Several Summit Executives Are to Be Let Go

According to Variety:

In the wake of its acquisition by Lionsgate, Summit Entertainment began layoffs early this week, as head of TV distribution Alex Fragen, home entertainment head Steve Nickerson and Bobby Gerber, EVP home entertainment sales, are on the way out, Variety has learned.

The trio of execs got the news midday Monday, sources close to the company said. They were expected to remain with the company until early next month.

Fragen, Nickerson and Gerber all started with Summit in 2007, just as the company was finding its footing as a full service production and distribution studio. The layoffs were just the first of several expected as Lionsgate begins to integrate its operations with Summit, which the mini-major acquired in a January cash-and-stock deal totaling $412.5 million.

Lionsgate co-chairman and CEO Jon Feltheimer acknowledged at the time that overlap would cause layoffs. A month later, Summit co-founder and president of international David Garrett began preparing his exit, as Variety first reported Feb. 12.

These are not individuals that fansites have typically dealt with, with home-entertainment (AKA DVDs)we’ve always had a go between, so at the moment this does not affect us.

Comments

  1. I was waiting for this. It seems insane because of the gagillion dollars our beloved movies and merchandise have brought in. Whatever. As long as we get our movie # 5.

  2. I agree with Diane’s comment. I have no respect for Lionsgate solely based on “Breaking Wind”…and feel bad for the individuals being let go.

  3. Maybe I misunderstood the earlier news, but I believe it was actually Lionsgate that was going bankrupt. They are calling this a purchase, but I think it is actually a merger of Summit and Lionsgate with Lionsgate being the survivor parent corporation and Summit possibly remaining as a subsidiary company of Lionsgate. That’s why I am boggled about why the Lionsgate executives would remain in their positions. If their company was in trouble, they should be the ones to be replaced by their counterparts at the more sucessful company of the two.

    I’m sure someone will correct me if I misunderstood the financial situation here.

  4. The Tyler Perry movies are good? That’s the problem with saying something is a “good” movie; it’s extremely subjective. The fact that Lionsgate would put out a mockery of BD this soon after acquiring/merging with Summit says they have no respect for the company at all. I am so glad Lionsgate has no control over BD Pt 2, and am almost afraid to see what they will do with Hunger Games, if that’s their attitude toward teen fiction that appeals to a female audience.
    I’m not saying there’s no place for something like Breaking Wind. Though it’s doubtful I would see it personally I know many people will. I’m saying the timing of the release is disrespectful. They should have at least waiting until next spring, after the saga is complete and the merger isn’t so recent. As it is, it’s almost like Lionsgate is thumbing their noses at Twilight and Summit Studio fans. I for one will miss Summit as an individual studio.

  5. Summit brought us Penelope (2006), a delightful paranormal romance starring Christina Ricci and James McAvoy. I recommend it to all Twilight fans.

    • Vampire-girl says:

      I really liked Penelope, and also Letters to Juliet

    • I liked Penelope too and on the dvd,we received a little early treat-our first look at Twilght. At the time it still had the original date of 12-12-08,which eventually changed to 11-21-08,when Harry Potter and the Half-Blood Prince couldn’t make that release date.

  6. Honestly it’s sad. It’s pure corporate greed. I said Summit was going to fall and go bankrupt because of it back when they fired Rachelle and hired Bryce for Victoria. Don’t get me wrong, Bryce did a pretty damn good job but there was no need for it. We could go into the Rachelle being an ordinary actress over Bryce having awards and such, but that time is long gone. Point is, Summit had it coming. They got greedy when they realized they hit gold with Twilight and it caused their demise. And now a mess of people are getting the boot because of it naturally.

Trackbacks

  1. […] meanwhile, as reported by the Twilight Lexicon, Lions Gate fired a mess of Summit employees. Thanks guys — bu-bye! In the wake of its […]

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