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Lions Gate Acquires Summit Entertainment for $412.5 Million

Lions Gate Entertainment Corp. acquired “Twilight” producer Summit Entertainment LLC for $412.5 million in cash and stock, uniting two of Hollywood’s largest independent studios.

Most of the purchase was funded with cash from Summit, Lions Gate said yesterday in a statement. Both film labels, run from Santa Monica, California, will remain active producers and the company expects to save money by combining some tasks.