Recently it was reported that Summit and Lionsgate were in talks for an upcoming merger. Now it lookslike there is a new player at the table.
According to Bloomsberg News:
Colony Capital LLC, owner of the Miramax film library, is in talks to acquire a stake in Summit Entertainment LLC, maker of the “Twilight” vampire movies, two people with knowledge of the situation said.
Colony, the private-equity firm led by Tom Barrack, initially sought the stake in Summit held by hedge fund Rizvi Traverse Management LLC and others, said one of the people, who declined to speak publicly because the talks are preliminary. The parties are also discussing combining Summit and Miramax, leaving Summit management in charge, the people said.
The Colony interest creates competition for Lions Gate Entertainment Corp. (LGF), which is in talks to acquire Summit. Lions Gate, the studio behind “Saw” and the Tyler Perry comedies, resumed discussions with Summit that broke down in the past over price and control issues, three people with knowledge of the situation said this week.
Like we said before, no matter what way these things pan out, the only certainty is that it’s going to make life around here interesting!