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:
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
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