Lionsgate Moving to Actually Buy Summit Entertainment for $700M

Another potentially monumental Hollywood deal may actually go through to kick off the New Year. Deadline is reporting, with confirmation via The Wrap, that Lionsgate is moving to seal the deal on a $700 million purchase of Summit Entertainment, the studio that is already raking in the cash with the Twilight series and other hits like RED and 50/50. “As the merger talks between two of Hollywood’s largest independent movie studios morphed into takeover talks and went down to the wire,” many places reported it was about to blow up, but now it’s likely to come through. Wow, this will be huge, and something I’m intrigued to see. This entire purchase pretty much came out of nowhere late last year, when early rumors of it first hit via Bloomberg. We didn’t report on it at the time, expecting it would either take forever to actually come together or would blow up …