Movie Studio | featured news

Studio executives expected their biggest summer ever this year as they loaded their lineup with huge action movies and superhero franchises. What they got were two colossal blockbusters, a handful of backup hits and plenty of duds that just didn't deliver, resulting in what may prove the lowest summer movie attendance in 20 years.

Bringing Hollywood's two biggest independent film studios and the blockbuster young adult franchises "Twilight" and "The Hunger Games" into one powerful entity, Lions Gate Entertainment has agreed to acquire Summit Entertainment for $412.5 million in cash and stock.

Lions Gate Entertainment is close to an agreement to acquire Summit Entertainment, the studio behind the "Twilight" movies, in a deal expected to close as early as this week, according to people familiar with the matter.

Walt Disney Co.'s $660 million sale of Miramax Films to a group of investors closed Friday, finally ending the drama in which the entertainment giant struggled to find a buyer for the art-house studio.

Hollywood studio Metro-Goldwyn-Mayer Inc., the home of James Bond, says it has filed for bankruptcy protection as the culmination of a long process to restructure its finances with the support of lenders.

Lions Gate has made a merger offer with Metro-Goldwyn-Mayer, a move that has the backing of Carl Icahn, who has financial interests in both movie studios.

Executives from Spyglass Entertainment will take over the company once it emerges from bankruptcy.

The Walt Disney Company said Friday it has agreed to sell Miramax Films for around $660 million to an investor group.

Carl Icahn sued Lions Gate over what he called a "reprehensible" debt-to-equity deal executed last week by the movie studio that reduced the activist investor's stake.

The dance between Carl Icahn and Lionsgate continued Tuesday as reports surfaced that the studio hired a law firm to defend itself against what could turn into a proxy battle or hostile takeover.