Now, before a little known film franchise known as The Twilight Saga came into force, there was a very small film company that went by the name of Summit Entertainment.  No one had really heard of it considering it had only really released terrible films like Sex Drive and Penelope (don’t worry, I haven’t heard of them either), but then in 2008 it released Twilight.

And really, all hell broke loose.  Around the same time that the Twilight Saga franchise was in full force, fellow entertainment company Lionsgate decided that they wanted themselves a piece of that.  And who wouldn’t?  Edward Cullen is yummy.

Unfortunately for them, they were unsuccessful and since then Summit has released other films including Letters to Juliet and the Academy Award winning film The Hurt Locker (i.e. the film that bet Avatar and James Cameron for Best Director).  Despite this, Summit still managed to rake up some debt.  Whoopsie.

And so, here we are in present day, 2012.  And Lionsgate tried to buy Summit again…along with all of the rights to Twilight.

And this time, they were successful.

This is what the Co-Chairman and CEO of Lionsgate had to say about it:

“We are uniting two powerful entertainment brands, bringing together two world-class feature film franchises to establish a commanding position in the young adult market, strengthening our global distribution infrastructure and creating a scalable platform that will result in significant and accretive financial benefits to Lionsgate shareholders.”

“Rob Friedman and Patrick Wachsberger have built a remarkable organization, and we’re pleased to welcome Summit’s talented team to the Lionsgate family.”

In short, Lionsgate bought Summit out for $412.5 million dollars.  Phwoar!

Who knew Edward Cullen was worth so much?  (*Giggles* Of course we did)

Thoughts?

twilight

Welcome home?-(image taken from http://www.twilight-review.com)

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