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Lions Gate Entertainment 'could buy Summit production company'

Two sources have spoken to Reuters about the possibility of a deal between Lions Gate Entertainment and Summit Entertainment.

09 January 2012

Los Angeles production company Lions Gate Entertainment could be set to buy industry rival Summit Entertainment in a deal that may require the services of merger and acquisition consultants.

This is according to sources who spoke to Reuters about the transaction, although they admitted there is still a chance it will not go ahead.

If there is an agreement between the two companies, it would be worth around $400 (£259.4 million) and may be announced to the public this week.

Summit produced the hit Twilight movies and award-winning Hurt Locker, while Lions Gate is responsible for popular series Mad Men and horror franchise Saw.

The new company, which would see around $350 million paid in cash to Summit and $50 million offered in stock, would probably be run by current Lions Gate chairman and chief executive officer Jon Feltheimer as well as vice-chairman Michael Burns, an insider told Reuters.

Chief executive of Summit Rob Friedman and co-chairman Patrick Wachsberger are also expected to have top jobs.

Lions Gate last week announced its acquisition of exclusive distribution rights for toy dolls Lalaloopsy.

Posted by Ron Maverick

Source: Reuters, January 8th

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