Both the Lionsgate and Summit labels are expected to continue and be active in the production and distribution of films, although the combined company expects to realize significant synergies through the consolidation of administrative and other costs.
Source: InvestorsLionsgate via The Hungers Games
With this announcement there has been talk of The Twilight Saga continuing past Breaking Dawn Part 2. Here is what Gossip Cop is reporting!
There’s a chance The Twilight Saga could continue after the fifth film opens in November.
The bombshell was reportedly dropped by Jon Feltheimer, the chief executive officer of Lionsgate Entertainment, which acquired Twilight studio Summit Entertainment for $412.5 million on Friday.
“I’m anticipating Breaking Dawn – Part 2 being $700 million-plus in worldwide box office,” said Feltheimer of the final (planned) installment in the hit vampire franchise.
According to the Los Angeles Times, when asked whether Lionsgate could envision more Twilight past next fall’s fifth film, Feltheimer left the door open.
“It’s hard for me to imagine a movie that does $700 million-plus doesn’t have ongoing value,” he said. “It’s an amazing franchise that they have done a great job of maintaining with absolutely no deterioration.”
He added, “So the simple answer is, ‘Boy, I hope so.’”
It’s not clear whether a potential continuation would involve future films or a television series.
Here is some of Summit’s response to the Lionsgate/Summit deal:
Summit Entertainment co-chairmen Rob Friedman and Patrick Wachsbergerplan to be at their desks Tuesday morning doing business as usual, both said on Friday after it was announced that Summit will be acquired by Lionsgate.
“What we’ve made clear is we have two businesses running parallel,” Friedman toldThe Hollywood Reporter in an interview on Friday. “They are merging but they are going to continue operating [separately].”
Lionsgate announced Friday it had closed its leveraged buyout of Summit, home to the Twilight franchise, in a deal for $412.5 million in cash and stock and the assumption of Summit’s $500 million debt.
Head to THR to see more!

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