Lions Gate nears $400M deal for 'Twilight' maker

January 8, 2012 - 2:30 PM

LOS ANGELES (AP) — Lions Gate is close to buying the studio that created the teen smash "Twilight" series, for about $400 million in cash and stock.

That's according to two people familiar with the matter. The people were not authorized to speak publicly and requested anonymity.

A tie up between Lions Gate Entertainment Corp. and Summit Entertainment, producer of the "Twilight" blockbuster saga, would create one of the largest movie and TV studios in Hollywood.

Talks are in the final stages and could be finalized this week. Summit also has about $300 million in debt linked to its movies.

Both studios are based in Santa Monica, Calif.

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