Movie News

Lions Gate to take over Summit Entertainment

Lions Gate to take over Summit Entertainment


Lions Gate Entertainment has today announced its intention to take over fellow independent film studio Summit Entertainment in a takeover bid worth $412.5 million, according to the Los Angeles Times.

The merger will see two of Hollywood’s biggest independent film studios merge to form one superpower entertainment company with two of the biggest teen film franchises – “The Twilight Saga” and “The Hunger Games” to its name.
 

A merger between the two companies has been on the cards since late 2008, though no deal had been struck until now.

No doubt Summit is intending on cashing in on its rapid rise to success on the back of the rabidly popular “Twilight Saga”, which has grossed approximately $2.5 billion in the box office world-wide.

However, other films produced by Summit in recent years – Mel Gibson’s “The Beaver” and Brendan Fraser’s “Furry Vengeance” – have flopped at the box office.

Lions Gate has had a similarly troubled existence. Not only was “Abduction” touted as one of the worst films of 2011, it was a box-office flop that was unable to capture the Taylor-Lautner-obsessed market it was aimed at. A film that could’ve been great, “Conan the Barbarian” also failed to achieve any real success.

Summit has been eager to find a buyer before the final “Twilight” film is released later this year.

Layoffs are expected at both companies as they merge marketing, production and distribution departments, with employment contracts yet to be finalised for Summit co-chairmen Rob Friedan and Patrick Wachsberger, who are expected to become heads of Lions Gate’s motion picture group.

Joe Drake, the current film group president for Lions Gate is expected to depart, though will continue with the company at least until “The Hunger Games” is released on March 23rd.

2012 is expected to be a monster year for the combined company with the release of the final “Twilight” film in November, and the first of what should be four “Hunger Games” films on the brink of release.

With “The Hunger Games” being Lions Gate’s biggest movie bet ever, it is crucial that the film achieves box-office success in order to justify its $100 million production budget. No doubt the studio will attempt to replicate the success of the “Twilight Saga” and will most likely use the two to cross-promote each other.

Share this story!Share on FacebookShare on TumblrShare on StumbleUponTweet about this on TwitterEmail this to someoneShare on Google+Pin on PinterestDigg thisBuffer this pagePrint this pageShare on LinkedIn
(Visited 1 times, 1 visits today)
Click to add a comment

You must be logged in to post a comment Login

Leave a Reply

Movie News
@http://www.twitter.com/ashkimo

Ashleigh's work has been read in the likes of Star News and Blockbuster Interaction. Also co-hosted a program on Monash Radio. Studied Journalism at University.

More in Movie News

raydseason2

Watch season premieres of Ray Donovan & Masters of Sex now!

ClintJul 4, 2015
fx

Trio join Donald Glover pilot Atlantis

ClintJul 4, 2015
Actress Elisabeth Moss attends Gotham Magazine Fall Fashion Issue celebration at Tender Restaurant at the Sanctuary Hotel on Monday, Sept. 8, 2014, in New York. (Photo by Donald Traill/Invision/AP)

Queen of Earth slated to release in August

AshJul 4, 2015
hellokitty

Hello Kitty, I see you’re making a movie!?

ClintJul 4, 2015
jennys-wedding

Trailer: Jenny’s Wedding

AshJul 4, 2015
deadpool2

Two new Deadpool pics

AshJul 4, 2015
antman

New Ant-Man TV spot has 10% more Yellowjacket!

Editorial StaffJul 4, 2015
terminatorgenisysbanner

10 Things You Didn’t Know About Terminator : Genisys

Editorial StaffJul 4, 2015
blackpantherlogo

Black Panther frontrunner nixes directing offer

Editorial StaffJul 4, 2015