Lions Gate Entertainment is buying Summit Entertainment, the maker of the hit “Twilight” series, for $412.5 million in cash and stock. The deal brings together two studios hoping to create a Hollywood powerhouse focused on young adult audiences. The “Twilight” franchise has grossed more than $2.5 billion worldwide since the first movie in late 2008, when hordes of fans of the Stephenie Meyer books rushed to theaters. Lions Gate plans its own four-part series based on Suzanne Collins’s young adult novels, “The Hunger Games,” beginning in March. Lions Gate said the majority of the purchase was financed with about $300 million in cash from Summit’s books. It paid $55 million from its cash reserves, took on new debt of $45 million and paid $50 million in stock. A further $20 million will be due in cash or stock within 60 days.
Article source: http://feeds.nytimes.com/click.phdo?i=89688affd52e2ea3353f73dfb6bc4f02
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