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Lions Gate Near Summit Purchase: Reports

LOS ANGELES -- Lions Gate Entertainment (LGF - Get Report) is close to buying Summit Entertainment, the maker of the Twilight series of vampire movies, according to published media reports.

Lions Gate plans to spend $400 million in cash and stock on the movie studio, according to a report by the Associated Press that cited two anonymous sources familiar with the deal.

The deal talks are in the late stages and could be wrapped up this week, the news agency reported.

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Summit has about $300 million in debt related to its movies, but that is expected to be paid off soon, the report said.

The news was reported earlier by the blog Deadline, the AP said.

Shares of Lions Gate closed Friday down 4 cents at $8.41.

This article was written by a staff member of TheStreet.

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