Twilight brought in $70 million in box-office receipts in its debut weekend. The film's performance put independent Summit Entertainment into the world of franchise tent pole offerings.
Summit was re-launched in April 2007 by Friedman, the former vice chairman of Paramount Pictures Motion Picture Group, along with Wachsberger, adding a major development, acquisitions and marketing branch with $1.0 billion in financing through a deal with Merrill Lynch and other investors. This was pretty common during the late days of the last economic boom; private equity was funding Hollywood in a big way.
excerpted from Forbes
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