For those of your who have been following the coverage of the merger of Lionsgate and Summit, a final deal may be close at hand. The Hollywood Reporter states the following:
Two sources confirm that Lionsgate is closing in on an agreement to acquire Summit Entertainment for about $400 million in cash plus the assumption of debt. The sources say the deal also includes the services Rob Friedman and Patrick Wachsberger, the two top executives behind the studio that has ridden the Twilight movie franchise to the top ranks of Hollywood.
Sources also say that Lionsgate is very interested in bringing in Friedman and Wachsberger, the two leaders who helped propel Summit from an indie that was losing money to one of the most profitable studios in Hollywood. Since both companies have movie production and international sales units, it is unclear how they will be merged, but keeping key people in place does appear to be the intent.
As soon as we hear anything definitive, we will let everyone know! Read the whole story at The Hollywood Reporter.