Get a Scorecard Folks: Round Three of Who is Trying to Buy Summit Entertainment

OK, so first there were rumblings of a Lionsgate and Summit merger. There there was Miramax getting in on the act with their vast movie library. And now the story I had to read twice to make sure I understood it…Summit (at least two of the three owners) may try and buy itself…oh to be a fly on that lunchroom wall.

According to the LA Times:

As “Twilight” studio Summit Entertainment is immersed in negotiations with multiple parties to get acquired before the end of the year, a new bidder may have emerged: Summit itself.

Co-chairmen Rob Friedman and Patrick Wachsberger are putting together a management buyout plan in partnership with a private equity fund to take financial control of Summit, according to a person familiar with the matter but not authorized to speak publicly.

The plan would involve Friedman and Wachsberger buying out their current investors, which include private equity firm Rizvi Traverse Management and film financing and production company Participant Media. It would leave the two chiefs of Santa Monica-based Summit in control, as opposed to other proposals currently on the table that would merge the independent studio with Lions Gate Entertainment or Miramax Films.

As we’ve said before, we haven’t a clue in the world what all of this is going to mean in the long run other than to say it’s going to make life really interesting around here for the next 16 months or so!

Lookout Lionsgate, You’re Not the Only One Who Wants to Merge With Summit

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!