We’ve brought you this news in the past, but now, the announcement is official. According to LA Times, the mini-studio is finally under the umbrella of new parent company Lionsgate for $412.5 million. The big reason Lionsgate has been so eager to raid the coffers of Summit Entertainment is the Twilight franchise, which is about to end with The Twilight Saga: Breaking Dawn Part 2.
Many believed Lionsgate was interested in the purchase after the first Twilight film earned hundreds of millions of dollars at the box office. That may also explain some comments from Lionsgate CEO Jon Feltheimer, who expressed the following to the press:
“I’m anticipating ‘Breaking Dawn Part 2′ being $700 million-plus in worldwide box office.”
When asked about a sequel, he said:
“It’s hard for me to imagine a movie that does $700 million-plus doesn’t have ongoing value. It’s an amazing franchise that they have done a great job of maintaining with absolutely no deterioration. So the simple answer is ‘Boy I hope so.’”
While that may be purely conjecture and wishful thinking by the CEO, it certainly rings true that the studio would find it economically viable. If Stephanie Meyer doesn’t turn out any sequels, or isn’t willing to for the studio, then the next best thing for them would be to make a TV show, where vampires have found a lot of success lately, with hit shows like True Blood and The Vampire Diaries bringing in big ratings for their respective channels.
Besides all the Twilight hullabaloo, the studio also increases its title library by a cool 13,000 titles, which include such recent hits as RED and The Hurt Locker among others. With this purchase, Lionsgate has stepped its game up in a big way. Not only have they been growing for years on their own merit, producing their first feature from scratch in 2004, to turning out multiple films a year, in addition to the thousands of titles that they acquire purely for DVD release. If they believe they can keep Twilight mania rollicking, then more power to them.