Lions Gate buying 'Twilight' maker Summit - WAOW - Newsline 9, Wausau News, Weather, Sports

Lions Gate buying 'Twilight' maker Summit

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LOS ANGELES (AP) -- Movie and TV studio Lions Gate is buying Summit Entertainment, the maker of the teen smash hit "Twilight" series, for $412.5 million in cash and stock.

The deal announced Friday brings together two smaller studios, putting them on a footing with the largest studios in Hollywood.

Lions Gate Entertainment Corp. is set to release its own series based on young adult novels, "The Hunger Games," in March.

Lions Gate said that most of the purchase was funded with cash on Summit's books. The rest came from Lions Gate's cash, new debt and stock.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

APNP-01-13-12 1536CST

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