Lionsgate to Buy Summit Entertainment?

Sharon Waxman is reporting that Summit Entertainment is in negotiations to merge with Lionsgate. According to the report, Lionsgate would pay Summit an amount worth nearly two years of operation costs, in exchange for the rights to Summit’s library of six films, a cable distribution deal through Showtime, and most importantly, the rights to the Twilight franchise. Right now both sides aren’t talking, but a merger deal has been in the works for a while now, at one point broke down, and are apparently back on again.

My first thoughts are that it would be a great move for Lionsgate, but I hope it doesn’t happen. It was nice to see a new production company in Hollywood, one with new ideas on how to do things. But the times are tight and I’m sure Summit will jump at the opportunity if the price is right.

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