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The following memo just went out to Summit Entertainment employees from bosses Rob Friedman and Patrick Wachsberger about what the fledgling studio plans to do with all its Twilight franchise cash. I hear the company is looking mostly for libraries to acquire:
Team Summit:
You may have already read or heard about a piece in today’s NY Post that Summit is close to putting Morgan Stanley on retainer to help the studio grow its business and advise on possible transactions designed to take our company to the next level. While the Board and Senior Management are in discussions with the investment bank, no formal plans have been made as to how we would expand Summit and its platform. We have all built a great company over the past two years and we feel fortunate to be in the position to now look beyond the initial goals we have achieved and plan the next chapter in the studio’s journey.
Rob and Patrick
Editor-in-Chief Nikki Finke - tip her here.
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How much cash does this company actually have? Seems like everything they’ve ever done that’s non-twilight has been break-even at best. The “Twilight” business is finite (since its driven by fickle teens and tweens) so what they should be looking at is more franchisable content, not gobbling up a competitor, although I could see them buying Bob Berney’s new company to give them an arthouse arm. What other assets are out there that would make a good fit with this company. They would be nuts to buy the Weinstein Company, but maybe Dark Horse comics would be a good company to purchase?
How about the Terminator franchise?
Any idea how much cash they have? They could be looking to acquire, but company’s also link up with investment banks to form partnerships or to get acquired (cash also makes them a target).
Here’s a goal: Release a profitable movie that isn’t called Twilight.
Summit
Thank God some employeer is sharing good news with their employees and not telling them run for cover. Excellent News.
Robert Goldstein
They should concentrate on learning how to market their films better. They can acquire all the movies or libraries they want but if they can’t learn how to market they’ll never be more than Twilight.
Hey Rob and Patrick,
You need to acquire The Weinstein Company, and set Harvey and Bob up at your studio. Harvey could’ve made The Hurt Locker into an Oscar juggernaut, and he could’ve sold Bandslam to the masses. Bob could’ve set up Push as a minor hit, and Sorority Row could’ve been an all new lower tier franchise a la Universal’s Skulls. Let Harvey go back to picking up films and selling them to middle America.
with all of their other movies tanking recently, maybe they shouldn’t jump the gun so fast on this one…
I think they should center on building value with their own library, before buying others.
Seriously, what has this small little mini-mini-major created beside Twilight that has worked? Anyone?
Has Summit “twilighted…”?
What is going on here is more capitalist bullshit.
Summit has a hit film and so they project that the other Twilight films will be just as successful so they sell these speculative futures and use the cash to buy a company. It’s all smoke and mirrors like derivatives and sub-prime mortgages.
New Moon will be soft because of all the vampire-screwing imitators out there.
Then Summit, like Wall Street will fall.
Twilight will go the way of the recent Harry Potter and the Half Blood Prince, (PFFT) -did not make its estimated $$ projections.
Me thinks the rest of the Twilight franchise will tank after New Moon, espec. since its hobo star (Rob Pattinson) has issues doing interview promos, i.e. mostly stoned and or drunk when doing these “interviews”… its sad/ hilarious.
They have to send out the 17 yr old kid- Taylor Lautner to do it. But at least he’s articulate, clean and not wasted,
You guys might be right about Summit’s future beyond TWILIGHT… but most of these posts sound downright jealous to me. It’s a business and this mini-studio is now a major player in the film industry. So let them play.