Lionsgate Acquires Twilight Studio Summit
Significant news in the world of film-making: Lionsgate is to acquire Twilight-producer Summit Entertainment “for a combination of cash and stock valued at $412.5 million”.
According to the two parties, “the transaction unites two leading studios with powerful brands, solidifying Lionsgate's position as the world's largest and most diversified independent entertainment company. By acquiring Summit, Lionsgate enhances its feature film and home entertainment offerings and broadens its 13,000 title filmed entertainment library to include such titles as The Twilight Saga, The Hurt Locker and Red”.
The Twilight film franchise has already grossed more than $2.5 billion at the worldwide box office and now joins the soon-to-launch Hunger Games franchise in the Lionsgate portfolio.
Commenting on the deal, Lionsgate Co-Chairman and CEO Jon Feltheimer and Vice Chairman Michael Burns said: “This transaction continues Lionsgate's long-term growth strategy of building a diversified worldwide media company through disciplined, accretive strategic acquisitions and organic growth while maintaining a solid balance sheet. 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. We're pleased to welcome Summit's talented team to the Lionsgate family. Lionsgate's growth has been built over the years in part by the successful acquisition and integration of companies like Trimark, Artisan, Redbus, Debmar-Mercury, Mandate and TV Guide Network and, in each case, Lionsgate has emerged stronger and the brand more resonant."