TORONTO – Lionsgate has named Rob Friedman and Patrick Wachsberger as co-chairs of its Motion Picture Group after acquiring their Summit Entertainment as part of a $412.5 million leveraged buyout.
Friedman and Wachsberger will oversee Lionsgate’s domestic and international feature film acquisition, production and distribution business, and it home entertainment releases of theatrical feature films.
The Summit duo will report to Lionsgate CEO Jon Feltheimer.
“Rob and Patrick have built a remarkable organization at Summit, and they possess all the entrepreneurial leadership qualities that define our Lionsgate culture,” Feltheimer and Lionsgate vice chairman Michael Burns said in a statement.
“They are two of the most talented motion picture executives in our industry, and they have a history of building successful companies,” they added, referring Summit’s teen hit Twilight franchise, now under the same roof as Lionsgate’s upcoming The Hunger Games franchise.