Darren Franich
January 13, 2012 AT 09:42 PM EST

Independent studio Lionsgate has officially acquired Summit Entertainment for $412.5 million, a price combined with cash and stock. In a press release issued by the two newly-conjoined media companies, the Lionsgate top brass led with the big news: “We are uniting two powerful entertainment brands, bringing together two world-class feature film franchises to establish a commanding position in the young adult market,” referring to the fact that this corporate union will bring together the soon-to-be-concluded Twilight franchise and the soon-to-debut Hunger Games franchise. Although the price tag is considerably smaller than the rumored $700 million, the deal appears to adhere closely to the rumored deal EW’s Adam B. Vary described earlier this week, with Summit’s top executives remaining at the new company.

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