January 13, 2012 |
Bringing Hollywood's two biggest independent film studios and the blockbuster young adult franchises "Twilight" and "The Hunger Games" into one powerful entity, Lions Gate Entertainment has agreed to acquire Summit Entertainment for $412.5 million in cash and stock. The two Santa Monica-based companies have engaged in on-and-off merger talks since late 2008 as Lions Gate has sought to bolster its library of film and TV properties and Summit's investors have tried to find a way to cash in on the lightning-in-a-bottle success of its "Twilight" movie series, which has grossed $2.5 billion worldwide over four films.
CALIFORNIA | LOCAL
January 8, 2012 |
Lions Gate Entertainment is putting the finishing touches on a deal to acquire rival independent studio Summit Entertainment in a deal worth about $700 million, according to several people with knowledge of the matter who were not authorized to speak publicly. The agreement, expected to be announced within days, would bring together the studio behind "Saw," "Mad Men" and the upcoming "The Hunger Games" with the maker of the hugely successful "Twilight" films.
November 29, 2011 |
Lions Gate Entertainment and Summit Entertainment are back in merger talks that would combine two of Hollywood's largest independent studios, according to people with knowledge of the negotiations who are not authorized to speak publicly. Should a deal be consummated, it would bring together one of the movie industry's most successful young adult franchises, Summit's "Twilight," with one of the most highly anticipated new series, "The Hunger Games," from Lions Gate. The two companies, headquartered around the block from each other in Santa Monica, have held on-and-off merger talks since late 2008 but were unable to resolve key issues of price and management control.
September 13, 2011 |
In "The Hunger Games," 24 teenagers fight to the death in a tournament whose slogan is "May the odds be ever in your favor. " Executives at Lions Gate Entertainment are hoping those words will ring true for them as they gamble on the most anticipated literary adaptation to hit Hollywood since "Twilight" and "Harry Potter. " The first of four planned "Hunger Games" films, based on Suzanne Collins' bestselling trilogy, wrapped production in North Carolina on Saturday and will hit theaters March 23. A successful "Hunger Games" franchise could transform the studio, much as "Twilight" did rival Summit Entertainment, by providing reliable income for years from box-office, DVD and digital sales as well as television licensing and merchandise.
August 20, 2011 |
Carl Icahn still wants to see Hollywood's two lions get married. The billionaire investor has been quietly accumulating more shares in Metro-Goldwyn-Mayer Inc. and Lions Gate Entertainment Corp. as he continues to seek a merger of the two independent studios. Since MGM and its roaring lion logo emerged from bankruptcy in December, Icahn has increased his holdings to about 20% from 15%, according to people familiar with the matter who were not authorized to speak about the company's financial details.
March 31, 2011 |
Lions Gate Entertainment Corp. scored a significant legal victory Wednesday as a New York State Supreme Court judge dismissed a lawsuit brought against the company by its largest shareholder, Carl Icahn. Icahn filed suit last year over a controversial debt-for-equity swap that diluted his holdings and made it more difficult for him to seize control of the Santa Monica film and television studio. Also named as defendants in the suit were the company's board of directors and investors Mark Rachesky and John Kornitzer.