Mergers & Acquisitions, Lionsgate | featured news

CBS Corp., as expected, acquired half of TV Guide Network, and will enter a 50-50 partnership with Lions Gate Entertainment Corp. for the entertainment channel and website.

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.

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.

Round two of due diligence has begun in the process to find a buyer for MGM, with a couple Hollywood studios figuring among the half-dozen advancing bidders.