Welcome to UR new home, Twi-Hards!
Earlier this week, we learned that Lionsgate was on the verge of acquiring Summit Entertainment for around $700 million!
We had heard that $400 mill of that amount would be in cash, and the rest would take care of the debt that Summit brings with them.
Now, Lionsgate has officially purchased Summit for $412.5 million!!!!
Here's what Lionsgate Co-Chairman/CEO Jon Feltheimer and Vice Chairman Michael Burns had to say about the deal in a statement:
"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, strengthening our global distribution infrastructure and creating a scalable platform that will result in significant and accretive financial benefits to Lionsgate shareholders."
"Rob Friedman and Patrick Wachsberger have built a remarkable organization, and we're pleased to welcome Summit's talented team to the Lionsgate family."
Congratulations to everyone involved in this deal! Should be interesting to see how Summit will help Lionsgate truly turn The Hunger Games into the next Twilight!
…Oh that's right. Hunger Games fans HATE IT when you compare the two series. Oops!
What do U think? Did Lionsgate make a good move by purchasing Summit Entertainment???
[Image via WENN.]
Tags: jon feltheimer, lionsgate, michael burns, patrick wachsberger, rob friedman, summit entertainment, the hunger games, twi hards, twilight